Canadian junior miner Cedar Mountain Exploration Inc said it discovered gold at its flagship Kelly Creek gold project in Alaska, sending its shares up as much as 7 percent on the Toronto Venture Exchange.
The company said it found broad zones of gold mineralization at the South Fox prospect of the project.
In August, the company carried out drilling at the South Fox project where it found gold mineralization of about 0.45 grams per tonne (g/t) of gold over 28.40 metres and 0.76 g/t of gold over 24 metres.
Spot gold edged up 0.17 percent to $1,724.2 an ounce by 1424 GMT, from $1,721.19 late in New York on Friday.
Shares of the Calgary-based company were trading at 7 Canadian cents on Friday on the bourse.