Pilbara gold explorer Coziron Resources (ASX:CZR) is in a trading halt pending the release of assay results from the Croydon Top Camp drilling program.

Yesterday the $24m market cap Coziron nudged ~10 per cent higher on unusually high volumes. Now we (possibly) know why.

The company wrapped up a 2600m, 13-hole drilling program at Croydon’s 1km long Top Camp prospect in December.

Coziron previously said that Top Camp had a long history of small-scale eluvial (surface mineralisation near point of formation) and alluvial (transported by rivers) gold production.

The 200m-deep drill holes targeted both the broad zones of anomalous (low-grade) gold in soils and the ‘fault’ structures that appear to be the source of gold nuggets being recovered by prospectors using metal detectors.

Legendary prospector Mark Creasy — through his private vehicle Creasy Group — has a 62.58 per cent stake in Coziron and a 30 per cent stake in the Croydon gold project in the Pilbara region of WA.

Creasy Group also has a major holding in Legend Mining (ASX:LEG), which went on a massive run in December after potentially uncovering the next Nova-style nickel-copper discovery in WA’s Fraser Range.

READ: Who made the gains? Here are December’s top 50 small cap miners and explorers

The trading halt will last until the company releases the announcement, or the start of trading next Tuesday. Coziron was contacted for comment.