The hit, at the Gigante Grande prospect, was a peak result within a 66m-thick zone of mineralisation from 71m.

The intersection also included a 20m interval grading 5.06gpt gold from 116m.

REZ executive director Richard Poole described the 76.4gpt hit as amazing.

"The results support the overwhelming evidence that the East Menzies Gold Field is one of Australia's best and most overlooked exploration target areas," he said.

"Given its huge historical yield and rich history of gold production and discoveries, with over 400 old workings we are very excited.

"We are very much looking forward to continuing to explore and develop our 100sq.km containing multiple prospects at the East Menzies Gold Field."

Gold mineralisation was hit in two of the five holes completed to date, of an initial 32-hole program.

Another hole, 490m to the northwest, hit 19m of low-grade mineralisation from 34m, with a peak assay of 1m at 13gpt gold from 35m, within 8m at 3.02gpt.

Further assays from East Menzies, including from the Goodenough and Chronos prospects, are being awaited.

The company will use the results to plan the second phase of drilling.

REZ shares rose as much as 70% and last traded 50% higher at 4.8c, valuing the company at $18.6 million.