Expectations Run High for Aston Minerals Share Price Spikes (ASX:ASO)

Expectations Run High for Aston Minerals Share Price Spikes (ASX:ASO)

The small-capped gold and base metals explorer Aston Minerals Ltd [ASX:ASO] share price has jumped big time today, thanks to news from its maiden drilling program in Canada.

Visible gold intersected at the Edleston Gold Project in Ontario sent the ASO share price up 67.65%, or 2.3 cents, to trade at 5.7 cents per share.

ASX ASO Share Price Chart - Aston Minerals Ltd Shares

Source: Trading View

ASO, which has been in a trading halt since Monday, saw its shares rally in June when it announced the acquisition of the Edleston Gold Project.

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Now, roughly nine months later, Edleston is causing quite a stir again.

Visible gold sends speculators wild

ASO today announced that diamond drilling has intersected veinlets of visible gold within the third drill hole of the maiden drilling program.

Although assays are still pending, the presence of visible gold seems to have sent speculative investors into a frenzy today.

ASX ASO Share Price - Aston Minerals Ltd Shares

Source: Aston Minerals

The explorer said coarse visible gold as veinlets intersected at Edleston in the third drill hole from 362m.

With a broader 12m interval containing extensive quartz veining with pyrite-pyrrhotite and occasionally visible gold.

Managing Director Dale Ginn commented:

The early success of the program through hitting visible gold veinlets in the third hole, 200m along strike to the east of the main Edleston body of mineralisation, provides us with a high degree of confidence of both the scale of the mineralisation and the methodology of targeting.

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But without seeing any hard results, what has some investors rushing into ASO?

The presence of visible gold could indicate some very high-grade gold mineralisation once assays are returned in the coming weeks.

Although visible gold has only been found in the third hole of the program, ASO has plans for 15.

It appears some are betting on the explorer hitting more of the same quality gold.

ASO said quartz veining and pyrite-pyrrhotite were intersected in all three drill holes.

Meaning the geology appears to correlate well with projected target intervals.

The ASO share price in a few weeks

ASO said we can expect assays in the coming weeks.

Meaning we’ll soon see whether these early bets have paid off.

The current plan at Edleston is to drill 15 holes for 5,000m.

Thus far three have been completed for 1,320m, with an average of 42m per shift.

So, progress is quite slow.

Previous drilling at the site has returned a result of 5.4m at 81.4 grams of gold per tonne.

With the current drill program aiming to extend the mineralised trend at Edleston, should results return similar high-grade intervals we could see the ASO share price continue its upward trend.

Be wary though, if not the share price could just as easily flop.

If you are looking to get into gold, one way to get exposure is to buy stocks like ASO. However, these types of stocks can be inherently risky — like I’ve just mentioned. Another play is to buy physical gold. For a step-by-step guide on how to buy physical gold, you can check out Shae Russell’s ‘Best Way to Buy, Sell, and Store Gold’ here, for free.

Kind regards,

 

Lachlann Tierney,
For The Daily Reckoning Australia