30/03/2010 - 12:04

Doray Minerals soars on gold hits

30/03/2010 - 12:04

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Shares in West Perth-based Doray Minerals have more than tripled in trade today after it released high-grade drilling results from its Meekatharra North gold project.

Shares in West Perth-based Doray Minerals have more than tripled in trade today after it released high-grade drilling results from its Meekatharra North gold project.

The explorer, which listed on the local bourse last month, today released results from the first four holes drilled at the Andy Well prospect, located within Meekatharra North.

The results include an intersection of four metres at 120.71 grams per tonne gold within an intersection of eight metres at 62.53gpt gold.

Another drill hole intercepted three metres at 114.51gpt gold within an intersection of nine metres at 42.97gpt gold.

News of the drill results boosted shares in Doray to surge 48 cents, or 218 per cent, to a high of 70c before easing at 66c at 14:41 AEST.

Doray managing director Allan Kelly said the results from the maiden drilling program far exceeded expectations.

"We were optimistic coming into the drilling program, given our knowledge of the area, but the results are quite incredible - especially considering these are our first four drill holes," he said.

The company will move onto a follow-up drilling campaign at the Wilber prospect which will test for extensions to the mineralisation found at Andy Well.

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