Why the Metal Hawk (ASX:MHK) share price is rocketing 9% today

investor wearing a hard hat looking excitedly at a mobile phone representing rising iron ore price

The Metal Hawk Ltd (ASX: MHK) share price is off to the races, up 9% in afternoon trade, after earlier posting intraday gains of more than 15%.

That’s a noteworthy performance on any day, but especially so on one that’s seeing the All Ordinaries Index (ASX: XAO) sinking 0.4%.

Below, we take a look at the ASX resource explorer’s drilling update that looks to be driving investor interest.

What drilling update was reported?

Metal Hawk’s share price is rocketing after the company reported that it had started diamond drilling at its Berehaven Nickel Project in the West Australian goldfields, located in Western Australia.

Commenting on the progress, Metal Hawk’s managing director Will Belbin said:

Diamond drilling has started exactly one month after the discovery RC [reverse circulation] hole which intersected high grade massive nickel sulphides at Commodore.

Following last weeks’ successful capital raising, we now look forward to progressing this exciting discovery with an aggressive drilling program.

On 28 September, the explorer announced it had confirmed massive nickel sulphides grading 5.9% nickel at the Commodore prospect, within Berehaven. That announcement saw the Metal Hawk share price gain 6% at close, with much larger intraday gains posted.

When news of that prospect was first released to the market on 14 September, Metal Hawk’s shares closed the day up an eye-popping 265%.

On the day, Belbin foreshadowed, “We look forward to ramping up our nickel sulphide exploration at Berehaven and plans for diamond drilling are well underway.”

In today’s release, Metal Hawk said atop the diamond drilling, it plans to restart RC drilling at the Berehaven Nickel Project sometime this week.

Metal Hawk share price snapshot

Currently trading at 63 cents apiece, the Metal Hawk share price has been a standout performer in 2021, up 137% so far this year. By comparison the All Ords is up 9% year-to-date.

Over the past month, Metal Hawk has come under some pressure, with shares down 10%.

The post Why the Metal Hawk (ASX:MHK) share price is rocketing 9% today appeared first on The Motley Fool Australia.

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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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