Can you guess which little-known ASX mining share rocketed 100% on open after announcing a new discovery this morning?
If you said Dundas Minerals Ltd (ASX: DUN), go to the front of the class.
The ASX mining share has given back some of those opening gains but remains up an impressive 50% at the time of writing.
So, what's piquing investor interest?
What did Dundas Minerals report?
Investors are bidding up the junior ASX mining share after it announced promising results from the first diamond drill hole at its Central exploration target.
Dundas is exploring for nickel, copper, cobalt and gold in the prospective Albany-Fraser Orogen, located in Western Australia.
The first drill hole was reported to have successfully intercepted a mafic-ultramafic complex. This includes extensive zones of massive, semi-massive, highly disseminated and disseminated sulphides.
If that's all a bit technical for you, you're not alone.
The ASX mining share noted that the geological setting at Central is complex. While Dundas does not yet have a sufficient understanding of the geology based on the single diamond drill hole, the miner said the environment is "conducive to an intrusive Ni-Cu-Co type deposit, plus gold and silver".
The company is currently awaiting assay results to confirm mineralisation. It was planning four additional diamond drill holes at the site, with a total drill program of some 2,000 metres intended. But following on the strong results of the first hole, Dundas said it is likely to expand that drill program.
Commenting on the results, Dundas Minerals managing director Shane Volk said:
Whilst we were always quietly confident of the geophysical data modelling… to see it transpire as it has is extremely rewarding for the small Dundas Minerals team, actually it's an outstanding result.
We now very much look forward to receiving the assay results from Hole 1 and to the drilling of our second hole at Central, which will be almost vertical…. to a depth of more than 500 metres. Given the results from Hole 1, we'd expect to intercept sulphides again in Hole 2.
How has this ASX mining share been tracking?
The Dundas Minerals share price is on a tear this year.
Since the opening bell on 4 January, the ASX mining share has leapt 811% higher. That's over the same period that the All Ordinaries Index (ASX: XAO) has fallen 13%.
