Corex Gold (CVE:CGE) saw its shares spike nearly 20 percent today after announcing the discovery of three new zones on its wholly owned Santana project, located in Sonora state, Mexico, after a mapping and surface sampling program.
Shares of the company were up 18.18 percent, or four cents, trading at $0.26 on Wednesday afternoon.
The Zata zone, which was discovered four kilometres on strike to the Main zone, is a 500 metre by 200 metre area with a highly anomalous geochemistry, the company said. Sampling in this area has returned up 457.6 grams per tonne (g/t) silver.
The Santibanez zone, which is located three kilometres on strike to the Main zone, consists of two sub-parallel mineralized shear zones, between 20 and 40 metres wide, and located 250 metres apart.
Finally, located 1.5 kilometres on strike to the Main zone, the Seis Gramos target contains a mineralized shear zone between one and six metres wide. Trenching samples discovered gold values ranging from 0.3 g/t to 6.73 g/t in the area.
Recent field mapping and surface sampling in the southern region of the property confirmed the mineralization over the three new zones.
Highlights from the fieldwork included a six-metre trench anomaly of 0.54 g/t gold, a one-metre wide outcrop sample of 6.73 g/t gold, and gold samples grading 1.43 g/t, 1.83 g/t, and 3.25 g/t of the yellow metal.
"We are pleased with the positive results generated from the recently completed mapping, sampling and trenching program," commented president and CEO, Craig Schneider.
"Coupled with past drill data the most recent findings have greatly increased the size potential of Santana and confirm an emerging Gold-Copper Porphyry District.
"A three phase drill program has been designed to test these new targets as well as build out our existing zones down dip, along strike, and at depth."
The new zones have been prioritized as phase one targets for the company's upcoming drill program.