Much of the time, the best value on the ASX is realised at the smaller end of the market, where hidden gems lie in wait of a little polish. Here, we take a look at a couple of gold companies which could be poised to shine in 2021, including one from guest selector Tolga Kumova.

Carnavale Resources (ASX:CAV) – 0.007c

Carnavale is currently following up three areas of significant gold anomalism at its Kookynie gold project near Leonora in the Goldfields, having recently completed a first pass ~6500m aircore drilling program underbudget and on time.

The rigs are booked for March at Kookynie, which sits along strike and adjacent to Nex Metals’ and Metalicity’s high-grade Leipold, McTavish, Cosmopolitan and Champion deposits – some seriously handy neighbours to have.

Speaking earlier this month on the release of the first pass drilling results from Kookynie, chairman Ron Gajewski said the company planned to fast-track exploration at the project – meaning regular newsflow could well be on the horizon.

“We are very pleased by the string gold results received in the three new target areas and have a drill rig lined up to start finding the limits of these new anomalies,” he said.

CAV may be one to add to the watchlist.

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CAV on the ground at Kookynie. Pic: Company supplied.



Golden State Mining (ASX:GSM) 0.14c

Speaking of good neighbours, Golden State Mining’s Yule gold project in the Mallina Basin sits next door to De Grey Mining’s company-making Hemi discovery – one of the stories of 2020.

It’s nearology which alongside Yule’s potential contributed to a significant share price spike for GSM mid-last year, and the company has put hard work into two phases of exploration spanning 28,000m which set it up perfectly to tackle Yule in a new campaign starting next month.

That drilling will incorporate 2500m of follow up gold reverse circulation and diamond drilling of targets delivered last year. It will also include 1500m work of RC drilling planned to target lithium mineralisation at Yule.

In July, GSM plans to drill a large, 15,000m phase three aircore campaign with a focus to finding more targets and building on the good work carried out in 2020.

For a company which currently has a market capitalisation sub-$10 million, the work lined up is sure to pique the interest of small cap investors and the broader market.

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Golden State says it is just scratching the surface of the potential at its Yule project in the Mallina Basin. Pic: Supplied.

Considering this company is also currently mining tailings at its Cue project, GSM could well be a hidden gem lying in wait.


Tolga’s tip – Aston Minerals (ASX:ASO) – 0.032c

Known in a past life as European Cobalt, Aston’s main game is the Edleston gold project in Canada.

Last week, the company announced a maiden 5000m drilling program designed to test some serious targets, including one where previous intersections came in at 5.3m at 81 grams per tonne gold.

That’s some serious potential. It’s little wonder the company has the attention of small cap tycoon Tolga Kumova, who put it forward when asked by Stockhead for a Bargain Barrel tip.

Edleston sits in serious gold company, surrounded by some of the world’s most prolific yellow metal projects.

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Aston’s landholding sits amongst giants in Canada. Pic: Supplied

It’s not the first time Tolga has waxed lyrical on ASO’s potential – he also put the name up in conversation with Stockhead in January.

“There are big targets, they could be lifechanging – if it hits, it’s going to make a difference,” he said at the time.

With rigs now on-site, there will be plenty of eyes watching Tolga’s tip as 2021 progresses.

At Stockhead, we tell it like it is. While Golden State Mining is a Stockhead advertiser, it did not sponsor this article.