ASX mining share Aldoro Resources Ltd (ASX: ARN) leapt out of the gates on Thursday with a 51% gain.
The Aldoro Resources share price ascended quickly to 28 cents per share shortly after the market open.
This represents a 51.35% improvement on yesterday's closing price of 18.5 cents.
The ASX mining share is currently trading at 23 cents, up 21.6% for the day.
What's got investors so excited?
Image source: Getty Images
ASX mining share soars on big nickel discovery
Aldoro Resources released an update on its Nardnee mining operations this morning.
The miner reported additional preliminary results from its third planned diamond hole, which is targeting an Induced Polarisation (IP) geophysical anomaly.
The drill hole revealed a 40-metre thick anomalous high grade nickel mineralisation.
Four other drill holes reported varying amounts of nickel at shallow depths of less than one metre.
The company said the five drill holes indicated the mining zone is open to the north, south, and west.
It has named the discovery the 'Area 32 Nickel Discovery'.
The company will dispatch samples for a final Ni-PGE-Co assay.
Aldoro said it will now move its RC drilling rig approximately 3.4 km to the southwest to investigate a similar nickel anomaly.
Nickel is used in stainless steel production but also has many green energy applications.
Nickel, lithium, and graphite are used in the manufacture of electric vehicle (EV) batteries.
Who is Aldoro?
Aldoro Resources is an ASX mineral explorer with a portfolio of critical minerals projects encompassing rare earths, lithium, rubidium, and base metals, all located in Western Australia.
Narndee is the company's flagship project. It is prospective for nickel, copper, and platinum group elements (PGE).
The ASX mining share is up 29.4% in the year to date and down 15.4% over the past 12 months.
