Trident Resources Corp (TSXV: ROCK) (OTCQB: TRDTF) shares surged 18% to $3.65 on Wednesday after the mineral exploration company reported assay results for five drill holes at the Contact Lake Gold Project in Saskatchewan.
Results from the 2026 winter program included 15.11 grams per tonne (g/t) gold over 51.83 metres (m) from 256m. The company called the assays from hole CL26036 “the best drill results to date”.
Trident added that the latest results demonstrate that the Contact Lake system has consistently delivered broad mineralized intervals. The intervals also contain “well developed high-grade cores”.
The company noted that all holes reported intersected gold mineralization. Assays are pending for 15 more holes.
Trident Resources said the winter drill program has now ended, with 29 holes completed. More drilling is planned for late Spring.
The Contact Lake Gold Project includes the past-producing Contact Lake gold mine, which operated between 1994 to 1998. About 190,000 ounces of gold were mined during this time at an average head grade of 6.16 g/t. A gold price of US$300 per ounce at the time forced the mine to close.
The company currently has around $30 million in its treasury.
Trident Resources has just 39.3 million shares outstanding, giving the company a market cap of C$143.5 million. Insiders own approximately 18% of the company’s shares.
Trident Resources stock price has powered more than 68% higher year to date.
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