The All Ordinaries Index (ASX: XAO) is down 0.2% at time of writing today, but that’s not keeping this ASX All Ords silver share from posting another day of gains.
The outperforming miner in question is Andean Silver Ltd (ASX: ASL).
Andean Silver shares closed yesterday trading for $2.44. In late morning trade on Thursday, shares are changing hands for $2.485 apiece, up 1.8%.
Taking a step back, Andean Silver shares have surged a whopping 151.9% over the past 12 months, smashing the 4.1% one-year gains delivered by the benchmark index.
Part of that strong outperformance has been driven by the surging silver price. Currently fetching US$87.56 (according to data from Bloomberg), the silver price has gained 171% since this time last year.
And Andean Silver has hardly been sitting idle.
Here’s what the miner just reported.
ASX All Ords silver share lifts on high-grade results
Andean Silver shares are marching higher today after the miner announced promising results from its Cerro Bayo Silver-Gold Project, located in Chile.
The ASX All Ords silver share said that the discovery of “bonanza-grade veins” beyond current resources is paving the way for ongoing resource growth at Cerro Bay.
Top vein chip sample results from the latest exploration activities include 5,643 grams of silver per tonne equivalent.
The miner also reported sawn channel results, which included 0.8 metres at 1,1184 grams of silver per tonne equivalent (or 13.3 grams of gold per tonne equivalent).
Promisingly, the company said that these targets are located just 200 metres from the Laguna Verde processing facility.
Andean Silver expects to deliver a Mineral Resource Estimate update for Cerro Bay in June. It noted that economic studies are underway.
What did Andean Silver management say?
Commenting on the exploration results boosting the ASX All Ords silver share today, Andean Silver CEO Matthew Allen said, “These results continue to demonstrate the scope to grow the Cerro Bayo resource, with the discovery of more high-grade silver-gold veins over extensive lengths.”
Looking ahead, Allen added:
We continue to generate a compelling pipeline of drilling targets identified by mapping, sampling and a re-evaluation of the geological data at Cerro Bayo.
There is a direct link between resource growth and the value we create for our shareholders. This is why we have four rigs drilling to increase and upgrade the existing resources. And we plan to further ramp up drilling while advancing the mine study phase.
The post Up 152% in a year, guess which ASX All Ords silver share is leaping again 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.