Shares in two Perth-based explorers, Corvette Resources and Northern Mining, have skyrocketed today on latest exploration work at their respective projects that delivered high-grade gold hits.
Corvette today announced it had intersected a 'bonanza' result at its Camaro prospect, located within the Plumridge gold project, 60 kilometres away from the sizeable Tropicana gold project that is jointly owned by Independence Group and AngloGold Ashanti.
Recent drilling at the prospect revealed an intersection of three metres at 40.33 grams per tonne of gold from a depth of 97m, Corvette announced today.
The intersection remains open along strike and at depth, and will be further tested by reverse circulation drilling next month.
"We are particularly excited about this bonanza gold result and the presence of multiple gold intersections over an increasing strike length," managing director Patrick McManus said.
News of the bonanza hit boosted Corvette shares as much as 56 per cent to a high of 21 cents, before easing to 19.5c at 12:46 AEDT.
Meantime, shares in Northern Mining surged as much as 67 per cent to a high of 14.5c before settling at 12c on drill results from its Blair North prospect within the East Kalgoorlie project.
Northern Mining said in a statement that drilling had confirmed a gold footprint measuring about 600m by 600m with gold dispersed throughout the area at grades of more than 1g/t and up to 6.4g/t.
The explorer said gold and nickel sulphide targets have been generated from the drill program and a 2,000m reverse circulation drilling program is due to start at the end of this week.
