Shares in exploration company Ballymore Resources (ASX:BMR) have soared as high as 15.8% to A$0.110, representing their peak since late September.

The company indicated that a soil sampling initiative at its premier Dittmer project in Queensland delivered high-grade gold results.

Ballymore Resources suggests that the novel soil results underline the project’s potential to nurture a major mineral system.

Approximately 102,219 shares had shifted possession as of the given report time, which lays 1.8 times over the 30-day average.

Despite the recent surge, the company’s stocks have depreciated roughly 37% this year, relative to the last closing data.

Ballymore Resources is an exploration company primarily engaged in gold discovery and mining projects.