The Auroch Minerals Ltd (ASX: AOU) share price surged higher today, bringing the November gains to 43%. Here’s why…
The post The Auroch (ASX:AOU) share price rocketed 11% higher today. Here’s why. appeared first on Motley Fool Australia. –
The Auroch Minerals Ltd (ASX: AOU) share price is surging higher again today, up 8.33% in late afternoon trading after an earlier rise of 11%. This comes after the company announced promising results of a second diamond drill test at its Leinster Nickel Project.
Auroch holds a nickel exploration portfolio with its Nepean, Saints and Leinster projects, all located within the Goldfields region of Western Australia.
Today’s surge sees the Auroch share price trading up at a more than 7-year high to 20 cents per share, up 43% so far in November. Year-to-date Auroch’s share price is up 233%.
By comparison the All Ordinaries Index (ASX: XAO) is down 1.3% so far this year.
What’s driving the Auroch share price up today?
Auroch told the ASX this morning that its second diamond drillhole at the Horn (located in its Leinster Nickel Project) had intersected further massive nickel sulphides. This follows on the thick massive to semi-massive nickel sulphide intersection reported from its first test hole at the Horn.
The company said results from the second drill hole reaffirmed the thickness and continuity of the massive nickel-sulphide mineralisation at a fairly shallow depth. Auroch also pointed to the potential for targeting further mineralisation extensions along the strike to the north of its Horn Prospect.
Commenting on the results, Auroch managing director Aidan Platel said:
The drilling at Horn continues to deliver with another impressive nickeliferous massive sulphide intercept in our second hole. Importantly, the intersection has extended the strike of the known nickel sulphide mineralisation, providing a thick intercept where the mineralisation was previously thought to have pinched out.
The thickness and continuity of the massive nickel sulphide mineralisation at such a shallow depth continues to excite, and we look forward to what the remainder of the diamond program and the pending assays results will bring. We are already looking beyond this current program and planning drilling programs to explore the large strike potential to the north of the Horn Prospect.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.