Treasury Metals (TSE:TML) jumped more than 16 percent on Thursday, after earlier this week reporting more near surface drilling results from its Goliath gold project in northwestern Ontario, including an intercept of 1 metre at 430 grams per tonne (g/t) gold from 16.7 metres depth in the Main Zone.
The gold development company is working toward a feasibility study on its project this year, with an environmental impact statement expected to be submitted in May.
Currently, the project holds 810,000 ounces at 2.75 g/t gold equivalent in the indicated category, and 900,000 ounces at 1.76 g/t gold in the inferred category.
The company also on Monday reported drilling results from its C Zone, which is located about 30 to 50 metres behind the project's Main Zone of mineralization. Near surface intersections from the C Zone included 13 metres at 3.13 g/t gold from 79.5 metres depth.
Late last month, Treasury reported results from the C Zone that it said could represent an increase in the current open pit mine shells and the mineable ounces within them.
The C zone results could also potentially reduce the overall waste to ore stripping ratios, especially in the Eastern section of the deposit, it told investors.
The company said that drilling will continue to delineate the zone, which covers an area measuring around 1.2 km in strike length, with the program focused mainly on defining near-surface resources.
Shares of Treasury Metals were lately up more than 16 percent, or 8 cents, at 56 cents Thursday afternoon, the highest level this month.
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