January 9, 2012 / 3:48 PM / 7 years ago

UPDATE 1-Yukon-Nevada finds high-grade gold at Jerritt Canyon

Jan 9 (Reuters) - Canada’s Yukon-Nevada Gold Corp said it found high-grade gold at a mine in its Jerritt Canyon property in Nevada, United States, sending its shares up as much as 6 percent.

The company drilled 23 holes at the Smith mine at a depth totalling 13,370 feet.

Yukon-Nevada, which also owns gold, silver, zinc and copper assets in Canada’s Yukon territory and British Columbia, identified three zones as targeted mining blocks for this drilling, it said in a statement on Monday.

On Dec. 2, the U.S. federal mine regulator had put one of the two mills at the Jerritt Canyon property on safety watch list for alleged violations.

Shares of the company were up 2 percent at 27 Canadian cents in morning trading on the Toronto Stock Exchange. They touched a high of 28 Canadian cents earlier in the session. (Reporting by Arnav Das Sharma in Bangalore; Editing by Maju Samuel)

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