Top 10 at 10: Gold 50 soars after hitting high-grade gold and silver at Golconda Project

Stockhead’s Top 10 at 10, published at ~10.30am each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data.

It’s a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms.

The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading.

WINNERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

Code	Description	Last	%	Volume	MktCap
TNC	True North Copper	0.21	296%	1,332,954	13,771,597
CLE	Cyclone Metals	0.002	100%	699,999	10,264,505
AJQ	Armour Energy Ltd	0.004	33%	250,000	14,764,026
G50	Gold50 Limited	0.185	32%	53,292	7,972,020
GRE	Greentech Metals	0.56	26%	3,120,507	18,649,766
DTR	Dateline Resources	0.039	22%	13,552,570	25,441,991
HVY	Heavy Minerals	0.12	20%	34,250	3,858,525
DCX	Discovex Res Ltd	0.003	20%	798,997	8,256,420
MRD	Mount Ridley Mines	0.003	20%	170,000	19,462,207
RDN	Raiden Resources Ltd	0.006	20%	12,379,998	10,276,345

Up 290-odd per cent is True North Copper (ASX:TNC), an unfamiliar ticker listed through the shell of Duke Exploration (ASX:DEX).

That gain isn’t quite what it seems. The ‘merger’ comes after a $37.3 million raising at 25c that will see the revival of the Great Australia Complex — mined by Perilya from the mid-80s — in the second half of 2023.

On the winners list today is Gold 50 (ASX:G50) which has reported wide-spaced drilling at the Golconda Project in Arizona. It has intersected high-grade gold-silver mineralisation within several broad mineralised zones including:

35m at 5.2g/t gold and 5.9g/t silver from 176.8m including 9m at 19.5g/t gold and 17.8 g/t silver in GRC06
11m at 1.2g/t gold, 399g/t silver, 0.31% copper and 0.55% zinc from 61.0m and immediately below historic underground workings in GRC03
3m at 2.3g/t gold and 10g/t silver from 24m in GRC 09
2m at 0.6g/t gold and 165g/t silver, 0.44% copper and 0.43% zinc in GRC 10

Gold 50’s managing director Mark Wallace said the results confirm and justify the systematic approach the company has implemented to define drill targets at its flagship Golconda Project.

“The initial drilling program intercepted significant gold and silver mineralisation in several locations and importantly, verified and improved our understanding of the controls to mineralisation, something we believe is key to unlocking the potential of the district,” he said.

LOSERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).

Code	Company	Price	%	Volume	Market Cap
AVW	Avira Resources Ltd	0.002	-33%	33,650,385	$6,401,370
MTH	Mithril Resources	0.001	-33%	2,843	$5,053,207
OPN	Oppen Negotiation	0.022	-27%	186,666	$7,275,899
VAL	Valor Resources Ltd	0.003	-25%	400,416	$15,212,139
FGL	Frugl Group Limited	0.008	-20%	115,000	$9,560,620
BRX	Belararox Limited	0.32	-19%	56,625	$16,167,358
FLX	Felix Group	0.115	-18%	8,000	$21,940,760
MXC	MGC Pharmaceuticals	0.005	-17%	280,000	$20,098,158
LKE	Lake Resources	0.3975	-16%	12,941,793	$675,661,236
LPD	Lepidico Ltd	0.011	-15%	814,937	$99,297,989