A little-known ASX mining share is setting the bar high today.

In morning trade, the All Ordinaries Index (ASX: XAO) is up a healthy 0.38%.

But this mining stock is leaving those gains in the dust.

Any guesses?

If you said Rox Resources Ltd (ASX: RXL), give yourself a gold star.

Rox Resources entered a trading halt on Friday pending today's announcement.

The gold miner's shares closed Thursday trading for 14.5 cents each. This morning, the Rox Resources share price shot as high as 23.5 cents, up a whopping 62%. At the time of writing, it remains up an impressive 48% at 21.5 cents a share.

Here's what's driving investor interest in the ASX mining share today.

ASX mining share rockets on bonanza gold strike

The Rox Resources share price is off to the races after the company reported some very promising initial drilling results. Those come from the reverse circulation (RC) and diamond drilling (DD) programs at its Youanmi Gold Project, located in Western Australia.

The announcement was made in conjunction with its joint venture partner, Venus Metals Corp Ltd (ASX: VMC). The Venus Metals share price is up 11% on the news.

The ASX mining shares reported that the first of a series of holes at Youanmi returned continuous bonanza grades in RC drilling.

The release highlights results of 28 metres at 34.81grams of gold per tonne from 204 metres including:

• 18m @ 51.96g/t from 207m, including;
• 10m@ 79.55g/t from 211m, including;
• 3m @ 138.07g/t from 218m

The miner said the results open up a new near-mine area for exploration and potential high-grade resource growth. With the true widths currently unconstrained, follow-up drilling is planned to determine the orientation and dip direction of the discovery.

Commenting on the initial drill results sending the ASX mining share soaring today, Rox Resources managing director Robert Ryan said:

Youanmi South is just 250 metres from the Youanmi main open pit, yet historical drilling was largely restricted to the weathered zone so true geology has been unconstrained.

The exceptional grade and continuous high-grade tenor of the intersection in an area previously untested by drilling is cause for cautious optimism whilst we determine orientation of the mineralised zone.

Rox Resources share price snapshot

With today's big intraday leap factored in, the ASX mining share is up 19% in 2023. As you can see in the chart below, over the past 12 months the Rox Resources share price remains down 51%.

The post Guess which ASX mining share just leapt 62% on a 'bonanza gold' find appeared first on The Motley Fool Australia.

The Rox Resources Limited (ASX: RXL) share price is soaring today after the small-cap ASX miner reported more high gold grades at Youanmi.

At the time of writing, Rox Resources shares have jumped 17.74% to 7.3 cents after rallying as much as 29.03% in morning trade.

Rox Resources is an emerging Australian minerals exploration company, with advanced gold and nickel projects in Australia.

The company owns a 70% interest in the Youanmi Gold Mine, and wholly-owns the Mt Fisher Gold Project, Fisher East Nickel Project and Colluabbie Nickel Project, all located in Western Australia.

Why is the Rox Resources share price spiking?

This morning, Rox Resources reported further high-grade gold results from the drilling program underway at the Grace prospect at Youanmi.

Rox stated that shallow infill drilling has returned more high gold grades, including:

• 4 metres at 88.81 grams per tonne (g/t) gold from 27 metres, including:
  • 2 metres at 176.03 g/t gold from 28 metres;
• 11 metres at 18.75 g/t gold from 8 metres, including:
  • 3 metres at 61.27 g/t gold from 10 metres; and
• 9 metres at 9.28 g/t gold from 9 metres, including:
  • 2 metres at 33.53 g/t gold from 11 metres.

These results relate to reverse circulation drilling designed to tighten drill spacing on the shallow high-grade part of the emerging Grace prospect to facilitate resource estimation.

Commenting on the results, managing director Alex Passmore said:

"These strong infill results are extremely encouraging and endorse our interpretation for Grace. The results, along with outstanding RC assays, will be complemented by upcoming diamond drilling to facilitate a maiden resource estimate, which we are aiming to have completed later this year."

Recent developments

Today's announcement follows another promising ASX release last week which saw the Rox Resources share price more than double.

The release also related to the drilling program being undertaken at the Grace prospect, with the deepest drilling completed to date returning impressive gold grades. This included 25 metres at 34.79 g/t gold from 143 metres, including 6 metres at 140.7 g/t gold from 150 metres.

With a share price of 7.3 cents at the time of writing, Rox Resource's market capitalisation currently stands at around $145 million. With today's rise, the Rox Resources share price has now rocketed 192% since the beginning of last week.

The post Rox Resources share price soars 18% after reporting further high-grade gold appeared first on The Motley Fool Australia.