At the closing bell, Los Cerros shares ended the day up 7.69% to 14 cents a pop.

What did Los Cerros announce?

Los Cerros revealed a high-grade gold zone situated at the company's 100% owned Quinchia Gold Project in Risaralda, Colombia.

According to the release, the Tesorito South gold porphyry discovery has netted significant intercepts from the surface. As such, Los Cerros highlighted the below results:

• Drill hole (TS-DH29) intercepted 107.6 meters at 1.1 grams per tonne of gold from surface
• Drill hole (TS-DH30) intercepted 144 meters at 1.2 grams per tonne of gold from 6 meters
• Drill hole (TS-DH28) intercepted 280 meters at 0.83 grams per tonne of gold from 148 meters

The results form a large part of a drilling program that aims to identify boundaries of Tesorito South's gold mineralisation. Los Cerros noted that the latest findings continue to demonstrate a further expansion of the high-grade shallow gold zone.

Los Cerros managing director, Jason Stirbinskis added:

We continue to be encouraged by strong results from our Tesorito drill campaign, particularly the high-grade surface results in TS-DH29 and '30 which add to the potential volumes of 2-3g/t gold extending from surface- which is always going be a positive when we ultimately consider mining economics.

The next steps for Los Cerros will be conducting a drone-based regional magnetic survey and deep IP (Induced Polarisation) geophysical programs over the Tesorito-Miraflores area.

The company has four drill rigs currently drilling at Tesorito South with three rigs pursuing extensions to the north of the established zones. The fourth rig has commenced testing southern extensions which remain open on a wide front.

Los Cerros share price summary

Despite today's gains, Los Cerros shares have tracked almost 30% lower over the past 12 months. When looking at year-to-date, its shares have travelled the other way, up around 10%.

On valuation grounds, Los Cerros presides a market capitalisation of roughly $89 million, with approximately 635.6 million shares on issue.

The post Los Cerros (ASX:LCL) share price jumps 7% on gold update appeared first on The Motley Fool Australia.

At the time of writing, the Australian gold miner's shares are making amends today, up 14.29% to 16 cents.

What happened?

On Monday, Los Cerros released its latest drill hole assay results from Tesorito South, a near-surface gold porphyry discovery in Colombia. The area forms part of the company's wholly-owned Quinchia Gold Project in Risaralda.

Los Cerros revealed that drill hole (TS-DH27) delivered broad zones of gold porphyry mineralisation. The highlighted results included:

• 36 meters at 1.01 g/t gold from 116 meters; and
• 72 meters at 1.00 g/t gold from 188 meters; including 6 meters at 2.05g/t gold from 254 meters.

The company expects to complete a drone-based regional magnetic survey and deep IP geophysics programs in the near term. This will provide it with directions on where next to drill possible extensions for mineralisation.

As well, a fourth diamond drill rig will be added to the company's fleet to continue testing on multiple targets. It is expected the rig will arrive within the next 4 weeks.

Los Cerros managing director Jason Stirbinskis commented:

Drillhole TS-DH27, at some 120m to the E of the drillpad for TS-DH24, '25 and '26, was a significant step out that still intercepted gold porphyry mineralisation. It has given us further directions where we might expect to see additional extensions to mineralisation.

About the Los Cerros share price

Over the last 12 months, Los Cerros shares have gained almost 83% and 24% year to date. The company's share price reached a 52-week high of 23 cents in October 2020 before treading lower.

Based on valuation grounds, Los Cerros has a market capitalisation of roughly $95 million with approximately 612 million shares outstanding.

The post Los Cerros (ASX:LCL) share price soars 14% after poor start to the week appeared first on The Motley Fool Australia.

Why is the Los Cerros share price climbing?

Los Cerros this morning announced the first drilling is now underway at its newly identified porphyry target, Ceibal.  The new drilling site is 1 kilometre south-west of its Tesorito South porphyry discovery. It comes after Los Cerros reported a significant intercept at the Tesorito South site earlier this month.

Ceibal forms part of Los Cerros' 100% owned, 10,500 hectare Quinchia Gold Project in Colombia. The Project comprises a cluster of porphyry targets surrounding the Miraflores Gold Deposit. 

According to the release, Ceibal has a "substantial 800 metre x 600 metre gold, copper and molybdenum, surface soil and rock chip geochemistry anomaly".

The Los Cerros share price has charged higher this morning following the drilling update. Shares in the Aussie gold miner are now up 32.1% since March 31 in an eventful month for investors.

The company's dominant position in Colombia's Mid-Cauca Gold Belt has allowed it to progress quickly in recent times. Trenching results from the new target have found significant surface gold in three channels. Those include:

• 90 metres at 1.4 grams per tonne of gold
• 75 metres at 1.2 grams per tonne of gold
• 25 metres at 1.2 grams per tonne of gold

Managing Director Jason Stirbinskis said, "The emergence of Ceibal and Tesorito West, the new deep intercept encountered while drilling south-west and below the Tesorito porphyry, is further argument that the Quinchia Gold Project is another significant hot spot on the mid-Cauca gold belt".

The Los Cerros share price has had another strong start to a trading day in what has become a successful month.

