Shares of Red Mountain Mining (ASX:RMX) have made a significant leap, rising by as much as 25% to A$0.005.

This increase marks the company’s highest level since Sept 12.

If these gains hold, it will be the company’s best day since the same date.

The rise in the share price comes on the back of the gold miner announcing that the Bureau of Land Management Nevada has granted permit approval for its phase II drilling program at the company’s offshore mine in the U.S.

Approximately 9.0 million shares changed hands, this is a stark contrast to the 30-day average volume of 1.9 million shares.

Despite today’s rise, the company’s stock has still experienced an overall decrease of 11.1% this year as of its last close.

Red Mountain Mining is a gold mining company with operations in various parts of the world.