Shares of junior gold miners Orosur Mining Inc. (TSX: OMI) rose 70.8% or 17 cents on 2.04 million shares on Tuesday after its subsidiary, Minera Anzá, reported favorable drill results from its Anzá project in Colombia.
The company hit grades including 59.55 metres of 9.61 grams of gold per tonne (g/t Au) and 61.75 metres of 2.05 g/t Au, from a total of nine new drill holes. Orosur says the results help better understand the mineralization at the project, including a "number of thick,
high-grade, plunging shoots, surrounded by a lower grade halo" over a strike length of 800 meres. Ososur's team is now using the new data to develop 3D models of the deposit.
"While a long time coming, these drill results are spectacular and give us great comfort
that Anzá has the potential to be a major gold system," Orosur CEO Brad George said in the release. "Further assays are expected in due course. We are now directing our teams to
identifying the next drill targets – work that has so far shown great promise."
The news brought shares of Orosur to close at 41 cents on Tuesday, a level last seen in February following a brief spike in the lead-up to previous drill results. The stock reached a 52-week high back in October, after the company announced its plans to drill the project.