Here’s why the Critical Resources (ASX:CRR) share price is surging 16% today

Investors keep a close eye on explorers’ drilling results.

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A drawing of a white rocket streaking up, indicating a surging share pirce movement

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The Critical Resources Ltd (ASX: CRR) share price is shooting higher today, up 16% at time of writing.

Below, we take a look at the junior explorer’s early drill results that look to be spurring ASX investor interest.

What drill results were announced?

The Critical Resources share price is surging after the explorer reported promising early drill results at its 100% owned Gibsons prospect. The prospect is part of the Halls Peak project, located in New South Wales.

This is the first time that Halls Peak, which Critical Resources labels “a prime exploration area” is being surveyed using modern airborne geophysical exploration techniques.

In this morning’s release, the company reported that the first drill hole of its 2,500 metres diamond drilling exploration program intersected shallow massive sulphide mineralisation in the first 47 metres drilled of a planned 140 metre hole.

The series of stacked massive sulphide lens represent “exhalative accumulations of fluids” containing zinc, lead, copper, silver and gold.

Commenting on the results, Critical Resources managing director Alex Biggs said:

We couldn’t ask for a better start to our drilling campaign at Gibsons after intersecting massive sulphide mineralisation in our first drill hole. We believe that what we see here is indicative of the larger Halls Peak system and we will continue drilling with a view to define the scale and potential of this asset… We look forward to keeping the market updated with more results in the near future.

Drilling at the prospect is ongoing, and the miner will send cores to the ALS laboratory in Brisbane for assaying once the first hole is completed.

Critical Resources share price snapshot

The Critical Resources share price is up 145% in 2021, which compares to a gain of 9% posted by the All Ordinaries Index (ASX: XAO).

Over the past month, Critical Resources shares are up 14%.

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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.

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