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Guess which ASX gold stock is rocketing 63% today on ‘bonanza grade’ results

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St Barbara share price Minder underground looks excited a he holds a nugget of gold he has discovered.

The S&P/ASX All Ordinaries Gold Index (ASX: XGD) is down 1.2% today, but that’s not holding back this surging ASX gold stock.

The rocketing junior gold miner in question is Caprice Resources Ltd (ASX: CRS).

Caprice Resources shares closed yesterday trading for 7.5 cents. In earlier trade on Wednesday, shares were trading for 12.25 cents apiece, up 63.3%. After some likely profit taking, at the time of writing, shares are changing hands for 11.5 cents each, up 53.3%.

That puts shares in this ASX gold stock up an impressive 130% since this time last year.

Here’s what’s piquing investor interest today.

ASX gold stock surges on strong drilling results

Caprice Resources shares are off to the races today after the miner announced “exceptional” shallow gold mineralisation from ongoing drilling at its Island Gold Project, located in Western Australia.

The ASX gold stock said the latest reverse circulation (RC) drill results have defined a new high-grade zone just 120 metres parallel to the project’s primary Vadrians lode.

The miner reported top results from one hole that intersected 22 metres at 66.2 grams of gold per tonne, including 8 metres at 181 g/t gold from 42 metres downhole. That marks the highest-grade intercept so far at the Island Gold Project.

Caprice Resources said it has sent the holes drilled directly beneath this top intercept for fast-track assays. The ASX gold stock is currently awaiting those results, which it noted could represent potential extensions to this “bonanza grade mineralisation”.

The miner is planning to kick off follow-up drilling in the area next week as it continues apace with its 50,000 metres drilling program, aimed at defining a maiden Mineral Resource Estimate (MRE) at Island Gold.

What did Caprice Resources management say?

Commenting on the strong intercepts boosting the ASX gold stock today, Caprice Resources managing director Luke Cox said, “Intercepting 22 metres at 66.2 g/t gold, including 8 metres at 181 g/t gold, from just 42 metres downhole in the hanging wall parallel to Vadrians is an exceptional result by any measure.”

Cox added:

The combination of grade, thickness, shallow depth, and proximity to the main Vadrians mineralisation reinforces our view that Island is evolving into a multi-lode system with significant scale potential.

Looking ahead, Cox concluded:

With follow-up RC and diamond drilling already underway, including testing of northern strike extensions, depth extensions, and additional targets across the Island corridor, we are in an exciting phase of discovery and growth.

The ongoing 50,000 metre drill program is systematically unlocking this potential and building scale across this yet-to-be contained system.

Stay tuned!

The post Guess which ASX gold stock is rocketing 63% today on ‘bonanza 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.

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