The All Ordinaries Index (ASX: XAO) is down 0.2% today despite the best lifting efforts of one rocketing ASX All Ords stock.
The fast-rising stock in question is mineral exploration company Encounter Resources Ltd (ASX: ENR).
Encounter shares closed yesterday trading for 19 cents. In earlier trade, shares just leapt to 23 cents each, up 21.1%. After some likely profit taking, shares are changing hands for 22.5 cents apiece, up 18.4%.
Here's what spurring investor interest in the ASX All Ords stock today.
Image source: Getty Images
What's sending the ASX All Ords stock flying?
Investors are piling into Encounter Resources shares today after the miner announced its maiden Mineral Resource Estimate (MRE) for three separate deposits.
Those deposits – Green, Emily, and Crean – all sit within Encounter's Aileron Project, located in Western Australia.
The ASX All Ords stock reported a combined Inferred Mineral Resource of 19.2 million tonnes at 1.74% niobium (Nb₂O₅). That resource is contained within 67.6 million tonnes at 0.88% Nb₂O₅.
Among other critical applications, niobium is used in aerospace, defence, automotive, construction, and health technologies.
The miner noted that the Mineral Resource has now been defined after only six months of drilling. This followed the initial high-grade discovery at Crean in June 2024 and subsequent discoveries at Green and Emily.
Snowden Optiro prepared the MRE, which is reported in accordance with the JORC Code.
According to the release, the original objective was to define an Exploration Target. But the continuity of mineralisation intersected during drilling supported classification as an Inferred Resource. Encounter said the estimate incorporates drilling it completed to the end of 2024.
What did management say?
Commenting on the progress sending the ASX All Ords stock soaring today, Encounter Resources executive chairman Will Robinson said, "Our 2024 wide-spaced exploration drilling has outlined what may become one of the world's most significant undeveloped niobium resources."
Robinson added:
This early success highlights the exceptional geological potential of the Aileron project and the broader West Arunta region. This is only the beginning.
The strike-extensive carbonatite systems of the West Arunta represent an unusually mineralised suite of intrusions, and Encounter is committed to unlocking their full potential through a focused and systematic exploration program.
What's next for the ASX All Ords mining stock?
Looking at what could impact the ASX All Ords stock in the months ahead, the miner said it has commenced reverse circulation (RC drilling) to extend and improve the definition of high-grade mineralisation.
Management noted a "high potential for near-term MRE growth" from the ongoing infill RC and extensional aircore drilling across the Aileron project.
