The news comes a week after producer B2Gold exercised an option to acquire a further 19% in its Aurion joint venture, taking its stake to 70%.

Aurion said results included 52.4m at 1.84g/t gold from 85.3m, from the first of three holes drilled at a new target area within the Kutuvuoma-Ikkari corridor.

CEO Matti Talikka said the above result was comparable to Rupert Resources' intercept of 54m at 1.5g/t, deemed the discovery hole for Ikkari.

"This new discovery further validates the potential for the existence of multiple economic gold deposits along the 8km structural corridor within the JV property," Talikka said.

B2Gold is keen to earn more of the project and has provided notice it intends to continue sole funding and complete a feasibility study, to gain a further 5%.

The miner advised it had already spent C$15 million on exploration at the joint venture since the pair's 2016 agreement, Aurion said.

The discovery was announced the same day B2Gold agreed to sell its interest in the Kiaka gold project in Burkina Faso to ASX-listed West African Resources.

Aurion has the Risti and Launi projects and a joint venture with Strategic Resources to the north.

Kinross Gold, Eric Sprott and Newmont are among its major shareholders with 10%, 4.2% and 3.2% respectively.

It had C$12.3 million in working capital at June 30, after raising $11.4 million at 85c per share in February.

Its shares (TSXV: AU) gained 31.6% to close at $1, valuing it at $98.7 million (US$80 million).