Gold Digger: ASX gold stocks gain an average 117pc in 12 months
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Despite running out of puff in August and September the gold price is still up ~29 per cent over the past 12 months.
These 191 miners and explorers have ridden the high price environment to an incredible 117 per cent average share price gain over the same period.
That’s a huge amount of value creation for shareholders.
And sentiment remains high. At the risk of repeating ourselves, the next ‘leg up’ could only be a matter of time.
Great quote from @bulldogholmes: “I’ve already seen numerous headlines questioning whether this is the end of the #gold rally. Hardly. Corrections such as this are normal and healthy. They’re a part of gold’s DNA of volatility.” The 20 year gold chart illustrates this clearly. pic.twitter.com/vQVZVtP6GB
— Gavin Wendt (@MineLifeReport) October 1, 2020
This week, 106 stocks went up, 52 went down, and 33 didn’t move for an average gain of four per cent.
Here’s how 191 ASX-listed gold stocks performed September 28 – October 2 [intraday].
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:
With the help of Australia’s national science agency, the CSIRO, Navarre Minerals (ASX:NML) has identified several new tier 1 deposit ‘look-a-likes’ at the Stawell Corridor gold project in Victoria.
“Our Stawell Corridor gold project contains at least seven potential ‘Magdala’ analogues in a 70km long tenement package south of and on-strike of Stawell’s 4moz Magdala gold mine,” Navarre managing director Ian Holland says.
The cashed up explorer is drilling these targets right now.
US explorer Alderan Resources (ASX:AL8) is hunting for ‘Carlin-like’ deposits — also known as ‘the elephants of the gold world’.
In mid-October, Alderan will drill the Mizpah prospect in Utah where “gold associated geochemistry is very typical of Carlin-like mineral systems”.
Alderan has enjoyed a good run of late. Last month, hefty JV partner Rio Tinto (ASX:RIO) hit 41m at 1.9 per cent copper and 0.62 grams per tonne (g/t) gold at the Cactus Canyon prospect, part of the Frisco project in Utah.
Rio can earn up to 70 per cent in the project from Alderan by spending $US30m on exploration.
Small cap gold and base metals miner Red River Resources (ASX:RVR) is now debt free after repaying a $US6m working capital facility from operating cashflows.
Last year, Red River acquired the high-grade 692,000oz Hillgrove gold mine in NSW for about $4m.
The $88m market cap stock remains on track for first gold production by the end of the year.