11:35 AM EDT, 05/23/2024 (MT Newswires) -- Homerun Resources ( HMRFF ) shares were last seen up 8,8% after the company on Thursday said it started its 2,000-meter auger drill program at the Belmonte silica deposit in Brazil.

The company has secured the services of a local contractor and work began on May 20. Samples obtained during the drill program will be sent to SGS Geosol for chemical analysis. The company aims to use the information to issue a 43-101 compliant Mineral Resource Estimate.

The drilling program is part of Homerun's commitment under its partnership with Companhia Baiana de Pesquisa Mineral (CBPM), the mineral research and development company of the State of Bahia, Brazil, within the scope of the 40-year lease agreement between the parties.

The company's shares were last seen up $0.07 to $0.87 on the TSX Venture Exchange.

Price: 0.87, Change: +0.07, Percent Change: +8.75