ASX All Ords gold stock Ausgold Ltd (ASX: AUC) is jumping higher today.
Ausgold shares closed yesterday trading for 87 cents. In early morning trade on Tuesday, shares are changing hands for 89 cents apiece, up 2.3%. That sees the Ausgold share price up 14.8% since last Thursday's close.
For some context, the All Ordinaries Index (ASX: XAO) is down 0.7% at this same time as investors await the latest RBA interest rate announcement, due at 14:30pm AEST.
Investors are also running their slide rules over Ausgold shares today, after the miner released a promising drilling update.
Here's what's happening.
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ASX All Ords gold stock gains on drill results
This morning, Ausgold reported on the assay results from extensional and infill drilling at its 100%-owned Katanning Gold Project (KGP), located in Western Australia.
The results stem from the miner's expanded 58,000 metres reverse circulation (RC) and diamond drilling (DD) exploration campaign. The miner said it has completed 56,115 metres, spanning 373 holes, to date.
The ASX All Ords gold stock's exploration program is intended to grow the existing 2.44-million-ounce Resource and 1.33-million-ounce reserve, as well as infill the first two years of KGP's planned mine life.
Among the top results returned from the latest 59 RC and DD holes, one hole returned 26 metres at 3.03 grams of gold per tonne from 79 metres, including 22 metres at 3.48 grams of gold per tonne from 82 metres.
Another hole returned 10 metres at 3.78g/t from 46 metres.
What did Ausgold management say?
Commenting on the drilling results helping to boost the ASX All Ords gold stock today, Ausgold executive chairman John Dorward said:
The Katanning Gold Project continues to deliver exciting drill results, with this fifth announcement from the ongoing drilling campaign demonstrating progress across multiple fronts, including resource growth, enhanced confidence in the existing resource model, and the advancement of a pipeline of satellite opportunities.
The formal review of in-fill drilling has confirmed the robustness of the existing resource model and highlighted opportunities for improvement, while extensional drilling continues to demonstrate the scale and continuity of the Katanning mineralised system beyond the current resource envelope.
At Datatine, successful down-plunge drilling has provided further encouragement for a potential underground play, while Nanicup Bridge continues to evolve into a compelling satellite resource opportunity.
Looking ahead, Dorward added:
With a further 25,000 metres of drilling about to commence, Ausgold remains focused on systematically growing and advancing the Katanning Gold Project as we progress towards development.
With today's intraday moves factored in, the Ausgold share price is up 25.4% over the past 12 months, outperforming the 3.3% one-year gains posted by the benchmark index.
