Red Mountain share spike continues

Red Mountain Mining's impressive share performance has continued, with the gold explorer's stock this morning almost eight times higher than its closing price at the beginning of this week.

At 9:53am WST, Red Mountain shares were up 82.3 per cent to 3.1 cents, having closed the day's trade on Monday at just 0.4 cents.

Its shares were heavily traded yesterday, rising a massive 143 per cent.  

The spike comes in the wake of what the company describes as exceptionally high grade gold hits at its Batangas project in the Philippines.

Red Mountain told the market on Tuesday surface trenching operations at its Lobo prospect had intercepted 2.6 metres at 28.6 grams per tonne of gold, including 1.5m at 45.9g/t gold.

The company today released further strong results, this time reporting a peak interception of 1.8m at 55.9g/t gold from vertical sampling through a shallow layer of boulders and rubble eroded from bedrock lodes at the prospect.

Red Mountain says it will continue to ramp up its exploration program at Batangas before undertaking a scoping study at the project.