Xtract Resources surges on gold find
Shares in Xtract Resources surged after the company found a new gold reef system at its Colin Mining area in Chile.
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The company said its own estimates found the new reef system could quadruple the previous estimates of gold found in the area and as a result could increase the life its mine by more than 20 years.
By 0841 BST, shares in the AIM-listed miner were up by 9.36% to 0.273p.
Xtract Resources said it found the second high grade gold reef at its Chepica Gold and Copper mine in Chile.
The reef system graded 3.9g/t over a 4.1m width, and was in addition to the 4.2g/t over 3.5m width system found earlier in the year.
Xtract chief executive Jan Nelson said once drilling is completed the company would look at increasing its production capacity.