Monday afternoon, shares soared over 16 percent to $0.14.
The new results demonstrate that Eagle Hill continues to increase the size of the known gold zones in areas that were not drilled previously, the company said.
Among the highlights, drill hole EAG-11-305 intersected significant gold mineralization close to surface in the Mallard Zone with 17.3 grams per tonne (g/t) gold over 5 metres, located only 40 metres below the surface, along a topographic high.
This intersection is 25 metres to the east of other significant intersections in the Mallard zone such as 52.59 g/t gold over 1.0 metre at hole ATO-98-10r, and 25.65 g/t gold over 2.0 metres at hole EAG-10-248.
Eagle Hill president and chief executive officer, Brad Kitchen, said: "The new results demonstrate that the known gold zones have continuity but more importantly that they remain open laterally.
"The company will continue to expand the gold mineral resource at the Windfall Lake Property with an aggressive 25,000 meter program using up to 3 diamond drill rigs. These results are not included in the recently filed NI 43-101 Report that includes the company's initial resource calculation."
The company said that it would further investigate the small ridge surrounding this drill hole to evaluate the possibility for additional gold mineralization at surface.
Eagle Hill said that Zone 27 has also been expanded by 125 metres along strike to the east-northeast at 450 metres below the surface by drill hole EAG-11-298.
The intersection returned 12.21 g/t of gold over 5.0 metres in a zone characterized by up to 10 percent pyrite, quartz-tourmaline veining, and up to one percent chalcopyrite.
Zone 27 remains open to the east-northeast (ENE), and the only drill hole that has been drilled deeper than 200 metres below surface in this area is located 250 metres to the ENE of drill hole EAG-11-298.
In addition, drill holes EAG-11-294 and EAG-11-298 intersected the Mink zone with intervals of 17.15 g/t gold over one metre and 8.58 g/t gold over one metre, in an interval assaying 2.1 g/t gold over 12.0 metres.
A splay of the Mink zone was also intersected in drill hole EAG-11-298 and returned 37.6 g/t gold over one metre. Finally, drill hole EAG-11-309 returned a small shear zone at the contact between two units that returned 64.4 g/t gold over 0.9 metres and intersected the Caribou zone with an interval of 8.68 g/t gold over one metre.
Eagle Hill is still awaiting the assay results for several intervals of core for drill holes EAG-11-310 and EAG-11-311.
The company resumed its 25,000 metre drill program on January 4 and will drill the remaining 16,000 metres with up to three drill rigs during the next three months.
Eagle Hill also increased the gross proceeds of a private placement to $7.2 million, it said.