Guess which surging ASX gold share is leaping another 18% today on high-grade results

Small-cap ASX gold share Yandal Resources Ltd (ASX: YRL) is kicking off Monday with a bang.

Yandal Resources shares closed on Friday trading for 25 cents. At tithe me of writing in late morning trade today, shares are swapping hands for 29.5 cents each, up 18%.

For some context, the All Ordinaries Index (ASX: XAO) is down 0.3% at this same time.

With today’s intraday boost factored in, Yandal shares are up a whopping 110.7% since this time last year.

Here’s what’s grabbing investor interest again today.

ASX gold share leaps on exploration results

Investors are piling into Yandal shares today after the miner reported on promising assay results from the New England Granite prospect situated within its Ironstone Well-Barwidgee Gold Project in Western Australia.

The ASX gold share drilled 38 air-core (AC) holes as part of its exploration drilling program.

The fire assay results (which test the gold content via a smelting process) from those holes have now been received.

Among the top results, Yandal reported 6 metres at 6.3 grams of gold per tonne from 36 meters, including 2m at 18.2 g/t Au from 36m from one hole.

Likely piquing ASX investor interest, the miner said the high-grade gold intercept in this hole presents a key target. It correlates with an intrusive contact adjacent to the main New England Granite intrusive complex, and it is associated with a previously defined structure.

Looking ahead, Yandal plans to commence reverse circulation (RC) drilling to follow up on the high-grade air-core intercepts within the prospect in April.

What did management say?

Commenting on the strong assays boosting the ASX gold share today, Yandal Resources managing director Chris Oorschot said, “These air-core results continue to build on the discovery potential of the broader New England Granite [NEG] target area.”

Oorschot added:

Our best intercept, which includes 2m @ 18.2g/t, is associated with an intrusive contact proximal to an interpreted northeast striking structure. This same structure may have also been intercepted 120 metres to the southwest with 2m @ 6.0g/t in 25IWBAC142.

We will assess whether similar grades continue into fresh rock and test strike continuity associated with the intrusive contact. Positive results would signify another potential gold discovery within NEG.

As for the next steps, Oorschot concluded:

Today’s results reinforce the potential we see in the structural targets identified on the western side of the four-kilometre by two-kilometre intrusive complex…. Once heritage clearances are received, we are well prepared to quickly respond with an expanded AC drilling program across the western side of NEG.

The post Guess which surging ASX gold share is leaping another 18% today on high-grade results 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.