The All Ordinaries Index (ASX: XAO) is up 0.2% in late morning trade, with plenty of help from one rocketing ASX All Ords mining stock.
The surging miner in question is Strickland Metals Ltd (ASX: STK).
The Strickland share price closed yesterday trading for 15.5 cents. At the time of writing, shares are swapping hands for 21.0 cents apiece, up 35.5%.
Here's what's happening.
Image source: Getty Images
ASX All Ords mining stock leaps on projected growth
ASX investors are piling into Strickland shares today after the ASX All Ords mining stock released a promising exploration update from its Rogozna Gold & Base Metals Project.
Strickland acquired the project, located in Serbia, in April 2024.
Today, the miner reported that new gravity survey results have identified "significant" new target areas.
Strickland said that the new gravity data – combined with existing IP data (which maps pyrite-bearing alteration) and modelling of remanent magnetic bodies (which may represent pyrrhotite concentrations) – define a "compelling structural architecture" for the Rogozna Project area.
The ASX All Ords mining stock noted that the area is clearly seen to be an important control on known mineralisation.
Strickland added that it considers developing this new structural framework a "major step forward" in focusing its exploration for porphyry-style deposits at its Rogozna project.
What did management say?
Commenting on the gravity survey results sending the ASX All Ords mining stock soaring today, Strickland managing director Paul L'Herpiniere said, "The recently completed gravity survey has delivered some exciting results, delineating three key mineralisation-controlling structures that traverse the Rogozna Project area."
L'Herpiniere continued:
The survey has also highlighted multiple new anomalies in proximity to these key structural features. This shows just how fertile a geological environment we have on our hands at Rogozna, with the potential to discover multiple large-scale mineral systems in addition to the known skarn-hosted deposits.
Atop applying the latest geophysical techniques, L'Herpiniere said Strickland's 50,000 metres drilling campaign to grow its existing resource base is ongoing.
Looking to the near future, L'Herpiniere added:
The gravity survey will be followed up with a Magnetotelluric Survey commencing in the coming weeks, which will enable us to 'see' through cover into the underlying structural architecture of the area, helping to refine the locations of the next round of drilling to test some of these target areas.
He concluded, "We are constantly surprised on the upside by the scale of the opportunity at Rogozna."
Judging by today's surging Strickland share price, that potential opportunity also looks to have caught the market by surprise.
As at 30 June, the ASX All Ords mining stock had cash and liquids totalling $52.4 million.
