The Metalstech Ltd (ASX: MTC) share price has been among the best performers on the Australian share market on Thursday.
In afternoon trade, the gold explorer's shares are up a sizeable 26% to a 52-week high of 53 cents.
This means the Metalstech share price is now up a whopping 150% since the start of the year.
Image source: Getty Images
Why is the Metalstech share price rocketing?
The Metalstech share price is rocketing higher today following the release of a positive announcement relating to its Sturec Gold Mine.
The Sturec Gold Mine is located in central Slovakia between the town of Kreminica and the village of Lucky. This is approximately 150km north east of the country's capital, Bratislava.
According to the release, the company's phase two diamond drilling program has returned some impressive results.
The release explains that following detailed geological logging and sampling, visible gold at 81.35 metres was identified within a quartz filled vein, variably rich in fine to very fine grained sulphides.
This has the potential to be a very big positive. Though, the company has warned that visual observations should not be taken as a substitute for appropriate laboratory analysis. Those laboratory assay results will be reported when they are received and interpreted.
Nevertheless, the company is very pleased with what it has seen and intends to expedite processing to find out the true extent of the grade.
Metalstech's Chairman, Russell Moran, commented on the news. He said: "This is an extraordinary example of visible gold and the potentially mineralised zone in the intersection looks to be 37m in length. The hole will be processed on a rushed basis as we are eager to see just how high the grade runs in that area."
No doubt all eyes will be on the Metalstech share price when further details are released.
