A little-known microcap ASX gold stock is off to the races today.
The rocketing junior miner in question is Mithril Silver and Gold Ltd (ASX: MTH).
The Mithril share price closed yesterday at 20.5 cents. As we head into the Friday lunch hour, shares are swapping hands for 31.7 cents apiece, up 54.6%.
For some context, the All Ordinaries Index (ASX: XAO) is up 0.5% at this same time.
Now, you won't hear shareholders complaining about today's gains. But investors who bought the microcap stock last Wednesday, 11 September, will be really cheering.
The Mithril share price closed last Wednesday at 9.2 cents. That means those lucky or well-informed investors who bought the ASX gold stock on the day are looking at whopping gains of 244.6% in just seven trading days.
Boom!
While these are the kinds of rapid, outsized gains most investors dream of, it's important to remember that, along with the potential for big gains, investing in ASX microcap shares also carries significantly more risk.
With that said, here's what's got investors excited today.
Image source: Getty Images
ASX gold stock flying higher on drill results
The Mithril share price is going through the roof after the company reported promising drill results at its Copalquin District project, located in Durango State in Mexico.
The ASX gold stock said the drill hole drilled into a structure on the eastern side of its Target 1 area returned the highest-grade intercept drilled at the project to date, citing 1,180 grams per tonne of gold equivalent per metre.
Results from the drill hole included:
- 00m @31.8 g/t gold, 274 g/t silver from surface, including
- 00m @ 144 g/t gold, 1,162 g/t silver from 18m including
- 00m @ 495 g/t gold, 3,765 g/t silver from 20m plus including
- 00m @ 26.9 g/t gold, 201 g/t silver from 28m
Commenting on the results sending the ASX gold stock soaring today, Mithril CEO John Skeet said, "Hole CDH-159 is a globally significant >1,000 g/t AuEq x metre drill hole at the maiden resource Target 1 area where we aim to [double] the resource in Q1 2025."
Skeet added:
The intercept includes a zone of lower grade material from surface plus a very high-grade zone from 16 metres down hole, including the typical bonanza gold and silver grades that are a hallmark of this important mining district.
With the exceptional dill results combined with our recent LiDAR survey, district access road upgrade works and development of the district geologic model, Copalquin continues to progress as another significant gold-silver district in Mexico's prolific Sierra Madre Trend.
Assays are pending for a second drill hole along the strike. Drilling is currently in progress on the western side of the Target 1 resource area.
With today's intraday gains factored in, the ASX gold stock is up 62% over 12 months.
