Xtract Resources shares lift on news of discovery

15th Jul 2015 15:57

(ShareCast News) - Shares in mining firm Xtract Resources lifted after the company announced a potential gold discovery.Shares in the AIM listed stock rose 5.93% to 0.286p at 0254 BST.Xtract said the new reef system it found at the Chepica Mine in Chile could contain about 100,000oz of gold.It also believed the discovery could double previous estimates of gold prospects, and would extend the life of the mine.Xtract chief executive Jan Nelson said while it would continue to drive development of the main reef system, the company would now drive two additional prospect developments on the new reef system."These results once again demonstrate that the Chepica mine continues to show potential to develop into a significant gold project," Nelson said.