The All Ordinaries Index (ASX: XAO) is down 0.1% time of writing today, but this ASX All Ords gold stock is marching higher.
The outperforming gold miner in question is Barton Gold Holdings Ltd (ASX: BGD).
Barton Gold shares closed yesterday trading for 91.5 cents. In early morning trade on Wednesday, shares are changing hands for 93.0 apiece, up 1.6%.
Here's what's catching investor interest on Wednesday.
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ASX All Ords gold stock jumps on exploration results
Before market open this morning, Barton Gold announced the results of the first round of assays from the 'Phase 2' upgrade drilling campaign underway at its Tunkillia Gold Project, located in South Australia.
The ASX All Ords gold stock is currently engaged in a 30,000-metre exploratory reverse circulation (RC) drilling program at the project. Barton Gold has three drill rigs now operating at Tunkillia, aiming for a Mineral Resources Estimate (MRE) upgrade in the open pit areas.
On that front, the latest assays bode well, with the miner reporting some holes drilled into broad intersections that infill its currently modelled Area 51 mineralisation zone. Management noted that these include the highest-grade assays to date in Area 52, which they said indicate potential for optimised open pit growth and "further high-value extensions".
One drill hole returned 52 metres ay 0.95 grams of gold per tonne from 101 metres depth, including 2 metres @ 2.84 g/t Au from 117 metres depth.
The ASX All Ords gold stock hopes to complete a Pre-Feasibility Study (PFS) before the end of the year. That will support its Mining Lease (ML) application and assist with upcoming project finance planning.
What did Barton Gold management say?
Commenting on the assay results helping boost the ASX All Ords gold stock today, Barton managing director Alexander Scanlon said:
Phase 1 drilling already confirmed the higher-grade mineralisation driving Tunkillia's exceptional economics, where its 'Starter Pit' can repay development 2x over in the first year alone, assuming A$5,000 per ounce gold and A$50 per ounce silver.
We are therefore pleased to report that Area 51 has returned higher-grade results than anticipated, indicating potentially higher-value mineralisation, resource growth and also extensions of the optimised open pit and mine life.
Looking ahead, Scanlon added:
Tunkillia is on track for dual gold and silver resource upgrades, conversion to Ore Reserves, completion of a PFS and a Mining Lease application, all in the context of a considerably more favourable gold and silver price environment.
With today's intraday gains factored in, Barton Gold shares are up 19.2% since this time last year, outpacing the 2.9% gains posted by the All Ords.
