Gorilla Gold Mines (ASX:GG8) said reverse circulation drilling at the Lakeview prospect at its Comet Vale project in Western Australia intersected more high-grade gold mineralization, according to a Thursday Australian bourse filing.
"Significant" intercepts encountered by the drilling campaign include 24 meters at 10.3 grams per tonne (g/t) grade of gold from 200 meters, 40 meters at 4 g/t grade of gold from 128 meters, 22 meters at 6.8 g/t grade of gold from 138 meters, and 12 meters at 2.2 g/t grade of gold from 84 meters.
The company also entered into a binding option agreement to acquire the Happy Jack prospect for a AU$30,000 option fee and a AU$20,000 option exercise fee payable in six months, completing its ownership of the Lakeview shearzone and significantly increasing the prospectivity of the project.
Drilling is continuing at the project.
Gorilla Gold Mines' shares jumped 20% in recent trading on Thursday, earlier reaching their highest point since February 2020.
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