On Monday, the ASX recorded one of its best days ever. The local bourse rallied hard in its final minutes on the government’s monstrous $130bn ‘JobKeeper’ subsidy, designed to keep the economy ticking over during the worst of the COVID-19 pandemic.
Gold stocks benefited from this broad-based uplift. Prior to that announcement we had 72 weekly winners on our list of 143 ASX gold stocks; a few minutes later that had jumped to 92.
The outlook remains good for gold – which loves drama – and bad for the wider market, despite countries promising to pump trillions into their economies to cushion the blow.
“[It is] a colloquial term referring to a short spate of good weather that ‘suckers’ sailors into leaving port just in time for a storm to resume at full force.”
Winners & Losers
Here’s how ASX gold stocks performed for the period March 23 — March 30 [intraday]:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:
Nova has invested $413,000 in the Goldfields explorer, which jumped 100 per cent for the week.
“This strategic investment provides Nova with exposure to over 400sqkm tenement package in the prolific Kalgoorlie Leonora Greenstone Gold Belt regions in Western Australia,” Torian non-exec director Angus Middleton says.
“In turn Torian will greatly benefit from Nova’s technical team’s expertise in unlocking significant value economically.
“Testament to this is Nova’s flagship 2.5-million-ounce Estelle gold project in Alaska with discovery costs reported at under $1 per discovery ounce.”
West African explorer Tietto Minerals (ASX:TIE) has recovered some of its early 2020 losses, and is up 56 per cent on some very good drilling results.
Drilling underneath the 1.38-million-ounce AG deposit has intersected “multiple stacked lodes of high-grade gold mineralisation over good widths”.
“ZDD180 has reported multiple high-grade lodes; 10m at 12.09 grams per tonne (g/t) from 286m and 6m at 9.35g/t from 317m within this structure,” says managing director Dr Caigen Wang.
“In aggregate, these intervals report just under 200 gold gram metres.
“This is a high impact hole that will significantly add to the high-grade core of the AG resource.”
Of the majors, Africa-focused Resolute Mining (ASX:RSG) was the biggest mover, up 34 per cent over the week.
On Thursday, it announced that gold production had not been impacted by government-regulated COVID-19 restrictions so far.
Mining and processing operations are continuing as normal at the Syama mine in Mali and Mako mine in Senegal, “and the company has not amended current production or cost guidance in response to COVID-19”, it said.
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