ASX small-cap gold share Spartan Resources Ltd (ASX: SPR) has ripped 189% higher over the past 12 months.
The gold explorer finished trading at $1.91 per share today, up 0.53% following a market announcement.
Meanwhile, the S&P/ASX All Ordinaries Index (ASX: XAO) finished 0.92% higher on Tuesday following the RBA interest rate decision.
Let's see what Spartan Resources told the market today.
Spartan Resources released an exploration and operations update for its Dalgaranga Gold Project today.
The explorer said its maiden underground drilling program at the West Winds Deposit has confirmed a high-grade shoot at depth.
Over 4,700 metres of underground drilling has been completed at West Winds.
Spartan said the results confirm the high-grade plunge shoot at depth below the current resource estimate.
Latest assay results include:
Spartan also revealed significant new results from in-fill and extensional drilling at the high-grade Pepper Deposit.
Assay results include:
The company said development of the Juniper Decline was advancing on schedule.
So far, more than 1,675 metres of drilling have been completed, with the initial scope on track for completion before 30 June.
Spartan Executive Chair, Simon Lawson, said:
Drilling activities have quickly ramped up and our 2025 exploration campaign is in full swing, with three surface rigs and one underground diamond drill rig operating on site at Dalgaranga.
This reflects our commitment to deliver further growth in our high-grade resource inventory and unlock the next chapter of growth at Dalgaranga above and beyond what will be captured in the upcoming Feasibility Study.
Many of the other ASX gold shares also finished in the green today following a strong session for the gold commodity price.
The S&P/ASX All Ordinaries Gold Index (ASX: XGD) finished up 0.49%.
The gold price is currently at around US$3,145, up 0.79% today and up 8.1% over the past month.
According to Trading Economics, the gold price keeps smashing records due to its safe-haven appeal to investors.
Among the ASX 200 large-cap gold shares, Evolution Mining Ltd (ASX: EVN) shares finished up 1.69% to $7.23 at market close.
Newmont Corporation CDI (ASX: NEM) shares finished 1.06% higher at $77.93.
Among the smaller players, Perseus Mining Ltd (ASX: PRU) shares finished up 1.20% to $3.37.
The Gold Road Resources Ltd (ASX: GOR) share price finished 0.35% higher at $2.90.
Spartan's suitor, Ramelius Resources Ltd (ASX: RMS), finished 0.84% higher at $2.39.
Last month, Ramelius and Spartan Resources announced a takeover deal.
The parties announced they had entered into a binding Transaction Implementation Deed (TID).
Under the TID, Ramelius proposes to buy all issued Spartan Resource shares it does not already own via a scheme of arrangement, or if this is not successful, a conditional off-market takeover offer for the same consideration.
The proposed consideration for Spartan Resources shareholders is 25 cents per share in cash plus 0.6957 new Ramelius shares for each Spartan share held.
The ASX small-cap gold share has risen around 18% since the deal was announced.
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