Hole C17-28 intersected several regions of continuous mineralisation over its entire 780.1m downhole length, with 152m at 2.47g/t gold (uncut), including 34.7m at 4.27g/t; and 185m at 1.13g/t.

"In confirming our model for the zone's internal higher-grade core, and successfully tracking its continuous mineralisation to great depth, we are quickly developing a blueprint for exploration that we are confident will lead to other exciting discoveries," president and CEO Michael Byron said.

The company has a flow-through expenditure commitment of C$10.4 million for exploration at its Indin Lake property to be completed by the end of 2018.

Colomac has a current inferred resource of 2.1 million ounces with an average grade of 1.64g/t gold.

Shares in the company, which graduated to the TSX in May and had working $27.6 million cash at the end of September, rose 9.68% yesterday to C68c, capitalising it over $128 million.