The All Ordinaries Index (ASX: XAO) is down 0.2% today, but that's not holding back this soaring ASX gold stock.
The surging company in question is Gorilla Gold Mines Ltd (ASX: GG8).
Shares in the junior gold explorer are up 8.1% during the Monday lunch hour, trading for 53.5 cents apiece.
That sees shares in the ASX gold stock up an eyewatering 1,237.5% since this time last year, when you could have picked up shares for a meagre 4.0 cents apiece.
That's enough to turn a $5,000 investment into $66,875.
In just 12 months.
Atop garnering tailwinds from the soaring gold price and promising exploration results from its Australian and Canadian assets over this past year, investors have been bidding up Gorilla Gold shares following a series of strategic acquisitions. Those include the Vivien Gold Project and the Comet Vale Project, which Gorilla Gold took 100% ownership of in late April.
(Management expect Gorilla Gold's option to acquire the remaining 49% of the Comet Vale Project to complete in the coming weeks.)
Now, here's why investors are sending the ASX gold stock flying higher again today.
Image source: Getty Images
ASX gold stock leaps higher on exploration results
Gorilla Gold Mines shares are enjoying another strong day of outperformance today after the company reported on a new batch of promising drill results.
The ASX gold stock is engaged in a reverse circulation (RC) exploratory drill campaign at its Lakeview Prospect, Comet Vale Project, located in Western Australia.
The miner noted that the Comet Vale Project has seen historical production of more than 200,000 ounces of gold at a grade of more than 20 grams per tonne of ore. Underground mining operations at the project were ongoing as recently as 2018.
Today, the company announced that its first RC hole drilled into a parallel structure at Lakeview intercepted high-grade gold mineralisation (12 metres at 9.2 g/t AU from 60 metres) on a newly identified parallel structure 200 metres north of the main mineralised trend.
What did management say?
Commenting on the promising drill results sending the ASX gold stock soaring again today, Gorilla Gold CEO Charles Hughes said, "What a great first hole into the parallel 'Jambo' structure at Lakeview!"
Hughes said Gorilla Gold Mines has been communicating the chance of intersecting parallel mineralised structures at its Lakeview project. "And now we have shown the possible tenor we might be able to expect from these parallel structures."
Looking to what's ahead for the ASX gold stock, Hughes added:
GG8 continues to drill the King Kong and Jambo structures with three rigs. We will be getting to more of the targets over the coming weeks and months whilst we continue to drive the Lakeview discovery forward with resource growth drilling.
