A little-known ASX mining share is shooting out the lights today.
The All Ordinaries Index (ASX: XAO) is down 0.5% in morning trade on Tuesday. And most of the miners are doing it even tougher, as witnessed by the 1.1% decline in the S&P/ASX 300 Metals & Mining Index (ASX: XMM).
But this ASX mining share leapt 78% in early trade, with shares swapping hands for 89 cents apiece. After some likely profit taking, shares are trading for 73.5 cents at the time of writing, up 47% for the day.
Any guesses?
If you said Southern Cross Gold Ltd (ASX: SXG), go to the head of the virtual class.
Here's why investors are bidding up the Southern Cross Gold share price today.
Image source: Getty Images
Why is this ASX mining share soaring today?
Southern Cross Gold shares are trading today for the first time since 31 August.
The stock entered a trading halt pending an announcement "in relation to material exploration results" at the miner's Sunday Creek Project, located in Victoria.
The ASX mining share released that announcement this morning, and it clearly has investors excited.
The company reported on results from the best hole it's yet drilled at the project, noting "a spectacularly wide and high-grade intersection of gold-antimony mineralisation".
Southern Cross Gold said it considers both gold (AU) and antimony (Sb), which are included in its gold equivalent calculations (AuEq), to have reasonable potential to be recovered at Sunday Creek.
Results from this top hole intersected 404.4 metres at 5.6 grams per tonne of gold equivalent from 374.0 metres (uncut), and it traverses 13 individual high grade vein sets.
Seven intervals have more than 100 g/t Au (up to 2,670 g/t Au); 20 intervals have more than 15 g/t Au; and 20 intervals have more than 5% antimony (up to 55.8% Sb).
The miner reported that visible gold has been noted in multiple individual restricted zones to date.
Commenting on the results sending this ASX mining share rocketing today, managing director Michael Hudson said:
This is the best hole drilled at Sunday Creek, with almost three times more contained gold as our previous best hole. It is also one of the top drill holes drilled globally by any ASX-listed gold company this year…
To have already discovered this many high-grade hits, at this early stage of the discovery history, is an extremely meaningful result.
Southern Cross Gold has four drill rigs operating in ongoing exploration at the project. The miner is awaiting results from numerous other drill holes from the laboratory.
Southern Cross Gold share price snapshot
With today's big intraday boost factored in, this ASX mining share is up 109% over 12 months.
