Identifying six high-priority target anomalies, Guskin said the most promising was a 2,000m-long anomaly - which tested up to 46.6 grammes per tonne of gold in the open pit - that is directly overlaying and correlating to previously announced high-grade samples. 

Guskin's director of exploration, Francis Agezo, said the gold mineralisation appears to be related to quartz veining and alteration halos within the country's rocks, which are characterised by weak to moderate sericite-silica-carbonate alteration. Sulfides are rare, he said. 

"Whilst high tenor gold values tend to coincide with zones of stronger quartz-vein development, broader zones of lower grade persist into the altered hanging wall and footwall, even where quartz veining is absent," he said. 

"Besides, gold mineralisation doesn't always necessarily follow the main geological or regional structures, they are typically related to the secondary and/or subsidiary structures, albeit related to the major regional contact of the volcano-sedimentary package," he said.

He noted that this has been "confirmed" by the occurrence of gold quartz-vein systems exposed in the artisanal open pit - and which is coincident with a high magnet anomaly. 

"The property is attractive simply because lithological and structural features that favour quartz veins emplacement and gold precipitation exist," he said. 

Guskin traded at US$1.66/share on March 7, which was up 56% day-on-day, after a sharp fall on March 5. The company had a market capitalisation of US$84.74 million.