ASX gold share Benz Mining Corp (ASX: BNZ) is off to the races.
Again.
Benz Mining shares closed yesterday trading for $2.25. At the time of writing on Wednesday, shares are changing hands for $2.81 apiece, up 24.9%.
For some context, the S&P/ASX Small Ordinaries Index (ASX: XSO) is down 0.3% at this same time.
With today’s intraday jump factored in, the ASX gold share is now up an eye-popping 639.5% in 12 months. Or enough to turn an $8,000 investment into $59,158.
In just one year!
Like most gold explorers and producers, Benz Mining has enjoyed heightened investor interest amid the surging gold price. Gold is currently trading for US$5,180 per ounce, up 89% since this time last year.
And Benz Mining has hardly been sitting idle.
Here’s what’s grabbing investor interest again today.
ASX gold share leaping on high-grade results
Investors are piling into Benz Mining shares following the release of promising drill results from the Icon trend within Benz Mining’s Glenburgh Gold Project, located in Western Australia.
The ASX gold share said that the latest results reinforce Icon’s potential to host a large, long-life open-pit gold operation.
The miner reported on an “ultra high-grade” shallow lens that’s emerging at Icon through infill drilling.
Among the top results at Icon, the company reported 13 metres at 29 grams of gold per tonne from 60 metres.
Management said that the drilling also continues to demonstrate large-scale bulk mineralisation at Icon, including 200 metres at 1.0g/t gold from 76 metres.
Meanwhile, broad step out drilling at the ASX gold share’s Tuxedo prospect extended the mineralisation 200 metres at depth beneath historical shallow drilling.
What did management say?
“Results from the latest drilling at Icon and Tuxedo continue to reinforce our view that this is a large, coherent mineralised system with genuine scale,” Benz Mining CEO Mark Lynch-Staunton said.
Staunton added:
At Icon, infill drilling is delivering exactly what we want to see – improved continuity, increasing confidence in the system, and the emergence of high-grade zones within a broad mineralised envelope. These results continue to demonstrate the quality and robustness of the mineralisation.
When considered together, Icon and Tuxedo sit within the same mineralised footprint and are increasingly shaping up as a single, large open-pit style system.
Looking at what could impact the ASX gold share in the months ahead, Staunton said, “With more than three kilometres of strike already defined and less than 30% tested to date, we are still in the early stages of unlocking the full potential of this system.”
The post Up 640% in a year, why is this ASX gold share rocketing another 25% on Wednesday? appeared first on The Motley Fool Australia.
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More reading
- Why Benz Mining, Boss Energy, Develop Global, and Digico shares are storming higher today
- 5 of the hottest ASX metals and mining shares right now
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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