Shares in gold explorer Marindi Metals are up 25 per cent today after telling investors it had uncovered extensions to the high-grade gold at its Great Southern prospect in WA.

Marindi said historical mines located on its tenement produced parcels of ore at grades of up to 19.5 grams per tonne (g/t) and vein grades of up to 50g/t.

Anything over 5g/t is considered high-grade.

Boss Simon Lawson said the results exceeded expectations.

“The Great Southern prospect has never been subjected to modern exploration techniques, let alone a state-of-the-art geophysical survey, and this very high-resolution work has immediately confirmed our initial belief that the two historical gold mines at this prospect were just part of a much larger gold system,” he said.

Marindi Metals (ASX:MZN) shares gained 25 per cent on the news.
Marindi Metals (ASX:MZN) shares gained 25 per cent on the news.

Marindi says the survey has pinpointed numerous walk-up drill targets.

According to Marindi, mine records describe the gold-bearing structures as open along strike and at depth when closed in the mid-1980s.

Marindi’s share price climbed to an intra-day high of 0.5c on the exchange of 1.7 million shares by 11.30am AEDT.

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