Canadian Colombia Crest Gold Corp said Wednesday it had found a new porphyry-gold style target on its Venecia and Fredonia projects in Colombia, sending its shares up 8 percent.
“The Arabia target alteration may indicate the presence of a porphyry gold-copper system at depth,” Chief Executive Hans Rasmussen said in a statement.
Arabia is the name of the target area that is being explored.
Colombia Crest explores and acquires large-scale porphyry-gold properties in Colombia, South America.
The properties are positioned within the Middle Cauca Belt, the most prolific gold belt in Colombia with over 500 years of gold mining history and several new gold discoveries, according to the company’s website.
Follow-up on the Arabia target is underway, including soil sampling, geological mapping and rock chip sampling to identify any obvious mineralized outcrops, the company said in a statement.
Shares of the company rose to a one-week high of 28 Canadian cents in morning trade on Wednesday on the Toronto Venture Exchange.