Geomega Resources (GMA-V) set the pace for miners on the Venture Exchange on Wednesday.
The company’s share price made the largest gain by percentage points, shooting up 24% or 65¢ to $3.35 on 209,000 shares traded.
The catalyst for the leap was a set of drill results from its first phase of drilling at its Montviel property in Abitibi, Quebec.
One hole, DDHMVL-11-10, returned 1.41% total rare earth oxides (TREO) over the entire 544.6-metre core length, while the second, DDH MVL-11-09, returned 1.51% TREO over the first 127.55 metres of core.
The two holes indicate that the mineralized zone extends 200 metres further west along strike and 175 metres south. Mineralization is now defined over an area of 500 meters along strike and 400 meters width and down to a depth of 450 meters the company says.
Also of significance is the concentration of neodymium oxide which came in at 0.247% for the first hole and 0.216% for the second.
Neodymium along with dysprosium, europium, terbium and yttrium, are some of the most sought-after minerals lately thanks to their green energy applications.
“These latest results confirm that it is one of the world’s most significant known deposits of neodymium that can be developed quickly given the excellent local infrastructure such as road access, nearby hydroelectric services and rail.” Simon Britt, Geomega’s president said in a statement.
Along with the stellar drill results the company announced the appointment of a new VP of exploration. Jacquelin Gauthier will be taking on the position after serving as exploration manager for the likes of Kinross Gold (K-T), Bema Gold, Cambior and Noranda Exploration.