Golden Mile (ASX:G88) share price rockets 112% on drill results

The Golden Mile Resources (ASX:G88) share price is rocketing 116% after the company announced exciting results from its AC drilling campaign.

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The Golden Mile Resources Ltd (ASX: G88) share price is rocketing in early-afternoon trade. This comes after the company announced exciting gold results from its recent aircore (AC) drilling program. At the time of writing, the Australian-based miner’s shares are fetching 11 cents, up more than 111%.

What’s driving the Golden Mile share price higher?

Investors are fighting to pick up Golden Mile shares after the company updated the ASX with its drill results.

According to its release, Golden Mile has intersected a wide zone of thick, high-grade gold mineralisation at the Wanghi Prospect. The high impact AC drilling program that began in late February reported the following results:

  • 33 meters @ 1.60g/t (grams per tonne) Au (gold) from 48 meters in hole BTAC187 including 16 meters @ 2.95g/t Au from 61 meters.
  • 3 meters @ 2.74g/t Au from 15 meters in hole BTAC 188.
  • 4 meters @ 0.51g/t Au from 36 meters in hole BTAC 189.

The company stated that BTAC187 is the first of six holes that have received assays from its 2021 drilling campaign. Currently, there are another 75 holes that have been drilled amounting to over 3,000 kilometres of AC drilling.

Golden Mile noted that it has over 1,000 samples at a laboratory in Perth, Western Australia to analyse the results. It’s expected that the finding will be released within the next few weeks.

In addition, Golden Mile revealed that geological mapping has identified a previously unrecognised structural trend controlling gold mineralisation. The company plans to commence RC drilling mid-next month targeting the site for further mineralisation.

What did management say?

Golden Mile managing director James Merrillees commented:

These are exciting results for the Company. We intersected further wide zones of strong gold mineralisation in fresh rock at Wanghi, and the recognition of important structures controlling mineralisation provides an important new targeting tool for the follow up RC drilling planned next month.

The Golden Mile share price has gained 450% in the past 12 months and is up by around 83% year to date, thanks in large part to today’s gains.

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Motley Fool contributor Aaron Teboneras 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 Bruce Jackson.

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