At one stage today, the gold explorer's shares were up as much as 49% to a 52-week high of 52 cents.

The Siren Gold share price has pulled back a touch since then but remains up 27% to 44.5 cents currently.

Why is the Siren Gold share price rocketing higher?

Investors have been bidding the Siren Gold share price higher today following the release of an update on exploration activities.

According to the release, diamond drillhole AX84 intersected significant visible gold in the deepest hole drilled to date at its Alexander River project. This "spectacular" strike extends the McVicar West shoot to ~ 500m down plunge and the shoot remains open at depth.

How good is this drilling result?

The release notes that RSC Consulting tracks drillhole intersections for companies listed on the Australian Stock Exchange.

RSC has advised that drillhole AX84 would rank just outside the top 10 for ASX listed companies in 2021 when all metals are considered but would rank in the top 10 for gold. In 2022 year to date, AX84 currently ranks as the third best gold intersection.

Siren's Managing Director, Brian Rodan, was very pleased with the news and believes it demonstrates the potential of the Alexander River project. He said:

"It is certainly very gratifying for the Company and the Siren Gold Site Team to achieve a spectacular bonanza hit in AX84, as it is not often that you see a 2.5m @ 11.5 oz / t intersection in the modern era.

The Company believes this intersection provides additional credence to our long-held belief that the deeper we drill at Alexander River the more visible gold we will intersect and the same holds true for our Big River, St George, and Lyell projects.

Siren Gold is currently progressing a significant amount of work at its Reefton gold project and with the commencement of our third rig at Big River the company certainly looks forward to exciting times ahead on our virtually untouched Reefton Goldfield tenement package."

The post 'Spectacular strike': Why this ASX gold share is rocketing 49% higher appeared first on The Motley Fool Australia.

The S&P/ASX 300 Metal & Mining Index (ASX: XMM) has spiked almost 5% this year to date and 10.5% over the past 12 months.

Within this buoyant sector are 2 small-cap mining shares that are outperforming their peers in the ASX resources space.

They are Siren Gold Ltd (ASX: SNG) and Firebird Metals Ltd (ASX: FRB). Take a look at their 5-day returns on the chart below.

Siren Gold Ltd (ASX: SNG) 

Shares in Siren Gold are soaring above 25% today and are currently exchanging hands at 30 cents apiece.

Investors are piling into the gold miner following a company announcement advising it has intersected gold during drilling at its Alexander River project in New Zealand.

As The Motley Fool reported earlier today, "The intercept in the drill hole returning visible gold was comprised of 2-3 metres of strong acicular arsenopyrite, followed by a 0.6 metre quartz vein with significant visible gold".

The price of gold has shot to record highs of US$2,052 per troy ounce in recent days. Traders have since pared gains so now the yellow metal is sitting at US$1,991/t.oz.

With the gold spot and futures both rallying to new heights, investors have been piling into ASX gold shares.

In the past 12 months, Siren shares have tanked by 22% but have soared by almost 15% in the past 30 days.

Siren Gold has a market capitalisation of $23.5 million.

Firebird Metals Ltd (ASX: FRB)

Shares in Firebird Metals are also surging higher today and now trade at 39 cents apiece following a company announcement.

At one point today, Firebird shares were trading more than 20% higher at 39.5 cents each before levelling off a little.

Investors are responding positively to the company advising of a "game changing resource upgrade" at its flagship Oakover project.

Firebird announced it had delivered a 170% increase in resources at the site following completion of a 233-hole reverse circulation (RC) drilling program.

The Oakover resource has grown to 172 Mt @ 9.9% Mn (7% Mn cut-off) from 64 Mt @ 10% Mn", Firebird said. "Importantly 58.7 Mt at 10.4% Mn at the Sixty Sixer deposit is now in the Indicated category."

Now the company has set its next moves following the discovery. Apparently, management has made the decision to pivot the growth strategy.

From here on in, it will "focus on completing key workstreams to assess a larger long-term (20+ years) operation to create a substantial manganese hub".

After listing on the ASX in early 2021, Firebird shares have fallen 30% into the red, but have soared 28% this week.

Firebird has a market capitalisation of $17.73 million.

The post 2 tiny ASX mining shares leaping 20% today appeared first on The Motley Fool Australia.

The ASX gold share minnow closed yesterday at 25 cents and is currently trading for 29 cents.

The 18% gain comes as the All Ordinaries Index (ASX: XAO) is up less than 0.2% at time of writing and the S&P/ASX All Ordinaries Gold Index (ASX: XGD) has dipped into the red, down 0.3%.

While gold prices remained steady overnight at US$1,998 per ounce, bullion has dipped from highs of over US$2,050 per ounce earlier this week.

So, what's driving investor interest in the tiny ASX gold share?

What's driving investor interest in the ASX gold share?

The Siren Gold share price is heading skywards after the company reported it has intersected "significant visible gold" in the deepest hole it's drilled so far at its Alexander River project in New Zealand.

In continuing drilling at the McVicar West location within the project, Siren extended the shoot an additional 200 metres down plunge. That brings the total drilling to 500 metres below the historic McVicar mine, which the company said produced 41,000 ounce of gold at 26 grams per tonne.

The intercept in the drill hole returning visible gold was comprised of "2-3 metres of strong acicular arsenopyrite, followed by a 0.6 metre quartz vein with significant visible gold".

The ASX gold share minnow could also be getting a boost from potentially promising results from other drill holes.

Among those the company reported, "At Bull East AX79 intersected 9 metres of strong acicular arsenopyrite mineralisation, extending the Bull East shoot to 400 metres down plunge.

Siren Gold share price snapshot

Despite today's big boost, the Siren Gold share price remains down 8.1% in 2022. That compares to a year-to-date loss of 6.9% posted by the All Ords.

At the current share price, the ASX gold share minnow has a market cap of approximately $21 million.

The post Why is this ASX gold share minnow rocketing 15% today? appeared first on The Motley Fool Australia.