Canadian miner Pershimco Resources Inc said it found gold at its Panama property, sending its shares up as much as 4.67 percent on Wednesday.

The company said it found gold mineralisation of 2.01 grams per tonne (g/t) across 45 meters at its Cerro Quema gold-copper project.

The gold was found in the validation drilling south of the La Pava Target.

Shares of Pershimco, which also co-owns the Courville gold project in Val-d'Or, Quebec, were trading at C$1.12 on Wednesday on the Toronto Venture Exchange.