A fresh leg up into +$US2,000/oz territory is coming again very soon for gold, experts say, as investors continue to pour cash into ‘undervalued’ ASX stocks.
This week, the gold price bounced around a narrow range between $US1,930 and $US1,960 per ounce.
Like many others, ANZ analysts believe gold’s recent price consolidation in the $US1,900’s is just a brief stopover on the road to $US2,300/oz (and beyond) in 2021.
Meanwhile, everyone’s hoping to get in on the ground floor of the next multi-bagging cash bonanza.
Punters are piling into new IPOs and bargain gold stocks like minnow Oakdale Resources (ASX:OAR), which recently completed an oversubscribed $2.2m placement at a premium.
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Winners & Losers
Here’s how 178 ASX-listed gold stocks performed for the period September 07 – September 11 [intraday]:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:
Weekly Winners Column
Hey presto! Former lithium play Dark Horse Resources has transformed into diversified gold explorer NewPeak Metals (ASX:NPM).
NewPeak has inked a deal to earn into a number of gold projects in Otago, New Zealand. This includes the Cap Burn project, which displays early stage similarities to the nearby +5-million-ounce Macraes mine.
WA explorer Firefly Resources (ASX:FFY) hit up to 1,439.55 grams per tonne (g/t) gold in maiden drilling at the historic Yalgoo project. This super-high 1m intercept was part of a broader 6m grading 244.91g/t gold, 50m from surface.
More high grades: Ora Gold (ASX:OAU) has intersected near-surface gold up to 794.2g/t at the Garden Gully project in WA. Here’s what that looks like:
Kingsgate Consolidated (ASX:KCN) has the thumbs up to sell “high-value gold and silver sludge” from its Chatree gold mine in Thailand. Kingsgate says the sludge contains about 4,750oz of gold and 34,800oz of silver worth about $14m.
Zenith Minerals (ASX:ZNC) has kicked off a drilling program to follow-up recent high-grade gold hits — including 9m at 31.4g/t — at the Split Rocks project in WA. The hard working ‘project generator’ also inked a deal to acquire the advanced Jackadgery gold project in northern NSW.
Red Mountain Mining (ASX:RMX) has secured the first of three tenements that make up the Koonenberry gold project in north-western NSW.
Koonenberry adjoins the Tibooburra project, where former ‘penny dreadful’ Manhattan Corp (ASX:MHC) made a shallow high-grade gold discovery in June this year.
BBX Minerals (ASX:BBX) has made a breakthrough at its weird gold project in Brazil.
The gold mineralisation at BBX’s Ema and Três Estados properties don’t respond to normal assay techniques, which means the company has been grappling with often high but very variable results.
Now, the company has finally developed a “consistent and repeatable” analytical assay method which allows it to start building a resource model.
MetalsTech (ASX:MTC) reckons that its Sturec gold project in Slovakia is in the crosshairs of “the international mining community, particularly from Chinese strategic groups”.
The former battery metals microcap recorded the biggest one-day gain for an ASX stock in 2019 after announcing that it had signed an option agreement to acquire the 1.1-million-ounce project.
MetalsTech is currently drilling to follow up a spectacular historic intersection of 89m grading 6.9g/t gold and 23.6g/t silver, 114m from surface. That’s insane.
The post Gold Digger: Here’s how 178 ASX gold stocks measured up this week appeared first on Stockhead.
Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.