Geo Exploration shares rise following "highly encouraging" assay

Geo Exploration Ltd on Monday celebrated "exceptional high grade" assay results from its Gorge Mine Project, Western Australia.

Shares in the oil and gas exploration company focused on Africa, Australia and the Mediterranean rose 6.7% to 0.11 pence on Monday morning in London.

The trials were carried out across Gorge Mine and 401 prospect target areas in May 2026.

Gold was detected in 244 of 245 soil samples, with 11% returning gold values above 100 parts per billion and 2% above 1,000. The company also hailed the "exceptional peak" assay result of 7.74 grams per tonne.

"The scale and distribution of the gold-in-soil response are considered highly encouraging and reinforces the Gorge Mine target as a priority area for further exploration," the company said.

Chief Executive Officer Omar Ahmad said: "The results provide further confidence in the prospectivity of both the Gorge Mine and 401 prospect target areas and give us a strong platform from which to advance the next stage of exploration across the wider project.

"We are extremely encouraged by the progress made to date and look forward to progressing the expanded field programme, building on these results and further advancing the potential of the Gorge Project."

The results will inform the upcoming field programme which will comprise a geochemistry survey, detailed geological mapping and controlled sampling over 1,188 targets.

"The programme is expected to further define, rank and refine the highest-priority targets and assist with planning for the proposed maiden drilling programme. Drilling remains subject to completion of the required heritage and government permitting processes," the company said.

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