The Iris Metals Ltd (ASX: IR1) share price is soaring this week, up 38% since Monday.
The gold miner's shares closed today's session at $1.52 apiece, a 17.31% gain on the day.
It was well above the performance of the S&P/ASX 200 Materials Index (ASX: XMJ). It closed down 2.06% today, falling more than 8.8% over the past week.
IRIS is also outstripping its ASX gold share peers. Newcrest Mining Ltd (ASX: NCM) has lost 4.8% in a week and Evolution Mining Ltd (ASX: EVN) is 8.8% lower.
So what's behind this gold miner's stellar run?
Additional gold targets identified
Iris shares rallied amid an announcement on Monday that the company had identified additional gold targets during an aeromagnetic survey at its Kookynie gold project in Western Australia.
The two new targets bring the total number of targets to 26 across the mining tenement. The sites will be integrated into further exploration activities with the company saying it will conduct soil geometry tests.
The latest survey covered an area of 6,342 kilometres and was undertaken as part of the recent acquisition of ground in the northern region of Kookynie.
Iris Metals share price snapshot
The ASX gold share is up 159% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down more than 11% over the same period.
The company's current market capitalisation is around $92 million.
