ASX gold stock Zenith Minerals Ltd (ASX: ZNC) is making its shareholders very happy today.
How happy?
Well, Zenith Minerals – which holds a portfolio of gold and lithium projects in Australia – closed yesterday, trading for 6.0 cents per share. In early afternoon trade on Thursday, shares are swapping hands for 14.0 cents apiece, up 133.3%.
That's enough to turn an $8,000 investment yesterday into $18,667 today.
Boom!
Here's what's spurring intense investor interest today.
ASX gold stock rockets on promising drill results
Atop the strong gold environment, with the yellow metal trading near all-time highs of US$3,635 per ounce, Zenith Minerals is getting a huge boost today after reporting strong exploration results.
The gold assay results stem from the ASX gold stock's 2025 drilling campaign at its 100% owned Red Mountain Project, located in Queensland.
Among the top results, the miner highlighted a return of 139.4 m at 1.05g/t Au. Or in plain English, 139.4 metres at 1.05 grams of gold per tonne of ore.
Other strong results included 14.2 m at 4.62 g/t Au from 276 metres, including 2.0 m at 21.03 g/t Au.
And investor interest is likely getting an added boost with the ASX gold stock noting that the geological observations in core, including a semi-massive sulphide zone, provide it with growing confidence that Red Mountain is developing as an analogue to the Mount Wright deposit. That deposit was reported to contain 9.8 Mt at 3.35 g/t Au for 1.1 million ounces of gold.
What did management say?
Commenting on the results sending the ASX gold stock flying higher today, Zenith Minerals managing director Andrew Smith said, "These are the results we had hoped for — the core looked exceptional, and the assays have confirmed it."
Smith said the company anticipates even stronger gold grades from the follow-up hole currently underway to test deeper into the system.
He added:
With a strengthening gold price, drilling momentum at Red Mountain, and a 12,000 metre program about to commence at our flagship Consolidated Dulcie Project, it is an incredibly exciting period for Zenith.
Shareholders can look forward to a strong pipeline of exploration news in the months ahead.
And he gave a nod to Queensland's government, which has backed the ASX gold stock in its drilling campaign.
Smith concluded:
I would like to acknowledge the support of the Queensland government, whose foresight in co-funding this deep diamond drilling program has been instrumental in advancing Red Mountain and supporting the potential for a significant discovery.
