Gold discovery sends this ASX mining share soaring 35%

Miner Iceni is digging for gold. Let's see what it's found…

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a man wearing a gold shirt smiles widely as he is engulfed in a shower of gold confetti falling from the sky. representing a new gold discovery by ASX mining share OzAurum Resources

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Key points

  • This Iceni Gold share price finished the day 35% ahead 
  • At one point, the explorer's shares soared 39% 
  • The company has intersected gold while drilling at a well in Western Australia 

ASX mining share Iceni Gold Ltd (ASX: ICL) surged today after the company revealed drilling had intersected gold at its Everleigh Well.

The company's shares shot up 34.78% and finished the day at 15.5 cents. In afternoon trade, shortly after Iceni released the news, its shares surged by as much as 39% to 16 cents.

Let's take a look at what this ASX mining share announced today.

Gold intersected

In an announcement to the ASX this afternoon, Iceni revealed gold was intersected in drilling at the Everleigh Well target area of the 14 Mile Well gold project area. This project is located in Laverton, Western Australia.

At hole FMDD0032, drilling intersected a "broad zone of structural disruption". Gold was found at a downhole depth of 224.6 metres.

Iceni said geological analysis of structures, alteration, and gold associated with sulphides is "highly encouraging".

Commenting on the results in a statement signed off by the board of the ASX mining share, the company said:

The observation of native gold associated with sulphides is significant as it demonstrates the structures at this location are carrying gold mineralisation.

This result opens up the potential for the Castlemaine Fault to host gold.

Iceni will do further analysis of the drill core to get a better insight into the geology and mineral system of the Everleigh target area.

This company considers a 30km long stretch within the project to be prospective for gold mineralisation.

Assay results for the drill hole are expected at the end of quarter two.

Iceni Gold share price summary

The Iceni Gold share price has plummeted 34% in the past year, while it has fallen 16% in the year to date. However, in the past month, this ASX mining share has rocketed by nearly 35%.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned more than 8% in the past year.

Iceni Gold has a market capitalisation of 19.9 million based on its current share price.

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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