March 17, 2011 / 5:15 PM / 7 years ago

Newmac Resources strikes gold, shares soar

* Finds gold in certain sections of Crazy Fox project

* Will investigate further into gold potential of project

March 17 (Reuters) - Newmac Resources Inc said it accidentally discovered gold at its Crazy Fox project in British Columbia, sending the junior miner’s shares up nearly 73 percent on Thursday.

The company, focused on discovery of new mineral deposits in the western Canadian province, said twenty-seven drill holes in a section of Crazy Fox Molybdenum-Tungsten-Gold project were incidentally assayed for gold, while primarily assaying for molybdenum.

The significance of gold in the mineralized system was not realized until a recent review, the company said in a statement.

The company has not yet determined the full significance of this gold mineralization and will investigate further about the potential of the project as soon as weather permits, it added.

Newmac shares were trading up 4 Canadian cents at 9.5 Canadian cents on Thursday on the Toronto Venture Exchange. (Reporting by Arnika Thakur in Bangalore;Editing by Prem Udayabhanu)

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