Holes drilled around and within the Gold Zone 2 mineral resource were to define the limits of the zone and add to the resource, with peak intercepts including 3m at 16.95g/t gold and 0.15% copper from 30m.

The new gold target 150m west of GZ2 returned a diluted intercept of 0.65g/t gold over 143.8m from 117.2m, including 56m at 1.03g/t gold from 205m.

Peak copper intercepts included 16m at 3.4% copper from 188m and Georgian pointed to "a number of interesting lower grade copper intercepts" such as 73m at 0.33%, saying further work was required to evaluate the potential for a large tonnage of lower-grade copper mineralisation that might be suited to alternative processing methods.

SP Angel, which acts as nomad and broker to Georgian Mining, said the results indicated a modest increase in the existing gold resource and a potentially larger resource increase with the new gold discovery.

"While these will generate cash flow for the joint venture they should pale in comparison with our expectation for a larger and significantly more valuable copper resource underlying the gold oxides," SP Angel said.

Shares in Georgian Mining closed up 0.59% yesterday to 21.38p.