Shares in gold plays Northern Star Resources and Vector Resources were firmer this morning after both reported encouraging drilling results from their respective projects.
Northern Star said it had hit grades of up to 63.5 grams per tonne 150 metres down plunge of known limits at its Paulsens gold project in the Pilbara.
The company said the new high-grade intersection of 1.1 metres at 30.7 grams per tonne (including 0.4 metres at 63.5 grams per tonne) was the deepest intercept in the history of the mine and was 325 metres below the existing production level and 870 metres from the surface.
Northern Star said the results showed strong potential to increase Paulsens' minelife to between seven and 10 years.
The company is in the throes of increasing production at Paulsens from about 80,000 ounces per annum to about 100,000 ounces per annum, with the higher rate expected to kick-in at the end of 2012.
Northern Star shares were up 3.5 cents, or 4.22 per cent, to 86.5 cents at 10.20am.
Meanwhile Vector reported hits of eight metres at 21.11 grams per tonne from 61 metres including one metre at 141.37 grams per tonne from 61 metres at its Gwendolyn project.
The company said the results had the potential to increase the existing known resource at the project.Vector shares were up 0.9 cents, or 6.02 per cent, to 8.8 cents at 10.20am.