The company found old records for its Aorangi gold mine in New Zealand, which included underground exploration assays of 663.8gpt gold over 0.75m, including 5324.5gpt gold over 0.25m, from a sample of specimens.

The results reported gold mineralisation as continuing below the historical mine.

The assays also allowed the company to estimate an average head grade of 46.9gpt gold from production records.

“After reviewing over approximately 1000 pages of information, due diligence and field validation, investigation of the Aorangi mine at depth is the next step,” Strategic Elements managing director Charles Murphy said.

“Work has also begun to understand any potential early mine development opportunities, including drilling and underground sampling requirements along with identifying optimal means of regaining access to the historic workings.

“The wider Golden Blocks goldfield truly is a forgotten, exceptionally high grade early 1900’s goldfield.”

The Aorangi mine has been closed since 1914, though the No. 3 Level has around 300m of completed underground development left unmined.

The company plans to seek permits for underground exploration.

Strategic Elements shares hit a high of A10c, but were last trading 17.6%, or 0.9c higher, at 6c.