ASX small-cap gold share Meeka Metals Ltd (ASX: MEK) has ripped 305% higher over the past 12 months.
The gold explorer is trading at 16 cents per share today, up 4.52% as investors continue to celebrate its latest update.
Meanwhile, the S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.51% to 8,681.90 points.
Let's find out what's got investors so excited about this ASX gold share.
ASX gold share up again amid expectations of 'first gold' this month
Meeka Metals released a development update on its Murchison Gold project on Friday.
Meeka said the expansion and upgrade of its processing plant are nearing completion, with commissioning scheduled for this month.
The explorer expects to achieve 'first gold' imminently.
Managing director Tim Davidson said:
With power to the plant and ore stocks on the ROM we are on track for commissioning and first gold in the coming weeks.
Meeka said its open-pit mining continues at St Anne's North and Turnberry Central, and ore stockpiles are building in anticipation of the processing plant's commissioning.
The company said underground establishment work at the Andy Well mine was nearing completion.
Power and services have been established to the mine, and the Stage 1 primary ventilation system has been installed.
Meeka expects ore drive development to commence shortly.
The miner has also completed the expansion of its accommodation village to enable an increased on-site workforce.
Davidson said the additional workers would allow the company to operate the open pits and underground mines concurrently.
This will enable Meeka to get more high-grade ore to the mill sooner.
Those new workers are undertaking their onboard training now.
Meeka Metals said:
Recruitment for the underground mining team, under the Company's owner-operator model, has been extremely successful and
onboarding will continue through June 2025 in advance of ore development commencing in mid-2025.
The update excited investors, with the ASX gold share rising 7.41% on Friday.
The stock lifted by another 6.9% yesterday and also hit a 52-week high of 17 cents per share.
Additional gold discovery likely to boost reserves estimate
Last Thursday, Meeka Metals also released drilling results from its open pit expansion drilling program at Turnberry Central.
The company has discovered additional thick and shallow high-grade gold, including:
- 10m at 5.20g/t Au from 37m including 2m at 23.23g/t Au (25TBRC009)
- 1m at 15.83g/t Au from 61m (25TBRC009)
- 16m at 1.39g/t Au from 34m including 7m at 2.25g/t Au (25TBRC019)
- 5m at 2.68g/t Au from 55m including 1m at 10.33g/t Au (25TBRC016)
Meeka Metals said:
Combined with the strong drill results from Turnberry South, this shallow highgrade gold highlights the potential to grow Reserves and will likely extend the Stage 1 oxide open pits beyond the initial ~2 years planned in the DFS.
Re-evaluation of the Stage 1 open pit design is underway, incorporating this new drilling.
ASX gold shares rising on Tuesday
Meeka Metals is not the only ASX gold share rising today.
As my colleague Bernd covers, ASX gold shares are up again amid a continually strong gold price.
The gold price is currently trading at US$3,363.77 per ounce, down 0.53% today but up 28.10% in the year to date.
The S&P/ASX All Ordinaries Gold Index (ASX: XGD) is up 2.51% today.
The gold price lifted to a new record of US$3,500.05 per ounce on 22 April amid continually strong demand for safe-haven investments.
