The share prices of the Australian exploration company Geopacific Resources, and its joint venture partner Peninsula Minerals of Perth, have soared after a few drilling holes in Fiji have led to the discovery of what could be a rich gold deposit.
The Fiji Sun reports that the shares of Geopacific Resources have nearly tripled as investors await the results of further drilling which is expected in the next few days.
The company operates a 50/50 joint venture with Peninsula over the Rakiraki project, 30 kilometres from the large underground Vatukoula goldmine owned by Emperor.
The best drill hole so far has uncovered a 2.8 metres of gold ore containing 14-point-43 grams per tonne at a depth of 61 metres.
But company directors do not know yet how far the gold mineralisation extends.