Shares in Barkerville Gold Mines Ltd (CVE: BGM) rose over 16% as it unveiled a new discovery from its phase II drilling at its Cariboo gold project in British Columbia.
Hole IM-17-072 in the Island Mountain shaft zone has found a formerly unidentified wide network of high tenor veining grading 19.20 g/t (grams per ton) gold over 54.4 metres, including 32.06 g/t of the yellow metal over 30.7 metres, the firm said.
This intersection included intervals including a whopping 272 g/t of gold over 0.5 metres and 760 g/t gold over 0.85 metres.
Meanwhile, 180 metres vertically below drillhole IM-17-072 , another hole, IM-17-078 uncovered another broad occurrence of sandstone hosted stockwork veining averaging 11.42 g/t gold over 28.55 metres including two subintervals of 30.76 g/t gold over 6.60m and 12.10 g/t gold over 8.15 metres.
Chris Lodder, chief executive of Barkerville Gold Mines, said: "These intersections are some of the best to date on Island Mountain that continues to produce new zones of higher grade, wide zones of gold mineralization.
"We will be following up with both wide spaced step out and closer infill drilling in this area to better determine dimensions of this potentially strongly mineralized vein corridor".
The 130,000 metre Phase II exploratory and delineation drill program on Island Mountain is intended to show the extent of the vein systems that were never explored and discovering new areas that will inform a maiden resource at Island Mountain.
Barkerville's tenures cover 1,164 sq km along a strike length of 60km, which includes several past producing hard rock mines of the historic Barkerville Gold Mining Camp near the town of Wells, British Columbia.
Shares gained 16.3% to $1.07 each.