ASX All Ords gold share Ausgold Ltd (ASX: AUC) is charging higher today.
Ausgold shares closed yesterday trading for 94 cents. In early afternoon trade on Tuesday, shares are changing hands for 97 cents apiece, up 3.2%.
For some context, the All Ordinaries Index (ASX: XAO) is up 0.6% at this same time.
The ASX All Ords gold share looks to be catching tailwinds on two fronts today.
First, the gold price is up 0.7% overnight to US$4,773 per ounce. This comes amid news that the US and Iran may return to the negotiating table.
Investors are also buying Ausgold shares today after the miner released a promising exploratory drilling update.
Here's what we know.
ASX All Ords gold share lifts on high-grade results
Before market open this morning, Ausgold reported on assay results from extensional and in-fill drilling within the Central Zone at its 100%-owned Katanning Gold Project (KGP), located in Western Australia.
The drill results stem from the ASX All Ords gold share's current 54,000 metre reverse circulation (RC) and diamond drilling (DD) campaign. 46,717 metres of that campaign, comprising of 328 holes, have been completed to date.
Ausgold is targeting resource growth at KGP, supporting potential for future reserve conversion and improving the company's confidence in early mine life areas. The miner is also targeting new discoveries across its 3,000 square kilometre tenure.
While the miner is still waiting for the results of some 15,349 metres of drill holes, today it revealed it had received results with "significant intercepts" from 77 RC and diamond drill-holes.
Among the top results, the ASX All Ords gold share reported 11 metres at 7.88 grams of gold per tonne from 99 metres, including 2 metres at 41.25 grams of gold per tonne from 100 metres.
As second hole returned 21 metres @ 3.27g/t from 105 metres, including 14 metres @ 4.69g/t from 110 metres.
What did Ausgold management say?
Commenting on the results helping to boost the ASX All Ords gold share today, Ausgold executive chairman John Dorward said, "The ongoing drilling campaign continues to deliver exceptional results across multiple fronts at the Katanning Gold Project."
Dorward added, "The consistency of high-grade results from both in-fill and extensional drilling continues to strengthen the Katanning growth story."
Looking to what ASX investors might expect ahead, Dorward said:
With extensions of the mineralisation confirmed beneath the DFS Update pits and outside current reserves, we see a clear opportunity to grow the production base and extend mine life, while simultaneously optimising the early years of production.
With regional drilling at Nanicup Bridge now complete, we are looking forward to reporting results from this exciting satellite project along with the balance of results from the KGP.
The post Why investors are buying this ASX All Ords gold share today appeared first on The Motley Fool Australia.
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Scott Phillips.
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