Vatukoula Gold Mines advanced Monday after announcing high grade drilling results from its gold mine in Fiji.

Shares rose 12.77% to 26.50p at 9:10 as the AIM-listed explorer said it encountered new mineralised structures on the Prince William ore body following surface and underground drilling programmes in the area of the Philip Shaft.

The group intersected 53.14 grams of gold per tonne over 1.29 metres of which one section revealed 264.47 grams of gold per tonne over 0.23 metres.

Drilling results also showed 16.38 grams of gold per tonne over 0.42 metres and 16.22 grams of gold per tonne over 0.53 metres.

"The positive exploration results from in and around the Philip shaft have continued this fiscal year, with resource definition drilling confirming the strike and down dip extensions of the Prince William ore body," Chief Executive Officer, David Paxton, said.

"In addition drilling from surface encountered an additional mineralised structure approximately 200 metres above the Prince William ore body, with some exceptional grades. The results reported today are encouraging and indicate further resource upside within a currently active mining area proximal to the Philip Shaft."

RD

Related share prices
Vatukoula Gold Mines (VGM) share price