Guess which ASX gold share just surged 30% on a new discovery

ASX gold share Falcon Metals Ltd (ASX: FAL) is off to the races today.

Shares in the gold miner entered a trading halt on Friday afternoon, pending an announcement relating to exploration results at its Pyramid Hill Gold Project, located in Victoria.

Falcon exited that trading halt this morning. And as we head into the lunch hour, the ASX gold share is up a whopping 28.6%, having earlier posted gains just north of 30%.

Here’s what the gold miner announced.

What did the ASX gold share report?

The Falcon Metals share price is rocketing after the ASX gold share reported on promising assay results for 57 aircore holes at the Ironbark East Prospect, within its Pyramid Hill Gold Project.

According to the release, the results included multiple gold intercepts within weathered diorite, associated with quartz veining, arsenopyrite and pyrite.

Falcon Metals also noted that one of the aircore holes delivered the highest-grade gold intercept to date at Pyramid Hill. That hole returned results of 40 metres at 2.8 grams of gold per tonne from 50 metres, which included several one-metre intercepts above 10g/t Au.

Commenting on the results sending the ASX gold share surging today, managing director Tim Markwell said:

Intersecting high-grade mineralisation at Ironbark East over a 400 metres strike length is a great result and provides us with encouragement ahead of the commencement of our diamond drilling program later this month.

Following on the strong results, the explorer plans to kick off a diamond drill program at the site later this month.

“The results at Ironbark confirm the potential of diorite to host economic zones of mineralisation, especially with the intersection of a new zone at Ironbark Central announced earlier this month,” Markwell said.

“Our success to date gives us the confidence to further ramp up our activity at Pyramid Hill.”

Aircore drilling is continuing at Ironbark East, with two rigs testing the strike extent of the mineralised trend.

Falcon Metals share price snapshot

The Falcon Metals share price declined for much of the past 12 months.

As you can see below, with today’s big leap factored in, the ASX gold share is now trading right about where it commenced 2023.

The post Guess which ASX gold share just surged 30% on a new discovery appeared first on The Motley Fool Australia.

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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.

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