The All Ordinaries Index (ASX: XAO) is down 0.4% at time of writing.

And the S&P/ASX All Ordinaries Gold Index (ASX: XGD) is doing it even tougher, down 0.8% with the gold price edging lower overnight to US$1,929.57 per ounce.

But these two gold stocks are up 14.3% and 22.2% respectively.

Here's why they're going gangbusters today.

What's lifting this ASX gold share?

The first miner having a stellar run today is Besra Gold Inc (ASX: BEZ).

Shares in the gold miner are trading for 16 cents apiece, up 14.3% from yesterday's closing price of 14 cents.

Investors are bidding up the ASX gold share after the company reported that all conditions precedent to the binding US$300 million Gold Purchase Agreement (GPA) with Quantum Metal Recovery Limited have been satisfied.

Quantum is Besra Gold's major CHESS Depositary Interest (CDI) holder.

Under the agreement, Besra will sell Quantum three million ounces of refined gold from its Bau Gold Project (or any other gold project it may own), or until Besra receives aggregate deposits equivalent to US$300 million from Quantum.

Quantum has paid an initial deposit of US$5 million and will deposit up to $US10 million of working capital per month into Besra's drawdown account.

The ASX gold share said it can use the capital for exploration, feasibility studies, mine development purposes and working capital.

Investor enthusiasm may be stoked by the company's reminder that the funding:

[I]s not debt, is interest free and is expected to remove the need for dilutive equity financing and project/corporate debt that would encumber Besra with hedging requirements and/or onerous covenants.

Which brings us to…

Gold miner embracing lithium

OzAurum Resources Ltd (ASX: OZM) is a traditional ASX gold share that's quite recently been turning its attention to lithium.

The OzAurum share price is up 22.2% today, at 11 cents per share.

That sees the OzAurum share price up an eye-watering 266.7% since the closing bell on 14 September.

Yep, that's less than four trading days.

Investor exuberance went into top gear on Friday after the company reported on its potential acquisition of the Linopolis Jaime hard rock lithium project, located in Brazil.

Today, the ASX gold share is soaring again after announcing it has received firm commitments to raise $2.4 million, before costs in a capital raising.

The cap raise is being conducted via a share placement to professional and sophisticated investors at a price of 7.5 cents per share.

While that represents a 32% discount to the current OzAurum share price, this isn't dampening investor enthusiasm for the stock today.

The miner said it will use the fund to commence exploration at its new Linopolis Jaime Lithium Project, including diamond drilling and geological mapping.

OzAurum isn't forgetting about gold, though. The company also said it will employ some of the new funds to progress the scoping study at its Mulgabbie North gold project, in Western Australia.

Commenting on the cap raise sending the ASX gold share soaring today, CEO Andrew Pumphrey said:

This raising ensures that OzAurum can move quickly to commence exploration of its new lithium projects in Brazil along with furthering the exploration at our WA gold projects.

The Linopolis Jaime Lithium Project with a 7 plus metre wide spodumene zone with an average grade of spodumene crystals of 6.94% LiO2 offers an immediate drill target and potential for a new lithium discovery. Significant upside also exists with over 20 LCT pegmatites identified within the project area to date.

The post 2 ASX gold shares going gangbusters on Wednesday appeared first on The Motley Fool Australia.

Any guesses?

If you said OzAurum Resources Ltd (ASX: OZM), go to the head of the virtual class.

In mid-afternoon trade, OzAurum shares were swapping hands for 11.0 cents apiece. The ASX mining share closed yesterday trading for 3.2 cents.

Here's what piquing investor interest on Friday.

What's sending the ASX mining share soaring?

The OzAurum Resources share price is shooting the lights out after the company reported on the potential acquisition of a lithium project.

The ASX mining share has entered into a binding term sheet to acquire the Linopolis Jaime hard rock lithium project, located in Brazil.

The project is situated in an area with more than 20 lithium–caesium–tantalum (LCT) bearing pegmatites.

Among the highlights, the company reported spodumene grades of up to 7.36% LiO2 with an average spodumene grade of 6.94% LiO2 confirmed within a 7m-wide zone.

Potentially exciting investors, OzAurum noted that these consist of at least 20% volume coarse spodumene crystals up to 1m in length, which are rarely seen in lithium deposits. Management also said no lithium exploration has previously been conducted within the project area.

Commenting on the potential acquisition sending the ASX mining share rocketing, CEO Andrew Pumphrey said:

We believe this is an ideal opportunity for the company to acquire strategic lithium projects in addition to the Mulgabbie and Patricia Gold Projects in Western Australia.

In particular, the advanced Jaime Linopolis lithium Project with a 7-plus metre wide spodumene zone with an average grade of spodumene crystals of 6.94% LiO2 offers an immediate drill target and potential for a new lithium discovery.

Significant upside also exists with over 20 LCT pegmatites identified within the project area to date.

Coarse spodumene crystals up to 1 metre in length are rare in lithium deposits and are also seen at Greenbushes and Mt Marion in Western Australia.

OzAurum now has the exclusive right to conduct due diligence. Should the ASX miner wish to proceed, it has the option to acquire the project for a total consideration of US$800,000, to be paid in cash instalments over 24 months.

OzAurum share price snapshot

As with many junior explorers, the OzAurum share price has seen some big swings over the year.

With today's huge boost factored in, the ASX mining share is up 57% in 2023.

The post Guess which tiny ASX mining share is skyrocketing 244% on Friday appeared first on The Motley Fool Australia.

Let's take a look at what's driving today's share price movement for OzAurum Resources.

Gold discovery

OzAurum advised the market it has made a gold discovery at the Mulgabbie North Project near Kalgoorlie in Western Australia.

Reverse circulation drilling intersected a "significant wide zone" of gold mineralisation within the Demag Zone.

At drill hole MNORC 177, 1.31 grams per tonne (g/t) of gold was intersected over 56 metres. This included 18m at 2.07 g/t.

Commenting on the results, CEO and managing director Andrew Pumphrey said:

The new virgin gold discovery at the Mulgabbie North Demag Zone has intersected significant gold mineralisation in a number of RC drill holes.

These excellent results further validates the potential of the Mulgabbie North Gold Project to be a significant gold discovery situated right alongside the Northern Star Carosue Dam Mil.

Other highlights included:

• 26m at 1.79 g/t of gold from 136m at drill hole MNORC 176
• 28m at 1.79 g/t of gold from 72m at MNORC 174
• 11m at 1.9 g/t of gold from 49m at MNORC 180
• 11m at 1.13 g/t of gold from 103m at MNORC 178.

OzAurum is planning follow-up drilling and testing at the site.

Share price snapshot

The OzAurum Resources share price has rocketed 30% in the past 12 months and is up 80% this year to date. In contrast, the ASX 200 has returned about 8% in the past year.

This ASX mining share has a market capitalisation of about $12 million.

The post This ASX mining share just rocketed 135% on a major gold discovery appeared first on The Motley Fool Australia.