OzAurum Resources (ASX:OZM) found visible gold from a recently drilled air-core intersection at the Mulgabbie North project in Western Australia, according to a Wednesday filing with the Australian bourse.

The discovery returned assay results of 4 meters at 14.17 grams per tonne grade of gold from 16 meters, with up to 50% quartz observed in multiple high-grade intervals, the filing said.

A reverse circulation drilling rig is expected to arrive late next week to further explore the discovery, according to the filing.

Shares rose more than 49% in afternoon trade Wednesday and reached their highest in 52 weeks.