The Okapi Resources Ltd (ASX: OKR) share price is soaring to dizzying heights after the company reported a positive update.
At the time of writing, the miner’s shares are up an astonishing 27.89% to 66.5 cents. In comparison, the All Ordinaries Index (ASX: XAO) is down 0.26% to 7,806 points.
Let’s take a closer look at what the company announced to the ASX today.
Major gold discovery
In a statement to the ASX, Okapi Resources revealed the results at its 100% Enmore Gold Project in New South Wales.
The maiden drilling program returned a significant, thick, shallow gold mineralisation at the Sunnyside East Prospect. The company highlighted the following results:
- 174 metres at 1.83 grams per tonne of gold from surface (OSSRC06)
- 37 metres at 1.27 grams per tonne of gold from 27 metres deep (OSSRC01)
- 39 metres at 1.19 grams per tonne of gold from 51 metres deep (OSSRC02)
Okapi Resources executive director David Nour commented:
These results show the potential for a very large, shallow, high-grade gold deposit at our Enmore Gold Project, with mineralisation from surface with some of the highest grades returned below 170 metres. The depth potential is very encouraging and we have multiple prospects that remain untested.
In addition, the company conducted several other drill holes at the Sunnyside West Prospect, located around 400 metres from Sunnyside East. They included:
- 7 metres at 1.25 grams per tonne of gold from 30 metres deep (OSSRC07)
- 17 metres at 0.69 grams per tonne of gold from 20 metres deep (OSSRC08)
Okapi Resources noted that further work is required at Sunnyside, including following up on drill intercepts and locating high-grade shoots.
About the Okapi Resources share price
Over the past 12 months, Okapi Resources has gained more than 224%, with a year-to-date rise of 241%. The company’s share price hit a record high of 79.5 cents today before profit-taking set in.
Okapi Resources has a market capitalisation of approximately $67 million, with around 101 million shares on its books.
The post Why the Okapi Resources (ASX:OKR) share price is rocketing 28% today appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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