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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.