Shares of Nagambie Resources (ASX:NAG) rose by 22.22%, reaching a trading price of A$0.022.

This surge marked the company’s best day since August 30, provided that current gains are sustained.

The Australian gold miner announced the discovery of high-grade gold ore at an onshore mine located within Victoria, Australia.

The company has stated that the discovered ore has the potential to produce 14.5 grams of gold per tonne, whilst incurring very low operational costs.

Despite this discovery, the stock has experienced a significant decline this year, having dropped by 73.1% as measured from its last closing price.

Nagambie Resources is a gold mining company based in Victoria, Australia which specializes in the exploration and production of precious metals.