Shares of Deccan Gold Mines Ltd. hit an upper-circuit limit of 10% on Wednesday after its arm discovered gold and lithium reserves in Tanzania.
Deccan Gold Tanzania Pvt. has found high-grade quartz veins, up to a maximum of 8.52 g/t gold grade, in the PL block 11524 in the Nzega-Tabora Greenstone belt, according to an exchange filing.
A prospecting licence for lithium and associated metals, covering an area of 100.5 sq. km, has been recommended in favour of Deccan Gold Tanzania and grant order is awaited, it said.
On the BSE, the stock opened 9.97% up at Rs 113.60 apiece, the highest since March 5. It was trading 7.3% higher at Rs 110.80 apiece, compared to a 0.30% advance in the benchmark Sensex as of 9:38 a.m.
The share price has risen 127.40% on a year-to-date basis. The total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 49.76.
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