Gold explorer Nexus Minerals jumped 35 per cent on Wednesday after reporting very high-grade gold hits from drilling at an Eastern Goldfields site in Western Australia.

Initial results from Nexus’s Pinnacles gold project included a bumper intersection of 4 metres at 19.7 grams of gold per tonne from 68 to 72 metres.

Investors responded favourably to the news, boosting the stock (ASX:NXM) to 11.5c, up 35 per cent. Close to 3 million shares changed hands.

The drill program tested three gold anomalies.

Samples have been submitted for analysis with results expected within three weeks.

The project is a partnership with Saracen Minerals which owns the 4 million-ounce Carosue Dam mine and Karrari underground gold mine which lie 5 km north and along strike from Pinnacles.

Nexus has a market cap of around $9 million.