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Why the Aston Minerals (ASX:ASO) share price leapt 85% on open

The Aston Minerals (ASX:ASO) share price is rocketing today, opening 85% higher. Let’s look at the ASX gold explorer’s latest drill results.
The post Why the Aston Minerals (ASX:ASO) share price leapt 85% on open appeared first on The Motley Fool Australia. –

miniature rocket breaking out of golden egg representing rocketing share price

Aston Minerals Ltd (ASX: ASO) shares are rocketing today, up 59% in midday trade. The Aston share price closed yesterday at 3.4 cents and opened this morning at 6.4 cents, leaping 85% higher before partially retracing.

We take a look at the ASX gold explorer’s latest drill results below.

What did the company report?

The Aston Minerals share price is surging after the company reported the diamond drilling program at its Edleston Project in Ontario, Canada had intersected visible gold.

This is Aston’s maiden drilling program at Edleston, and the visible gold was struck on its third drill hole from 362 metres. In total, Aston has so far drilled 1,320 metres across the three holes. The company said to date it has drill-tested roughly one kilometre of the total ten kilometres strike length at Edleston.

Commenting on the drill results, Aston Minerals managing director Dale Ginn said:

The early success of the program through hitting visible gold veinlets in the third hole, 200 metres along strike to the east of the main Edleston body of mineralisation, provides us with a high degree of confidence of both the scale of the mineralisation and the methodology of targeting.

The mineralisation was directly targeted based on the IP chargeability anomalies. The effective strike length tested by drilling consists of only 1km out of a 10km of strike within the project.

Ginn said the company would provide additional updates as new data from its drilling program comes in. New assay results are expected within the next few weeks.

Aston Minerals share price snapshot

With today’s intraday gains factored in, the Aston Minerals share price is up by more than 400% over the past 12 months. By comparison, the All Ordinaries Index (ASX: XAO) is up by around 17% for the full year.

So far in 2021, Aston Minerals shares have leapt by around 28%.

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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 leapt 85% on open appeared first on The Motley Fool Australia.

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