ASX mining share OzAurum Resources Ltd (ASX: OZM) is shooting the lights out today, rocketing 135% and currently trading at 24 cents. In earlier trade, the shares surged 145% to 24.5 cents. By comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.17% at the time of writing.
Let’s take a look at what’s driving today’s share price movement for OzAurum Resources.
Gold discovery
OzAurum advised the market it has made a gold discovery at the Mulgabbie North Project near Kalgoorlie in Western Australia.
Reverse circulation drilling intersected a “significant wide zone” of gold mineralisation within the Demag Zone.
At drill hole MNORC 177, 1.31 grams per tonne (g/t) of gold was intersected over 56 metres. This included 18m at 2.07 g/t.
Commenting on the results, CEO and managing director Andrew Pumphrey said:
The new virgin gold discovery at the Mulgabbie North Demag Zone has intersected significant gold mineralisation in a number of RC drill holes.
These excellent results further validates the potential of the Mulgabbie North Gold Project to be a significant gold discovery situated right alongside the Northern Star Carosue Dam Mil.
Other highlights included:
- 26m at 1.79 g/t of gold from 136m at drill hole MNORC 176
- 28m at 1.79 g/t of gold from 72m at MNORC 174
- 11m at 1.9 g/t of gold from 49m at MNORC 180
- 11m at 1.13 g/t of gold from 103m at MNORC 178.
OzAurum is planning follow-up drilling and testing at the site.
Share price snapshot
The OzAurum Resources share price has rocketed 30% in the past 12 months and is up 80% this year to date. In contrast, the ASX 200 has returned about 8% in the past year.
This ASX mining share has a market capitalisation of about $12 million.
The post This ASX mining share just rocketed 135% on a major gold discovery 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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