Santana Minerals (ASX:SMI, NZE:SMI) said diamond drilling results at its Rise and Shine deposit, part of the Bendigo-Ophir gold project in New Zealand, were promising, according to a Wednesday filing with the Australian and New Zealand bourses.
The company reported intercepts of 7 meters at 21.7 grams per tonne of gold from a depth of 194 meters and 16.4 meters at 5.7 grams per tonne of gold from a depth of 167.6 meters, according to Chief Executive Damian Spring.
The drilling program will increase the project's operational readiness by collecting essential data for the detailed design phase in 2025, the filing said. The program was completed in December 2024, and the remaining assay results are expected by the end of January.
The miner expects to finalize an update to a mineral resource estimate for the deposit in the first quarter.
Santana Minerals' shares rose almost 7% in recent Wednesday trade on the Australian bourse and almost 4% on the New Zealand bourse.
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