Resources Top 5: ASX gold juniors dazzle up the charts

Mithril stocks continue to rise, >500% since September 9 on bonanza Mexican gold
New Age Exploration on fire as Phase 2 drilling at its Wagyu stake is on the plate
Golden Deeps finds more copper with similar geological aspects to Newmont’s Cadia in the Lachlan Fold Belt

Here are the biggest small cap resources winners in morning trade, Monday, September 23. Prices accurate at time of writing.

Mithril Silver and Gold (ASX:MTH)

(Up on Friday’s news)

MTH is continuing its stock price run with impressive news coming out on Friday last week from its Copalquin gold project in Mexico – which it doesn’t even own yet.

It needs to pay US$10m by August 7 2028, which seems like plenty of time to raise the funds to purchase the project where exploration is turning out bonanza grades of thick mineralisation in the world’s largest silver-producing country.

Drill results showed an impressive 7m at 144g/t gold and 1162g/t silver from a down-hole depth of just 18m, forming part of a broader 33m intersection at 31.8g/t gold and 274g/t silver from surface at its El Refugio target within the landholding.

In case you just skim-read that, 33m of ridiculously high-grade gold from surface is… ridiculously good – not to mention its high-grade silver lining.

The explorer noted it’s on track to 2X Copalquin’s 529,000oz at 6.81g/t gold resource during Q1 next year and is supported by a conceptual underground mining study that was put together back in 2022.

Recently completed LiDAr surveys have identified more targets across the 70km2 concession area, where 100 historic underground gold-silver mines and workings, plus 198 surface working and pits, were identified through historical data.

MTH said “it’s clear the Copalquin District is developing into another significant gold-silver district like the many other districts in this prolific Sierra Madre gold-silver Trend of Mexico”.

“These districts can host 1–5Moz gold plus 50–100+Moz silver,” added the company.

Shares in the Central American explorer are being heavily traded and up almost 26% today, adding to its impressive >500% climb up the charts since September 9 prices of 9c to swap tickets for 46c at time of writing.

Golden Deeps (ASX:GED)

Lachlan Fold Belt explorer GED has made another splash after news broke about an 80m-thick high-grade copper intersection from its Havilah project, which sent the share price nuclear.

It dipped on news of a subsequent $1.78m capital raising, yet shares are back up today after announcing a bigger 92m sulphide hit that extends the Hazelbrook copper zone at Havilah.

Copper grades of up to 3.6% were discovered using a handheld pXRF reader, and while those visual readings are no substitute for lab analysed confirmation of grades, they bode well for future exploration work.

The intersection of another thick zone of sulphide mineralisation in [hole] HVD004, including patches of copper sulphides, extends the Hazelbrook mineralised zone 200m to the northeast of the 80m sulphide intersection in HVD003.

“Previous soil sampling, currently being infilled and extended, indicates that the mineralised zone at Hazelbrook extends over at least 1km of strike,” noted the company.

Based on results so far, GED reckons it’s on top of a large porphyry-sulphide system with similar geological characteristics to major deposits in the Lachlan Fold Belt such as Newmont’s Cadia-Ridgeway gold operation which produced 597,000oz last year.

The region is enjoying a flurry of new discoveries and M&A activity, where mining majors are looking to commit up to $300m across a number of prospective projects.

Lab results are pending and the launching of a new drill program are on the cards for the copper-gold hunter.

Shares in GED rose >13% today to trade at 4.3c.

New Age Exploration (ASX:NAE)

NAE’s early exploration drilling at its Wagyu gold project in WA’s Pilbara is gaining attention as the junior plans to drill ~4300m as part of a Phase 2 program that’s continuing to test high-priority targets, including potential ‘Hemi-style’ intrusive systems just 9km along strike from De Grey Mining (ASX:DEG) ~10.5Moz Hemi gold deposit.

The AC drilling is testing additional gold targets that were identified from geophysics surveys and are following up on Phase 1 geological observations.

Phase 1 itself was completed between July and September across gold targets on the eastern side of the project with >7640m drilled across 156 holes, which are currently being assayed for gold and multi-elements, with expected by the end of the month.

“While we eagerly await the assay results from Phase 1, expected by the end of the month, we remain encouraged by the geology and look forward to advancing our search for gold with the upcoming drill and sample program,” said NAE exec director Joshua Wellisch.

RC drilling is planned for October and November to test mineralisation at depth.

Shares in NAE are up 25%, trading at half a cent.

Errawarra Resources (ASX:ERW)

(Up on no news)

Recon samples from ERW’s Pinderi Hills lithium project saw investors focus on the junior back late August and that’s the last news we’ve heard from the company.

It identified a new large lithium soil footprint with trends of up to 3km-long within a 6km2 area that showed up to 228ppm Li2O.

News on planned follow-up exploration is expected across the find and several other targets within Pindari Hills.

Shares have shot up over 31% today for the now $8m market-capped junior to trade at 9.5c.

Macro Metals (ASX:M4M)

(Up on Friday’s news)

Iron-ore focused M4M, backed and chaired by mining mogul Tolga Kumova, had a program of works approved for its Goldsworthy East project in WA’s Pilbara.

The junior aims to complete a minimum of 30 holes in its maiden campaign for between 6000-8000m in an area of the tenure that showed 58-65% Fe in rock chips.

Interestingly, Goldsworthy East is 1.8km along strike from the historical Mt Goldsworthy iron ore project where BHP (ASX:BHP) churned out 55Mt at 63.5% Fe up until 1982.

Shares in the explorer are up almost 16% today, trading at 2.2c.

At Stockhead we tell it like it is. While New Age Exploration and Mithril Silver and Gold are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.