Why did this ASX All Ords gold share just surge 11%?

The All Ordinaries Index (ASX: XAO) is enjoying a solid day, up 0.6% in afternoon trading.

But this All Ords gold share is leaving those gains in the dust.

The Predictive Discovery Ltd (ASX: PDI) share price is up 10.5% to 21 cents per share.

At that price, the All Ords gold share has a market cap of $359 million.

Here’s what’s piquing ASX investor interest today.

What are ASX investors considering?

Predictive Discovery shares are soaring after the company announced another round of “impressive gold hits”.

The results come from continuing resource drilling at its Bankan Gold Project, located in Guinea.

The All Ords gold share reported that it had completed eight new infill and resource expansion diamond drill holes totalling 4,064 metres of the NE Bankan Gold Deposit.

Among the top results, one diamond drill hole returned 43 metres at 4.88 grams of gold per tonne from 304 metres, including 20m at 7.54g/t Au from 326 metres, including 4m at 16.53g/t Au from 342 metres.

Predictive Discovery also reported on the results of 73 reverse circulation (RC) drill holes, with one returning 12m at 1.08/t Au from 7 metres.

Commenting on the drill results sending the All Ords gold share rocketing today, Predictive Discovery managing director Andrew Pardey said:

Predictive’s next phase of drilling, which is focused on further defining the quality and extending the fast-growth resource of the NE Bankan gold deposit, continues to prove up the significance of what is the largest gold discovery in West Africa for over a decade.

As we continue to drill out our assets and move towards the development phase of the project, we are also highly encouraged by the consistency and quality of the resource through our initial grade control drilling at NE Bankan.

Bankan currently has an inferred Resource of 79.5 million tonnes at 1.63g/t Au for 4.2 million ounces of gold.

The gold miner reported it has ten rigs continuing Resource expansion and infill drilling at NE Bankan, Bankan Creek and near-mine exploration programs.

How has this All Ords gold share been tracking?

Although the Predictive Discovery share price is down 24% in 2022, the All Ords gold share remains up 46% over the past 12 months. That compares to a full-year loss of 7% posted by the All Ordinaries.

Comparing apples to apples, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) has lost 20% over the past 12 months.

The post Why did this ASX All Ords gold share just surge 11%? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Which crypto is ASX 300 tech company Appen holding and why?
• Allkem share price higher following massive FY22 profit growth
• Is the Coles share price a buy following the company’s latest results?
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Have Sayona Mining shares been a good investment in 2022?

Motley Fool contributor Bernd Struben 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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/sBwCd0f