Shares of Marathon Gold Corp. shot up 22 percent Thursday after the Canada-based company said it found high-grade mineralization at a mine in central Labrador.

The discovery is at the southwestern end of Lake Valentine Project, which is part of the Leprechaun Gold Deposit, Marathon said.

Marathon, whose shares rose 24 cents, or 21.92 percent, to $1.34 in midday trading, and Mountain Lake Resources hold a 50-50 interest in the venture.