LONDON (Alliance News) - Shares in Sovereign Mines of Africa PLC exploded higher in early trade on Tuesday after the company published results from the Phase 3 drilling programme at Mandiana in the Republic of Guinea.
The company said in the Yagbelen zone at the site, one of the drill holes intersected a high-grade quartz-vein cutting an interval of four metres averaging 18 grams per tonne of gold from 87 metres. A second hole cut a broad zone of 27 metres averaging 1.46 grams per tonne from 43 metres.
The positive assay results saw shares in the company rise in value more than two-and-a-half times over to 2.00 pence, easily making it the best performer on the AIM All-Share.
"These very encouraging results confirm the impressive grade of high-grade shoots within a broader extensively mineralized envelope," said John Barry, the company's director of exploration.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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