The Siren Gold Ltd (ASX: SNG) share price is rocketing higher on Thursday.
At one stage today, the gold explorer's shares were up as much as 49% to a 52-week high of 52 cents.
The Siren Gold share price has pulled back a touch since then but remains up 27% to 44.5 cents currently.
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Why is the Siren Gold share price rocketing higher?
Investors have been bidding the Siren Gold share price higher today following the release of an update on exploration activities.
According to the release, diamond drillhole AX84 intersected significant visible gold in the deepest hole drilled to date at its Alexander River project. This "spectacular" strike extends the McVicar West shoot to ~ 500m down plunge and the shoot remains open at depth.
How good is this drilling result?
The release notes that RSC Consulting tracks drillhole intersections for companies listed on the Australian Stock Exchange.
RSC has advised that drillhole AX84 would rank just outside the top 10 for ASX listed companies in 2021 when all metals are considered but would rank in the top 10 for gold. In 2022 year to date, AX84 currently ranks as the third best gold intersection.
Siren's Managing Director, Brian Rodan, was very pleased with the news and believes it demonstrates the potential of the Alexander River project. He said:
"It is certainly very gratifying for the Company and the Siren Gold Site Team to achieve a spectacular bonanza hit in AX84, as it is not often that you see a 2.5m @ 11.5 oz / t intersection in the modern era.
The Company believes this intersection provides additional credence to our long-held belief that the deeper we drill at Alexander River the more visible gold we will intersect and the same holds true for our Big River, St George, and Lyell projects.
Siren Gold is currently progressing a significant amount of work at its Reefton gold project and with the commencement of our third rig at Big River the company certainly looks forward to exciting times ahead on our virtually untouched Reefton Goldfield tenement package."
