Why the Aston Minerals (ASX:ASO) share price is surging 6% today

The Aston Minerals share price is surging 6% higher today. We look at the latest from the ASX gold share.
The post Why the Aston Minerals (ASX:ASO) share price is surging 6% today appeared first on The Motley Fool Australia. –

The Aston Minerals Ltd (ASX: ASO) share price is surging today. At the time of writing, the Aston Minerals share price is trading at 16 cents, up 6.45%. 

Below we take a look at what’s driving investor interest in the ASX gold share.

What did Aston Minerals report to spark investor interest?

Aston Minerals’ share price is rocketing after the company reported it has mobilised a second diamond drill rig at its Edleston Gold Project in Ontario, Canada.

The second rig will commence drilling along the northern repetition of Aston’s Edleston Main Prospect. Previous drill holes have yielded results of 116.1 metres at 2.59g/t Au from 196.1 metres. These results also include 1 metre at 90g/t Au from 220 metres and 4 metres at 31.07g/t Au.

The company also reported additional positive results from its ongoing review and validation of historical data across the Northern Edleston Zone acquired from former consultants at the site.

To date, Aston Minerals has completed 14 holes for 5,635 metres of drilling. Results for these samples are pending.

Management commentary

Commenting on the deployment of the second rig, managing director, Dale Ginn said:

The second diamond drill rig arriving to site provides us with the capacity to rapidly expand our exploration footprint across two discrete target areas at once. The Northern Edleston Zone appears to be a significant repetition of the body of mineralisation identified at the Edleston Main Zone. Based on the drilling to date, it appears that the transported cover sequence across Northern Edleston Zone is shallower than that of Edleston Main Zone.

Through interpreting the IP geophysics across the Northern Edleston Zone target, it appears that the chargeability anomaly extends in an arc like shape for approximately 900 metres of strike.

So far only 4 drill test holes have targeted this area. Additionally, the company reported that each hit substantial mineralisation.

Ginn also notes that “with the 3D inverted IP chargeability data we have the capacity to directly target the mineralisation.”

Aston Minerals released its quarterly activity report on Friday, 30 April. You can find that here.

Aston Minerals share price snapshot

You won’t hear Aston Minerals shareholders complaining about the company’s performance over the past 12 months. Especially with shares up an eye-popping 750%. That compares to a gain of 35% on the All Ordinaries Index (ASX: XAO).

The Aston Minerals share price has continued to be a stellar performer in 2021, with shares up 325 % year-to-date.

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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. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Aston Minerals (ASX:ASO) share price is surging 6% today appeared first on The Motley Fool Australia.

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