New Murchison Gold (ASX:NMG) found visible gold in the diamond drill core at the Crown Prince project in Western Australia, according to a Monday filing with the Australian bourse.
The diamond core hole was drilled to target mineralization at 260 meters down hole, and a quartz-carbonate vein with strong native visible gold was discovered at 252 meters, the filing said.
Assays from the hole are being prioritized and expected to be received within two to three weeks, according to the filing.
Shares rose past 33%, earlier hitting a 52-week high.
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