Canada's Lakeland Resources Inc said it found a high-grade gold zone on its Midas Gold property in Ontario, sending the mineral explorer's shares up as much as 33 percent on Tuesday morning trade.

The company said the new discovery lies along a prominent geophysical trend, linked to the M-16 and M-11 zones discovered earlier this year.

Lakeland also said Alex Falconer would replace Troy Nikolai as chief financial officer.

Shares of the Vancouver-based company were up more than 8 percent at 13 Canadian cents on the Toronto Venture Exchange, after touching a high of 16 cents earlier in the session.

The stock was one of the top gainers on the exchange, with over 300,000 shares changing hands by 1005 ET.