Syndicate's drilling at Newington, north of Southern Cross in Western Australia, returned a best hit of 2m at 17.5 grams per tonne from 76m.

Newington features multiple old workings including Newfield Central where historical mining produced 32,366 ounces from dirt grading 24.5gpt.

Syndicated farmed into the project in April and can earn 85% from Newfield Resources with modest cash payments, share issues, and exploration expenditure of $900,000 over two years.

Syndicated's drilling at its new prospect comes as the company requires additional funding in the short-term given it started the current quarter with $511,000.

Syndicated will be hoping its drilling, the excellent gold price, and the examples of recent high grade gold WA success stories like Spectrum Metals and Apollo Consolidated, all combine ensure a strong cash inflow.

Shares in Syndicated spiked more than 50% in early trade before softening and showing a gain of 33% to 1.2c at the back end of the session.

The stock's low point over the past 12 months was 0.4c.