Shares in Focus Minerals closed 6 per cent higher today after the company announced rock chip sampling at its Treasure Island gold project in the Eastern Goldfields has returned positive results.
The sample over 200 metres produced results which included 45.7 grams per tonne, 38.4g/t, 16.4g/t, and 9.4g/t.
In a statement to the Australian Securities Exchange, Focus said there was also significant evidence of fine visible gold disseminated throughout the samples.
Focus chief executive Campbell Baird said the latest results were more strong evidence that Treasure Island could host a significant outcropping high-grade gold resource.
He said the results of an extensive aeromagnetic survey conducted over the island and surrounding lake were imminent, enabling Focus to combine the findings with the sampling results to build a clearer picture of the exploration potential.
"These are quite spectacular, particularly when it is remembered that sampling grades in the order of 5 to 10gpt are usually more than enough to generate substantial interest," said Mr Baird.
"And while it is early days in this exploration program, we are extremely excited about the potential at Treasure Island and look forward to drilling these targets in the New Year."
Focus shares closed up 0.3 cents at 5.3 cents.