Asara Resources Completes Delineation of Gold Anomalies at Guinea Permits; Shares Jump 14%

Asara Resources (ASX:AS1) said auger geochemistry results from its exploration program across the Bamfele and Damissa Koura permits in Guinea led to the completion of the delineation of gold anomalies, according to a Wednesday Australian bourse filing.

A total of 651 auger drill holes for 9,399 meters were completed, and the company encountered intercepts of 3 meters at 1.2 grams per tonne (g/t) grade of gold from 6 meters, as well as 3 meters at 5.6 g/t grade of gold from the surface.

The Damissa Koura permit is owned by Ara Exploration, and Asara earlier entered into a conditional heads of agreement to acquire Ara Exploration's parent company, Arafura Quest.

Asara Resources' shares surged 14% in recent Wednesday trade.