Guess which ASX gold stock just rocketed 92% on this 'outstanding' new discovery

Investor are snapping up the ASX gold stock as excitement over its gold and silver project surges.

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

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

A little-known ASX gold stock is shooting the lights out on Wednesday after reporting on some very promising exploration results.

Shares in the junior explorer entered a trading halt on Monday morning pending today's announcement. Shares closed Friday trading for 12 cents apiece and leapt to 23 cents apiece in earlier trade, up a whopping 91.7%.

After some likely profit-taking, shares are swapping hands for 21.5 cents apiece at the time of writing, up 79.2%.

For some context, the All Ordinaries Index (ASX: XAO) is up 0.5% at this same time.

Any guesses?

If you said Australian Gold and Copper Ltd (ASX: AGC), give yourself a virtual gold star.

Here's why investors are bidding up the ASX gold stock today.

What did the ASX gold stock report?

The Australian Gold and Copper share price is going ballistic after the company reported on some "outstanding gold and silver" intersections at its Achilles project, located in New South Wales.

The ASX gold stock has now completed its follow-up drilling campaign at Achilles. This saw nine reverse circulation (RC) holes drilled at the project, for 1,461 metres.

AGC reported that the latest drill program covered more than half a kilometre of strike and has extended mineralisation at Achilles beyond the discovery holes it recently reported.

Having received expedited laboratory analyses from the first holes, the miner looks to be stoking ASX investor enthusiasm today by revealing those results extended and significantly upgraded high-grade gold-silver-base metal mineralisation down dip and along strike.

The top intersections include 5 metres at 16.9 grams of gold per tonne and 1,473 grams of silver per tonne, as well as 15.0% lead + zinc.

AGC cited maximum grades of 45.0g/t gold, more than 3,000g/t silver, and 38.8% lead + zinc.

Commenting on the strong drill results sending the ASX gold stock soaring today, AGC managing director Glen Diemar said, "Achilles is producing some exceptional grades in the drill bit."

Diemar continued:

The first six holes have produced grades including combined lead and zinc to 38%, gold to 45g/t and silver above 3,000g/t. This silver result is so high grade the laboratory is sending the sample to Canada for further analysis, which is a rare occurrence.

We are extremely happy with how Achilles is taking shape. With drilling now spread across more than half a kilometre of strike we are excited to see how big this can get.

The company said that following on these strong results, it has also expedited assays for the six holes still pending. Those results are expected in the coming weeks.

"I look forward to the results of the next six holes and can already see that Achilles has a prominent future within the Cobar Basin," Diemar said.

The ASX gold stock's exploration team is currently designing and permitting the next phase of exploration at Achilles.

Motley Fool contributor Bernd Struben 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.

More on Share Gainers

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Playside Studios, Pro Medicus, Strike Energy, and Winsome shares are charging higher

These shares are having a good session on Tuesday. But why?

Read more »

A neon sign says 'Top Ten'.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 was back to the races today.

Read more »

Two colleagues at work looking at a tablet and smiling at a rising share price.
Share Gainers

Why Cettire, Lendlease, Neuren, and Sayona Mining shares are racing higher today

These ASX shares are starting the week strongly. But why?

Read more »

Three exuberant runners dash towards the camera. One raises her arms in triumph; another jumps in the air with arms raised. The third runner gives a satisfied smile.
Share Gainers

These 3 ASX All Ords stocks turned $500 into at least $16,500 in less than a decade!

These ASX All Ords shares delivered explosive returns over the last five years.

Read more »

Shot of a young scientist using a digital tablet while working in a lab.
Share Gainers

Guess which ASX 200 healthcare share just rocketed 11% on 'groundbreaking trial'

Up 67% in a year, investors are sending the ASX 200 healthcare share soaring again today.

Read more »

Two happy excited friends in euphoria mood after winning in a bet with a smartphone in hand.
Share Gainers

Why Appen, Mayne Pharma, Playside, and PYC shares are storming higher

These shares are ending the week on a positive note. But why?

Read more »

chip and tech stocks represented by two computer chips side by side
Technology Shares

This little ASX AI stock is soaring 10% today. Here's why

Investors are piling into the ASX AI stock on Friday. But why?

Read more »

A man in a business suit wearing boxing gloves slumps in the corner of a boxing ring representing the beaten-up Zip share price in recent times
Industrials Shares

Beaten-up ASX 200 stock surges 12% on buyout rumour

This ASX 200 building materials stock has been struggling throughout FY24.

Read more »