The Emu NL (ASX: EMU) share price is rocketing today, up 62% in afternoon trading after posting gains of more than 118% earlier today.
Emu shares are surging after the gold explorer released some promising drill results from its Gnows Nest Project in Western Australia.
What drilling results did Emu report to send shares flying?
In today's ASX release, Emu reported its maiden drilling program has confirmed and extended the high-grade gold mineralisation zone at its recently acquired Monte Cristo Gold prospect and its Gnows Nest Gold prospect.
To date, the company has received assay results from 33 drill holes, or 3,700 metres of its 9,000-metre reverse circulation (RC) drilling program at the project. Extensions to the high-grade gold lode were confirmed both at depth and along strike at Gnows Nest and Monte Cristo.
Emu stated that extensional drilling continues at its Gnows Nest prospect. The company expects to finalise the drill program by the end of February with additional assay results coming over the next 6 weeks.
Commenting on the promising drill results, Emu's Chairman, Peter Thomas said:
These results provide early and strong encouragement for the potential of a materially large gold deposit emerging at Gnows Nest and could be the catalyst for the Company to transition from explorer to producer near term. Whilst we just might have a cub by the tail at the Gnows Nest Gold Project, we are excitedly awaiting the outcome of active programmes at all our projects during the remainder of the year.
Emu share price snapshot
As a microcap minerals explorer, the Emu share price is subject to some big swings. From 25 February 2020 through to 8 April shares plunged 75%. Since 8 April, the Emu share price has rocketed 790%, though not in any kind of straight line.
With today's intraday gains factored in, shares of the ASX gold explorer are up 123% over the past 12 months. That compares to flat returns on the All Ordinaries Index (ASX: XAO) over that same time.
Year-to-date the Emu share price is also up 123%, having started 2021 at 4 cents per share, right where it was trading for at the beginning of 2020.
