Guess which ASX gold share has boomed 50% on an ‘extraordinary’ strike

It’s proved to be a spectacular day for ASX gold share Tempus Resources Ltd (ASX: TMR). The tiny miner has struck gold in a big way, with assays from its Elizabeth Project returning whopping finds.

The stock was halted at 5.4 cents on Friday afternoon, likely leaving investors wondering what today might bring. And no doubt, many were pleasantly surprised this morning.

The company revealed assays results from five drill holes conducted at the project shortly after the ASX opened this morning, sending the gold share soaring.

At its highest point of today’s session, the Tempus Resources share price reached 9.2 cents – marking a 70% gain.

Since then, the stock has fallen slightly to trade near the market close at 8.1 cents. That’s still 50% higher than its previous close.

Let’s take a closer look at the whopping find driving the ASX gold share on Monday.

What’s going right for this ASX gold share?

The Tempus Resources share price is rocketing after the company announced assays revealing more ‘bonanza’ grade gold mineralisation over wide zones at its Elizabeth Project.

The drill holes related to today’s news were conducted at the project’s No. 9 Vein, Blue Vein, and West and Main Veins.

Drilling at the No. 9 Vein returned 28.1 grams of gold per tonne over 28.5m, setting a new record in terms of combined grade and width for the project.

Tempus Resources president and CEO Jason Bahnsen dubbed the result “extraordinary”, saying:

[It intersected] certainly one of the best intersections I have seen during a +30-year career.

Assays have also extended bonanza and high-grade zones at both the No.9 Vein and the Blue Vein to more than 150m each in strike.

Bahnsen noted it’s possible the veins were joined. If so, there is the potential for additional gold mineralisation at the intersection and more extensions along the strike to the southwest.

Assays from the West and Main Veins provide more confirmation the veins extend around 220m beyond the previous drilling – thereby extending the vein sets to around 400m.

The company is still awaiting results from another six drill holes, including holes targeting the above-mentioned veins.

Sadly, though, today’s gain hasn’t been enough to boost the ASX gold share back into the long-term green. The stock has fallen 36% since this time last year.

The post Guess which ASX gold share has boomed 50% on an ‘extraordinary’ strike appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper 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.

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