Guess which ASX gold share is exploding 64% on a 'spectacular high-grade' find

What's so exciting about this gold discovery?

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rising gold share price represented by a green arrow on piles of gold block

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Key points

  • This gold explorer is soaring more than 60% today 
  • A "Christmas Gift" target is showing visible gold
  • The materials sector is rising 0.41% today 

The S&P/ASX 200 Materials Index (ASX: XMJ) is lifting 0.41% today, but this ASX gold share is flying far higher.

The Iceni Gold Ltd (ASX: ICL) share price is rocketing ahead 64% in today's trade to 10.5 cents.

So why is this ASX gold share having such a top run today?

A 'Christmas Gift' gold target

Iceni gold is exploring the 14 Mile Well Gold Project in the Laverton Greenstone Belt of Western Australia.

Investors appear to be buying up Iceni shares amid an exploration update at the Everleigh Well target area of the project.

Iceni revealed to the market it has hit "spectacular high grade vein" at the "Christmas Gift" target known as 14UF010B at Everleigh Well.

Assay results showed multiple high-grade rock chip results from the outcropping gold bearing vein.

Results included 18,207 grams per tonne (g/t) of gold, 18,179 g/t, 16,776 g/t, 16,659 g/t and 14,780 g/t.

Commenting on the results, technical director David Nixon said:

Assay results from the discovery of the second outcropping quartz vein with visible gold in the Everleigh target area are exciting, as they back up the initial field observations that reported visible gold in outcrop.

The high-grade rock chip results from the vein are supported by the underlying UFF+ soil anomaly, prospectivity indicators (including gold nuggets, workings and anomalous geochemical assays) and the multiple coincident targets generated by existing exploration work.

Field work is continuing to prepare for further exploration drilling within the Christmas Gift target.

Iceni has eight high-priority target areas at the 14 Mile Well project.

Iceni Gold share price snapshot

The Iceni Gold share price has lost 19% in the last year.

This ASX 200 gold share has a market cap of about $21.9 million based on the current share price.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. 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 Scott Phillips.

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