The All Ordinaries Index (ASX: XAO) is down 0.6% today, but don't blame this surging ASX All Ords gold stock.
The outperforming company in question is Southern Cross Gold Consolidated (ASX: SX2). Southern Cross Gold shares are up 6.3% in early trade on Thursday, changing hands for $5.27 apiece.
If you're not familiar with the miner, it was formed on 15 January this year after the merger between Canadian-listed Mawson Gold and ASX-listed Southern Cross Gold Ltd.
And the new Southern Cross Gold has been on a tear since commencing trading on the ASX on 17 January.
Over the past month alone, the ASX All Ords gold stock is up a blistering 50.1%.
Here's what's grabbing investor interest today.
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ASX All Ords gold stock storms higher on high grade hits
Atop the tailwinds from another uptick in the gold price overnight to US$3,020 per ounce today, the Southern Cross Gold share price is getting a boost after the company released some promising exploration results.
Those stem from two drill holes at the miner's Golden Dyke prospect at its 100% owned Sunday Creek Gold-Antimony project in Victoria. According to Southern Cross Gold, the Sunday Creek project is one of the only Tier 1 independently owned, high-grade, multi-million ounce potential greenfield global projects.
The ASX All Ords gold stock said that one of the holes delivered three significant intercepts exceeding 50 gram-metres of gold (Au) equivalent, including 5.4 m at 29.6 g/t Au.
The miner also reported on some very high grade intercepts from the latest drill hulls. Those included 1.2 m at 96.7 g/t Au, 0.1 m at 270.0 g/t Au, and 0.4 m at 129.6 g/t Au.
What did the ASX All Ords gold stock management say?
Commenting on the drill results that look to be giving the ASX All Ords gold stock an extra lift today, Southern Cross Gold CEO Michael Hudson said, "Golden Dyke continues to deliver exceptional high grade results."
Hudson added:
The discovery of a new high-grade structure in [drill hole] SDDSC151 has substantial implications for expanding our resource potential, giving an intriguing hint of the parallel mineralized systems throughout the project.
Consistent extremely high-grade intercepts across multiple high-grade structures in the same hole including hits like 1.2 m @ 96.7 g/t Au, 1.4 m @ 37.3 g/t Au and 0.4 m @ 129.6 g/t Au, surrounded by broader halos demonstrate the extraordinary richness of this system.
Looking to what's ahead for the gold miner over the coming months, Hudson said:
Our six-rig drilling program underscores our confidence in rapidly advancing this strategic asset that combines exceptional gold economics with critical antimony exposure at a time of increasing geopolitical importance.
