Why this little known ASX gold share is rocketing 10% on Thursday

It’s a good day overall on the markets today, with the All Ordinaries Index (ASX: XAO) up 1.85% in afternoon trading.

But this little known ASX gold share is leaving those gains in the dust.

We’re talking about Great Boulder Resources Ltd (ASX: GBR), which is up 9.89% at the time of writing after earlier posting gains of more than 15%.

Here’s what’s piquing ASX investor interest.

What’s sending this ASX gold share higher?

The Great Boulder Resources share price is leaping higher after the company reported it has identified a new high-grade gold lode at its Side Well Gold Project, located in Western Australia.

The results come from an area close by the Mulga Bill High-Grade Vein, where Great Boulder has struck significant gold intersections in recent drilling.

The results of the new drill hole, the first drilling in that location, returned 6 metres at 25.83 grams/tonne of gold from 268 metres.

Commenting on the Mulga Bill drill results sending the ASX gold share higher today, Great Boulder Resources managing director, Andrew Paterson said:

There are two results of particular interest in this batch of results. Firstly, the identification of a new high-grade lode where we drilled a deep intersection of 6m @ 25.83g/t Au is a great result with exciting implications for new mineralisation.

Secondly the 3m @ 7.03g/t Au in hole 22MBRC048 sits in the gap between the HGV and Main zones at Mulga Bill, so we are hoping to define a new zone in that area to improve continuity of mineralisation between the two high-grade areas

Reverse circulation (RC) drilling is ongoing at the site, and Great Boulder expects more results in the coming weeks.

Great Boulder Resources share price snapshot

Despite today’s big push higher, ASX gold share Great Boulder Resources remains down 27% in 2022. That compares to a year-to-date loss of 13% posted by the All Ordinaries.

The post Why this little known ASX gold share is rocketing 10% on Thursday appeared first on The Motley Fool Australia.

.

More reading

• Why did the AFIC share price just hit a new 52-week low?
• How big will the ANZ dividend be in 2023?
• New Hope share price up 6%: Why things keep getting better for ASX coal shares
• The Block share price is smashing the market with a 6% gain today
• Nuix share price slides amid ASIC lawsuit

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/6faLy9o