Pure Gold Mining (CVE:PGM) shares rallied as much as 5.5 percent on Wednesday after reporting drill results from its ongoing exploration program at its Madsen gold project in the Red lake gold district of Ontario.
The results were highlighted by an intercept of 17.18 grams per tonne (g/t) gold over 3.5 metres, occurring approximately 115 metres below surfact at the Fork zone.
The hole is the most southern hole targeted the zone, which remains open along strike and to depth. The structure has so far been traced for 275 metres in strike length, to a vertical depth of 200 metres.
The company has completed seven drill holes in the area, with three of them returning visible gold, Pure Gold said.
The Fork zone will be further drill tested by the company following the winter freeze-up, it added.
Shares jumped to as high as 28.5 Canadian cents on Wednesday, up 5.5 percent.