Foolish takeaway

The Los Cerros share price has surged higher following this morning's drilling update. Shares in the Aussie gold miner have pared back some gains but remain up more than 2% at the time of writing.

The post The Los Cerros (ASX:LCL) share price is charging. Here's why. appeared first on The Motley Fool Australia.

In an announcement prior to market open this morning, the company advised drill results have found high-grade gold deposits at its Tesorito South key target are significantly more abundant and widespread than previously estimated.

Tesorito South is part of the Qunichia Project's Terorito Prospect. It is located in Columbia and 100% owned by Los Cerros. 

Let's look closer at the gold miner's news.

Los Cerros share price strikes gold

Today, the Los Cerros share price is responding well to the news that drill testing on the estimated edges of the company's project has expanded its mineralised zone.

The three drill holes involved found greater amounts of high-grade gold than was expected.

As a result, the company will begin another series of step-out holes to define the boundaries of Tesorito South's near-surface mineralisation. Step out holes allow mining companies to assess the endpoint of a mineralised zone.

The results have meant Los Cerros has remodelled the Tesorito Project's gold envelope to be significantly larger than it was previously thought to be.

Drill hole results

The most southern of the three drill holes (TS-DH17) found gold in the first 232 metres, as was expected. It intercepted the zone of high-grade gold at 72 metres deep.

By finding larger amounts of high-grade gold shallower than expected, the result has expanded the project's envelope of gold mineralisation over 1 gram per tonne further south.

Assay results from the most southerly hole included:

• 35 metres at 1.15g/t Au from surface including 52.3m at 2.10g/t Au from 72 metres.

The other two drill holes were placed on the northern boundary of the assumed gold mineralisation zone. One was further west (TS-DH20) than the other (TS-DH21).  

Both northern holes found significant widths of higher-grade gold than was expected. As a result, the project's envelope of higher-grade mineralisation has been extended. It remains open to the northwest, north and northeast.

Assay results from the two northerly drill holes included:

• 228 metres at 0.86g/t Au from surface including 100 metres at 1.22g/t Au from 128 metres in TS-DH20.
• 274 metres at 0.82g/t Au from surface including 74 metres at 1.29g/t Au from 102 metres including 24.45 metres at 2.5g/t Au from 149.5 metres in TS-DH21.

Management commentary

Los Cerros managing director Jason Stirbinskis commented on the company's findings at the Tesorito Project, saying:

The program of holes – TS-DH15, '16, '17, '20, '21 and other more recent holes with results pending, were all intended to define the limits of Tesorito South porphyry mineralisation. However, all assay results thus far have reported significant widths of both lower and higher-grade gold and so the area of interest keeps getting bigger in the directions we've recently tested.

None of the reported holes were designed to test the deeper porphyry mineralisation discovered by hole TS-DH16 nor the Tesorito North porphyry mineralisation. A geological review is underway to optimise drill hole locations at both of these targets.

Los Cerros share price snapshot

Today's news from Los Cerros has proven to be a spring in the step of the company's share price, which has been performing well on the ASX this year.

Currently, the Los Cerros share price is up by 65% year to date. It's also up a whopping 617% over the past 12 months.

Los Cerros has a market capitalisation of around $94 million, with approximately 471 million shares outstanding.

The post Here's why the Los Cerros (ASX:LCL) share price is soaring 8% today appeared first on The Motley Fool Australia.

Below we take a look at the ASX resource share's latest gold drilling results.

What gold drilling results did Los Cerros report?

The Los Cerros share price is soaring after the company reported high-grade gold drilling results at its 100% owned Quinchia Gold Project in Colombia.

According to the release, the Tesorito South diamond drill hole (TS-DH16) delivered an intercept of 460.9 metres at 1.11grams per tonne of gold from the surface. The company reported a broader intercept of 582.3m @ 0.94g/t Au from surface, easily its best drill results so far.

Los Cerros reported there is "significant potential for higher grade envelopes extending at depth to south west", with porphyry mineralisation south-west of the fault raising "exciting questions at regional level".

Commenting on the latest drill results Los Cerros Managing Director, Jason Stirbinskis said:

On a gram/metre basis TS-DH16 is the best hole ever recorded in the entire Quinchia district and has raised exciting questions about the potential scale of this gold system. The near surface (first 411m of this hole) has expanded to the south-west the modelled gold envelopes described by the high grade intercepts reported in the TS-DH02, '14, '11, '15 drill fence and mineralisation still remains open to the south west.

Follow-up drilling will further explore this region of relatively sparse data. The company will offer further detail on interpretation of the porphyry suite intercepted below and south-west of the fault in coming weeks as we assimilate new drill data as it arrives.

Los Cerros is awaiting the assays for 4 other completed drill holes at Tesorito South. In the meantime, drilling continues at the Quinchia Project, with 2 diamond rigs at Tesorito South and 1 diamond rig at the company's Chuscal prospect.

Los Cerros share price snapshot

If you bought Los Cerros shares 12 months ago, you won't be complaining today. Over the past full year the Los Cerros share price has gained a whopping 780%. That compares to a gain of 34% on the All Ordinaries Index (ASX: XAO).

Year-to-date, the Los Cerros share price is up 35%.

The post Why the Los Cerros (ASX:LCL) share price is rocketing 20% today appeared first on The Motley Fool Australia.