Up 185% in a year, ASX All Ords gold stock reports further growth potential

ASX All Ords gold stock Ausgold Ltd (ASX: AUC) is edging lower today.

Ausgold shares closed Friday trading for $1.26. In early morning trade on Tuesday, shares are swapping hands for $1.255 apiece, down 0.4%.

For some context, the All Ordinaries Index (ASX: XAO) is up 0.8% at this same time.

With today’s intraday dip factored in, the Ausgold share price remains up a whopping 185.2% over the past 12 months, racing ahead of the 7.2% one-year gains posted by the All Ords.

Part of that meteoric rise has been spurred by the rocketing gold price. Gold topped US$5,000 per ounce over the weekend and is currently fetching US$5,009 per ounce, up 83% since this time last year.

And Ausgold has hardly been sitting on its laurels.

Here’s what’s grabbing investor interest today.

ASX All Ords gold stock accelerating drill program

The Ausgold share price has yet to get a boost from this morning’s release of the latest exploratory drill results from its 100%-owned Katanning Gold Project (KGP), located in Western Australia.

The ASX All Ords gold stock is conducting an ongoing 44,000 metre drilling campaign at KGP.

The drilling campaign is targeting resource growth at KGP, which management said is supporting future reserve conversion, improving confidence in early mine life areas, and targeting new gold discoveries.

As part of that program, the miner reported on the assay results it has received from a further 55 reverse circulation (RC) drill holes totalling 8,179 metres. The results come from the Central Zone of the project.

The ASX All Ords gold stock said that the step-out drilling has delivered “broad, high-grade mineralisation down-dip”. And investors will have noted this is beyond the limits of Ausgold’s existing 2.44 million ounce Mineral Resource and DFS Update open pit designs.

The miner added that in-fill drilling within the existing Mineral Resource has returned intercepts consistent with, and locally exceeding, its current Resource model.

What did management say?

Commenting on the drill results reported by the ASX All Ords gold stock today, Ausgold executive chairman John Dorward said:

These results continue to demonstrate the quality of the Katanning Gold Project, reinforcing the robustness of the existing Mineral Resource and supporting confidence in the current mine plan, while also highlighting the project’s straightforward growth potential.

We look forward to delivering further results over the coming quarters, culminating in an updated Mineral Resource Estimate following completion of the current drilling campaign.

Ausgold noted that its drilling program at KGP is accelerating, with 13,031 metres (across 94 holes) completed to date. The miner now has a diamond rig and a third RC rig operating on site.

The post Up 185% in a year, ASX All Ords gold stock reports further growth potential 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.