The company’s shares are currently swapping hands at 30 cents, a 20% gain. This comes after an intraday high of 35 cents a share, a 40% jump on yesterday’s closing price.
The company’s gains contrast with the S&P/ASX 200 Resources Index (ASX: XJR) today. It’s currently down 0.84%.
So what is causing this ASX gold explorer’s share price to surge today?
Drilling intersects gold
Metalstech provided an update on a “bonanza gold intersection” from drilling at the company’s Sturec Gold Mine in Slovakia.
Drilling at hole UGA-30 intersected with a thick mineralised zone of 173.2 metres (m) at 3.27 grams of gold per tonne (g/t) and 11.8 g/t of silver from 0m. This included 103m at 5.06 g/t gold and 13.4 g/t silver from 57m.
Meanwhile, drilling at hole UGA-25 intersected with a thick mineralised zone of 53m at 0.86 g/t of gold and 10 g/t of silver from 95m.
Commenting on the news, Metalstech director Gino D’Anna said:
The ore body at Sturec continues to deliver impress zones of gold mineralisation.
Our drilling has grown the confidence of the existing Sturec Mineral Resource and demonstrated that the mineralisation extends further to the south along strike of the existing resource and remains open down dip/plunge.
The company has completed drilling 12 diamond drill holes from the second drill chamber and eight from the third drill chamber. A nine drill hole within his third chamber is currently in progress.
Share price snapshot
The Metalstech share price has surged more than 210% in the past year while it’s gained 3.45% in the year to date.
For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has gained just over 4% during the past year.
Metalstech has a market capitalisation of about $50 million based on the current share price.
The post Metalstech share price booms 20% on ‘bonanza gold’ discovery appeared first on The Motley Fool Australia.
Should you invest $1,000 in Metalstech right now?
Before you consider Metalstech , you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Metalstech wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
- Here are the 3 most heavily traded ASX 200 shares on Tuesday
- Can cryptocurrency bounce back in May?
- Why AGL, Booktopia, Cleanaway, and Corporate Travel Management shares are dropping
- Have investor fears set ASX 200 shares up for a rebound?
- Imugene share price seesaws on ‘clarification announcement’
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 Scott Phillips.
from The Motley Fool Australia https://ift.tt/ZEY8x5M