Shares in gold exploration firm Hummingbird Resources rose after the firm said it had excellent new drill results from its project in Liberia.

The value of Jewellery Quarter-based Hummingbird’s (HUM) shares rose 3.5p to 126p after it revealed the results from its 100 per cent-owned Tuzon Project to the London Stock Exchange.

The 12 new holes, part of a 47-hole programme, have returned the company’s best gold intersections to date, beating the record recently set at Tuzon announced last month.

Chief executive Daniel Betts said: “These new results at Tuzon give us increased confidence that the Tuzon deposit will have significant scale in its own right, with what looks to be better grade and width of mineralised zones than has been found to date at Dugbe F.

“This is highly encouraging, given our anticipation that both deposits are within a mineable radius of each other and many more areas within this radius are yet to be fully explored. These recent results therefore have significant positive implications for the economics of such a gold mine. We are excited about the potential for producing a resource calculation at Tuzon in Q1 2012.”