The All Ordinaries Index (ASX: XAO) is just about flat in late morning trade today, with one ASX gold share leaving that performance in the dust.
The fast-rising stock in question is Solstice Minerals Ltd (ASX: SLS).
Solstice Minerals shares closed yesterday trading for 89 cents. At the time of writing on Tuesday, shares are changing hands for $1.10 each, up 23.6%.
Today’s outperformance is nothing new for Solstice Minerals. The miner has been benefiting from both the surging gold price and its own exploration successes.
Indeed, just 12 months ago, you could have picked up the ASX gold share for just 18 cents a share. At the current price, you’d now be sitting on an eye-watering gain of 511.1%. Or enough to turn an $8,000 investment into $48,889.
In one year!
Now, here’s what’s grabbing investor interest again today.
ASX gold share leaps on strong drilling results
The Solstice Minerals share price is off to the races after the miner reported on the final assay results from its recent 23-hole (6,030 metre) reverse circulation (RC) drilling program at its 100%-owned Nanadie Copper-Gold Project, located in Western Australia.
According to the release, the exploration program was “a resounding success”. The ASX gold share said the results have delivered strong growth outcomes in terms of both tonnage and grade at Nanadie.
Among the top results, the ASX gold share reported 44 metres at 0.52% copper and 0.23 grams of gold per tonne from 146 metres, including: 14m at 1.02% Cu, 0.58g/t Au from 163 metres.
The miner said that these strong results support “immediate follow-up” RC and diamond drilling, with a Phase 2 RC program now in preparation.
What did management say?
Commenting on the drilling results sending the ASX gold share surging today, Solstice Minerals CEO Nick Castleden said, “Our first-ever drilling campaign at Nanadie has exceeded expectations and provided the exploration team with a compelling opportunity to significantly grow this exciting asset.”
Castleden added:
An unexpected bonus has been the emergence of outstanding high-grade high-volume targets below holes NANRC001, 004 and 018, together with strong open-ended grade indications elsewhere.
The opportunity to define higher-grade positions for incorporation into future MRE’s [mineral resource estimates] is tantalising and will be a key early focus of Phase 2 follow-up drilling, including extending selected holes that ended in strong copper-gold mineralisation with diamond ‘tails’ capable of drilling beyond the operating limit of RC drilling at depth.
The post Guess which ASX gold share is rocketing 24% on an ‘unexpected bonus’ 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.