Nelson Resources received a boost to its share price after it struck high-grade gold in first drilling at its Socrates project in the Eastern Goldfields of Western Australia.

The shares (ASX:NES) gained 8 per cent to trade at 20c on the back of the news last week before edging back slightly to 19.5c.

Newly-minted Nelson is headed by none other than Peter “Cookie” Cook – who founded the now $517 million Metals X (ASX:MLX) and Pantoro (ASX:PNR) and is managing director of Westgold (ASX:WGX), which also has a market cap of over $500 million.

The company, which made its debut on the ASX in early December, said last week it had delivered multiple high-grade gold intersections, with grades reaching up to 23.5 grams per tonne (g/t).

Anything over 5g/t is considered high grade.

Socrates is located 155km south-east of Kalgoorlie and 110km north-east of Norseman along the gold belt that hosts several gold projects including Saracen Mineral Holdings’(ASX:SAR) 2.3-million-ounce Carosue Dam mine.

It is located in the same region as the 6.3-million-ounce Tropicana and the 6.9-million-ounce Sons of Gwalia mines.

Drilling has so far tested about 120m of a total 300m strike length defined by previous soil geochemical surveys.

“The significant results returned from the maiden drill campaign at Socrates has highlighted the shallow, high-grade nature of what appears to be a considerable gold mineralised system,” executive director Adam Schofield said.

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