ASX All Ords gold stock Astral Resources NL (ASX: AAR) is marching higher today.
Astral shares closed yesterday trading for 19.0 cents. In morning trade on Tuesday, shares are swapping hands for 19.2 apiece, up 1.1%.
For some context, the All Ordinaries Index (ASX: XAO) is up 0.2% at this same time.
This follows news of a material resource upgrade at Astral's 100%-owned Mandilla Gold Project, located in Western Australia.
Here's what's happening.
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ASX All Ords gold stock lifts on growing resource
Before market open this morning, Astral Resources reported on an updated Mineral Resource Estimate (MRE) at Mandilla of 54 million tonnes at 1.0 gram of gold per tonne for 1.74 million ounces of contained gold.
That represents a 22% increase in contained gold compared with the previous Mandilla MRE, announced in April 2025. And for the first time it includes an inaugural Measured Resource Estimate for Astral's flagship Theia Deposit.
Including the ASX All Ords gold stock's Feysville and Spargoville projects, the miner's consolidated MRE is now estimated at 62Mt at 1.1g/t Au for 2.07 million ounces of contained gold.
The MRE at Astral Resource's cornerstone Theia deposit increased by 233,000 ounces to 1.39 million ounces.
The miner noted that the Theia deposit remains open at depth. Astral currently has a six-hole (3,000-metre) diamond drill program underway to test for further extensions at depth.
What did Astral Resources management say?
Commenting on the results helping lift the ASX All Ords gold stock today, Astral Resources managing director Marc Ducler said, "This update to the Mandilla Mineral Resource Estimate is an important precursor to the detailed mine design work that is now underway to support the Mandilla DFS."
He noted, "A key driver for this update was to understand the MRE's response to the 12.5 metre by 12.5 metre in-fill drilling recently completed within the Stage 1 Theia open pit."
Looking ahead, Ducler added:
In-fill drilling is ongoing at Theia, with a 23,000m program underway to continue progressing the remainder of Stage 1 to a 12.5 metre by 12.5 metre drill spacing, which will ensure the first 12 to 18 months of mine production is derived from the Measured Resource category.
As for the big run higher in the gold price over the past year, Ducler said:
Notwithstanding the recent volatility in the gold price, the price is 100% higher than the design assumptions used in the June 2025 PFS. In this environment, and given our confidence that the Theia deposit remains open at depth, we are now evaluating an underground mining option for Theia.
