Why the Dacian Gold (ASX:DCN) share price is leaping 9% today

Resource investors are keeping a close eye on drill results.

| More on:
Rising gold share price represented by a green arrow on piles of gold block.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

sdf

The Dacian Gold Ltd (ASX: DCN) share price is leaping higher today, up 9% in early afternoon trade to 25 cents per share.

Gold prices, meanwhile, edged up overnight to US$1,793 per troy ounce.

Below we take a look at the ASX gold explorer's latest drill results that look to be driving investor interest.

What gold results were reported?

The Dacian Gold share price is surging after the company reported promising gold drilling results at the Heffernans and Ganymede open pits at its Mt Morgans Gold Operation, located in Western Australia.

According to this morning's release, the drill campaign intersected mineralisation at depth in the Jupiter syenite intrusive system, "at the limit of, and below the Mineral Resource estimate".

Dacian reported that drilling beneath its Heffernans open pit intersected 102.9 meters at 1.4 grams of gold per tonne from 436.3 metres, including 14.7m at 7.2g/t from 468 metres.

Meanwhile, drilling below its Ganymede open pit intersected 44.5m @ 1.1g/t from 247.1m, including:

  • 3m @ 1.4g/t Au from 247.1m
  • 2m @ 1.0g/t Au from 269.5m

Commenting on the results, Dacian's managing director Leigh Junk said:

These results demonstrate extensions to mineralisation below our active mining areas which can have high-grade and significant width. The Jupiter complex represents a compelling exploration target, and the potential to extend our current operations located adjacent to our processing plant is extremely exciting. This success follows a disciplined, systematic approach by our exploration team.

The first 4 holes of the drill program at Heffernans and Ganymede are now completed. And Dacian reported it has a follow up drilling program already underway at Heffernans, with 7 more holes planned to test extensions of the intersection.

Dacian Gold share price snapshot

The Dacian Gold share price has struggled this year, down 48% so far in 2021. By comparison the All Ordinaries Index (ASX: XAO) is up 12% year-to-date.

Over the past month, Dacian Gold's shares have gained 14%.

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 Bruce Jackson.

More on Gold

A group of three miners in hard hats and high visibility vests confer at a rocky mining site.
Broker Notes

Up 66% in a year, just how much more upside does Macquarie tip for Perseus Mining shares?

Just how much higher might Perseus Mining shares soar? Here’s what Macquarie had to say about the ASX 200 gold…

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Share Gainers

2 ASX All Ords stocks that would already have more than doubled your money this year

These ASX All Ords stocks have gained 126% and 145% year to date. But how?

Read more »

A woman holds a gold bar in one hand and puts her other hand to her forehead with an apprehensive and concerned expression on her face after watching the Ramelius share price fall today
Gold

Guess which ASX 200 gold stock is sinking 7% on five-year guidance update

Let's see what this gold miner has announced this morning.

Read more »

A man analyses stockmarket graph on his computer.
Gold

Up 132% in a year, why is the Evolution Mining share price gaining again today?

Investors are piling into Evolution Mining shares on Friday. But why?

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Gold

ASX 300 gold stock crashes 8% on guidance update

This gold miner is having a tough session on Friday. But why?

Read more »

View of a mine site.
Gold

Up 70% in a year, why this fund manager is calling time on this soaring ASX 200 gold stock

A leading investment expert foresees headwinds for this surging ASX 200 gold miner.

Read more »

A man standing in a red rock mine is covered by a sheet of gold blowing in the wind.
Gold

Up 305% in a year, what's got investors so excited about this ASX gold share?

'First gold' is imminent...

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

Why are ASX 200 gold stocks going gangbusters today?

Investors are piling into the ASX 200 gold miners today. But why?

Read more »