Shares in Aeris Resources Ltd (ASX: AIS) are charging higher on Monday. This comes after the miner released a strong exploration update from its Golden Plateau prospect in Queensland.
At the time of writing, the Aeris share price is up 8.08% to 53.5 cents. In comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is edging 1.6% higher.
That move adds to an already remarkable run, with the stock now up around 240% over the past 12 months.
Let’s take a closer look at today’s update to the market.
Strong gold intersections grab attention
According to the release, Aeris reported significant gold intersections from the first diamond drill holes at Golden Plateau. The results are from a planned 30-hole program within the Cracow project.
Early drilling confirmed high-grade mineralisation within existing Cracow mining leases. This supports the view that Golden Plateau could become an additional source of ore for the operation.
Highlights included:
- 5.0 metres at 12.7 grams per tonne gold from 45.6 metres at the Fernyside lode
- 19.3 metres at 0.9 grams per tonne gold from 188 metres, including narrower higher-grade zones, within the Main Lode under the former open pit
The company said the drilling shows mineralisation continues along strike from earlier high-grade areas. It also identified broader mineralised zones below the old pit.
Why Golden Plateau could be very important
Golden Plateau is close to the existing Cracow processing facility and sits within Aeris’ current mining leases.
This means any future development could use existing infrastructure, which may reduce costs and speed up development.
The company believes the drilling shows mineralisation continues beyond historic workings and into deeper zones. If further results support this, Golden Plateau could help extend the life of the Cracow operation.
More drill results are coming
The results reported so far cover only the first 2 holes of a broader diamond drilling program. In total, 16 holes have already been completed, with assays expected to be returned progressively as the program continues.
The full drill program aims to improve the geological model, assess several lodes, and support future mine planning and approvals.
Foolish Takeaway
Aeris Resources has reported early drilling that points to continued mineralisation at Golden Plateau.
The intersections suggest Cracow may still offer further upside, supported by existing infrastructure and additional drilling underway.
After a 240% rise over the past year, expectations are already high. These early findings do offer some near-term support, though further confirmation will be important to sustain the share price’s recent run.
The post This ASX mining stock is up 8% after eye-catching gold drilling update appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras 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.