Kaiser Reef (ASX:KAU) said the first two drill holes at the A1 gold mine in Victoria returned high-grade gold results, including 0.2 meters at 65.1 grams per tonne of gold from 24.7 meters, according to a Wednesday Australian bourse filing.
The company said it is engaged in the first program to drill into the Nova zone at the mine for resource definition purposes.
The discovery of the new high-grade reef systems will be targeted in mine planning, the filing said.
The company's shares fell nearly 3% at market close Wednesday.
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