Guess which ASX mining share is rocketing 30% on a ‘significant new discovery’

The Meeka Metals Ltd (ASX: MEK) share price is surging 30% into the green today following a company announcement.

At the time of writing, the ASX mining share is swapping hands at 6.6 cents apiece, up from the previous close of 5 cents per share. Though Meeka Metals shares reached an intraday high of 7.4 cents just before lunchtime, peaking at a massive 48% above yesterday’s close.

What did Meeka Metals announce?

The company advised that, via shallow aircore drilling, it has intersected gold mineralisation of 610,000 ounces at 1.7g/tonne of gold at its Murchison project.

It also reported assays from an additional 38 aircore holes drilled at the Murchison site during July 2022.

Results from the drilling program show broad zones of gold intersection at a prospect within the site. Two holes in particular intersected quartz veins that could host “high grades and coarse nuggety gold”.

Speaking on the results, Meeka Metals managing director Tim Davidson said the find demonstrates the “exceptional growth opportunity” at Murchison.

“Pleasingly,” he added, “these results also demonstrate the significant high-grade potential as we continue to grow the footprint of this large gold system.”

Drilling is continuing at St Anne’s targeting the largely untested central area immediately along strike and to the south of these exceptional high-grade results. We are also working toward the inclusion of St Anne’s in our next Mineral Resource update, targeted for the December 2022 quarter.

Meeka says it will make additional announcements across the coming months with further assay results from Murchison.

In the last 12 months, the ASX mining share has gained nearly 35%, and 61% this year to date.

The post Guess which ASX mining share is rocketing 30% on a ‘significant new discovery’ appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow 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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