The Los Cerros Ltd (ASX: LCL) share price is charging higher this morning after a pre-market update from the Aussie mining group.
Why is the Los Cerros share price climbing?
Los Cerros this morning announced the first drilling is now underway at its newly identified porphyry target, Ceibal. The new drilling site is 1 kilometre south-west of its Tesorito South porphyry discovery. It comes after Los Cerros reported a significant intercept at the Tesorito South site earlier this month.
Ceibal forms part of Los Cerros' 100% owned, 10,500 hectare Quinchia Gold Project in Colombia. The Project comprises a cluster of porphyry targets surrounding the Miraflores Gold Deposit.
According to the release, Ceibal has a "substantial 800 metre x 600 metre gold, copper and molybdenum, surface soil and rock chip geochemistry anomaly".
The Los Cerros share price has charged higher this morning following the drilling update. Shares in the Aussie gold miner are now up 32.1% since March 31 in an eventful month for investors.
The company's dominant position in Colombia's Mid-Cauca Gold Belt has allowed it to progress quickly in recent times. Trenching results from the new target have found significant surface gold in three channels. Those include:
- 90 metres at 1.4 grams per tonne of gold
- 75 metres at 1.2 grams per tonne of gold
- 25 metres at 1.2 grams per tonne of gold
Managing Director Jason Stirbinskis said, "The emergence of Ceibal and Tesorito West, the new deep intercept encountered while drilling south-west and below the Tesorito porphyry, is further argument that the Quinchia Gold Project is another significant hot spot on the mid-Cauca gold belt".
The Los Cerros share price has had another strong start to a trading day in what has become a successful month.
Foolish takeaway
The Los Cerros share price has surged higher following this morning's drilling update. Shares in the Aussie gold miner have pared back some gains but remain up more than 2% at the time of writing.
