"It is very impressive to have an entire drill hole [of 287m from 9m depth] return over 0.52g/t gold, including 100.8m of 0.82g/t gold, that also ended in 16.1g/t gold over 2m," CEO Cor Coe said.

"The intercepts and grades we are discovering in this area are quite compelling when you consider Victoria Gold's producing Eagle Gold mine, located about 40km east of our claim block, has a resource grade of 0.63g/t gold."

He believed the results from the inaugural holes at RC's Saddle-Eiger zones reflected the grades and scale necessary for hosting an economic gold deposit and said the company was looking forward to "a much more aggressive drill programme in 2021 to follow up on this important discovery".

Results from the final two of six holes are pending.

The company had raised C$1.2 million in an oversubscribed placement at 20c per flow-through unit in July for exploration at its Yukon properties.

It has expanded the RC project this year to 345.5sq.km, comprising the RC, Bee Bop, Mahtin, Clear Creek and Barney Ridge properties. It owns Mahtin and has the option to acquire 100% of the remainder.

It also has OGI silver-zinc-gold property in the Yukon, the Burro Creek gold-silver deposit in Arizona, the Alpha gold property in Nevada and the Coppermine River project in Nunavut.

The company, which listed on the Canadian Securities Exchange in 2018, had working capital of about $1.4 million according to a presentation this month.

Its shares (CSE: SIG) have ranged from 5-30c over the past year.

They closed down 2.5% on a rough day for gold equities to 19.5c, capitalising it about $11.1 million (US$8.5 million).