PC Gold (ASX:PC2) found visible gold within a hematite-magnetite unit during recent drilling at the Macau Link Zone within its Spring Hill project in the Northern Territory, according to a Monday filing with the Australian bourse.

Assays received for the first of the five diamond holes include 25 meters at 36.83 grams per tonne grade of gold from 283 meters down hole, including two meters at 444.3 g/t grade of gold from 304 meters down hole, the filing said.

The zone is open in all directions, with follow-up drilling to be prioritized to extend it both up and down dip and along strike, per the filing.

Shares rose nearly 15% in afternoon trade on Monday and earlier reached an all-time high.