Lunnon Metals (ASX:LM8) hit the highest gold grade to date from exploration activities at the Lady Herial target within the Kambalda project in Western Australia, Euroz Harleys said in a Tuesday note.

Drilling in the area identified a new gold zone with yields of up to 23 meters at 16.6 grams per tonne (g/t) grade of gold from the surface, including 6 meters at 62.5 g/t gold from 17 meters and 1 meter at 350 g/t gold, the investment and advisory firm noted.

The recent results also sent the mining firm's share price surging to its highest point since April 2022.

The company also recently pivoted to gold exploration at the company's landholding at the St. Ives Belt.

Euroz Hartleys maintained its AU$0.53 price target and speculative buy recommendation for Lunnon Metals.

The company's shares were up almost 2% in recent Friday trade.

Price (AUD): $0.29, Change: $+0.01, Percent Change: +1.75%