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.
Image source: Getty Images
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.
