Rockfire Resources Plc (LON:ROCK) saw its shares jump nearly 10% higher on Monday after the company said it found gold in 93% of drill holes at the Double Event Prospect in Queensland, Australia.
The AIM-listed company – which changed its name from Papua Mining last week - said it intersected gold in 13 holes out of 14 over a 400-metre distance within the 3 kilometres-long prospect.
WATCH: Rockfire Resources' David Price discusses positive Double Event drill results
Rockfire’s chief executive officer David Price commented: "To intersect near-surface gold in every hole bar one at double event is a great outcome."
He added; "Variation in gold grade along these veins is expected, however, gold is being intersected consistently along the vein, which indicates the structure is persistent."
In late afternoon trading on Monday, Rockfire shares were 9.9% higher at 0.9891p.