Shares in IronRidge Resources Ltd. (IRR.LN) jumped Wednesday after the miner said it found more gold at its wholly-owned licence package at the May Queen Prospect in Australia.

The U.K.-listed firm with iron ore assets in Gabon said it found historical gold intersections at the project that include four meters of ore containing 38.8 grams of gold per ton of rock and three meters of ore containing 18.9 grams of gold per ton of rock.

The company said that the mineralization remains open along the length of the deposit in both directions and at depth.

Shares in IronRidge rose 28% to 6.875 pence a share as of 0705 GMT, resulting in a market capitalization of 16 million pounds.