ASX All Ords gold stock Ausgold Ltd (ASX: AUC) is slipping today.
Ausgold shares closed yesterday trading for $1.160. In early morning trade on Tuesday, shares are swapping hands for $1.155 apiece, down 0.4%.
For some context, the All Ordinaries Index (ASX: XAO) is down 0.3% at this same time.
Despite today's modest dip, the Ausgold share price is up a whopping 145.7% over 12 months, racing ahead of the 10.8% one-year gains posted by the All Ords.
Now, here's what's grabbing investor interest today.
ASX All Ords gold stock expanding its drill campaign
This morning Ausgold reported on a promising new batch of exploratory drill results.
The ASX All Ords gold stock has been actively drilling at its 100%-owned Katanning Gold Project, located in Western Australia.
The latest assay results from the ongoing drilling program stem from another 79 reverse circulation (RC) drill holes totalling 11,369 metres from the Central and Southern Zones of the project.
Ausgold said it hit broad and high-grade intercepts from the resource extension and in-fill drilling campaign.
Top results included 14 metres at 3.91 grams of gold per tonne from 41 metres, including 9 metres @ 5.42g/t from 45 metres.
The ASX All Ords gold stock also revealed that metallurgical diamond drilling within the early mine schedule confirmed locally higher grades than previously interpreted.
Among those top results, Ausgold reported 8.0 metres @ 9.54g/t from 90 metres, including 5.8 metres @ 13.15g/t from 90 metres.
Ausgold has now completed 33,588 metres of drilling at Katanning, encompassing 232 holes. The miner is still waiting for the results from around 12,000 metres of that program. On the heels of this success, management said the program has been expanded to 54,000 metres.
The company currently has four rigs (three RC and one diamond) operating at the project. An additional diamond rig is expected to arrive on site shortly.
What did management say?
Commenting on the results reported by the ASX All Ords gold stock today, Ausgold executive chairman John Dorward said, "These latest results from the Central and Southern Zones continue to reinforce the scale and continuity of the mineralised system at the Katanning Gold Project."
Dorward added:
The decision to expand the program to 54,000 metres reflects our confidence in the opportunity in front of us. With an additional diamond rig now mobilising to site – increasing the total to five rigs – and multiple growth fronts now active across Jinkas, Jackson, White Dam and Datatine, we are deliberately accelerating drilling to unlock further Resource growth.
The post Up 146% in a year, ASX All Ords gold stock reports new 'high grade intercepts' appeared first on The Motley Fool Australia.
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