The estimated true width was 34m and the hold ended in 3m grading 205.98g/t.

Although the latest drilling results would not be included in a resource update due out "in the coming weeks", president Yannis Tsitos said they boded well for further high-grade zones and potential resource growth.

"In terms of thickness x grade profile, EMM21-007 is the best hole drilled at the Eagle Mountain gold project to date, topping the 2019 discovery hole at Salbora, which intersected 40m (true width) grading 6.52g/t gold from surface," he said.

Goldsource said drilling was continuing, working towards another resource update planned for the second half of 2021, and a third rig would resume later this month.

The company is chaired by N. Eric Fier, who is also founder and CEO of SilverCrest Metals.

Goldsource had more than C$5 million in cash in November after raising $6.6 million at 11c per unit in a well-supported placement in March 2020.

Its shares (TSXV: GXS) have ranged from C6.5-19c over the past year.

They gained 17.4% yesterday to close at 13.5c, capitalising it at $52.8 million (US$41.5 million).