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Gold Digger: Extraordinary $/oz forecasts look realistic as economic outlook deteriorates
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A weekly recap of the news driving ASX small cap gold stocks.
Bank of America has raised its 18-month gold price target to $US3,000/oz ($4725) – 75 per cent higher than today’s ~$US1,725/oz.
With an official recession looming, monetary authorities are poised to buy record amounts of financial assets and double the sizes of their balance sheets, the firm said.
In March alone, G-7 central banks bought up nearly $US1.4 trillion of assets to calm panicked markets. The policies will place outsized pressure on currencies, and, in turn, drive massive interest in gold and its scarcity.
“…Governments are increasing their spending like never before during peacetime,” Bank of America’s Michael Widmer writes.
“Investment demand has correlated strongly with gold prices in recent years, and we expect precisely this group of buyers to drive gold prices higher.”
Kitco News also quoted TD Securities as saying that gold could hit $US1,900 per ounce in three months due to “continued growth in investment demand amid massive and prolonged unconventional bank stimulus”.
Winners & Losers
Here’s how ASX gold stocks performed for the period April 17 — 24 [intraday]:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:
| CODE | NAME | 1 WEEK RETURN % | 1 YEAR RETURN % | SHARE PRICE [Intraday Friday] | MARKET CAP |
|---|---|---|---|---|---|
| OKR | OKAPI RESOURCES | 136 | -21 | 0.13 | $ 4,325,144.00 |
| ONX | ORMINEX | 63 | -55 | 0.065 | $ 32,885,232.00 |
| GSM | GOLDEN STATE MINING | 56 | 59 | 0.155 | $ 4,761,406.00 |
| MSR | MANAS RESOURCES | 50 | -25 | 0.003 | $ 6,607,906.00 |
| BYH | BRYAH RESOURCES | 46 | -53 | 0.038 | $ 2,925,341.25 |
| OAU | ORA GOLD | 46 | 138 | 0.019 | $ 12,276,487.00 |
| MDI | MIDDLE ISLAND RESOURCES | 44 | 86 | 0.0135 | $ 21,183,338.00 |
| MTH | MITHRIL RESOURCES | 40 | 0 | 0.006 | $ 3,432,724.50 |
| VKA | VIKING MINES | 40 | -22 | 0.007 | $ 2,196,025.00 |
| BNR | BULLETIN RESOURCES | 35 | 178 | 0.05 | $ 7,171,723.00 |
| DAU | DAMPIER GOLD | 32 | 26 | 0.029 | $ 7,139,580.00 |
| A1G | AFRICAN GOLD | 31 | -43 | 0.1 | $ 7,262,500.00 |
| DTM | DART MINING | 28 | -47 | 0.064 | $ 3,347,432.75 |
| MLL | MALI LITHIUM | 28 | -64 | 0.063 | $ 15,232,709.00 |
| PGI | PANTERRA GOLD | 27 | 47 | 0.028 | $ 5,268,824.50 |
| TNR | TORIAN RESOURCES | 23 | 14 | 0.016 | $ 5,175,142.00 |
| HRZ | HORIZON MINERALS | 22 | -26 | 0.085 | $ 37,596,940.00 |
| ARV | ARTEMIS RESOURCES | 22 | -46 | 0.031 | $ 26,775,306.00 |
| ADN | ANDROMEDA METALS | 21 | 700 | 0.039 | $ 56,036,876.00 |
| DGR | DGR GLOBAL | 21 | -44 | 0.075 | $ 42,922,732.00 |
| CXU | CAULDRON ENERGY | 20 | 14 | 0.024 | $ 8,278,376.50 |
| WWI | WEST WITS MINING | 20 | 50 | 0.012 | $ 11,250,372.00 |
| WAF | WEST AFRICAN RESOURCES | 20 | 100 | 0.605 | $ 461,433,280.00 |
| CWX | CARAWINE RESOURCES | 19 | 76 | 0.22 | $ 16,226,463.00 |
| E2M | E2 METALS | 19 | -51 | 0.076 | $ 6,982,103.50 |
| GBR | GREAT BOULDER RESOURCES | 18 | -61 | 0.033 | $ 5,605,067.50 |
| CDT | CASTLE MINERALS | 17 | 0 | 0.007 | $ 1,660,618.88 |
| HMX | HAMMER METALS | 17 | -36 | 0.022 | $ 11,735,447.00 |
| AUT | AUTECO MINERALS | 16 | 450 | 0.039 | $ 45,490,000.00 |
| SIH | SIHAYO GOLD | 15 | 7 | 0.015 | $ 29,368,780.00 |
| PRU | PERSEUS MINING | 15 | 166 | 1.1475 | $ 1,232,298,496.00 |
| RMS | RAMELIUS RESOURCES | 13 | 60 | 1.2 | $ 919,129,472.00 |
| CYL | CATALYST METALS | 13 | 23 | 2.67 | $ 189,519,184.00 |
| RRL | REGIS RESOURCES | 13 | -2 | 4.58 | $ 2,139,439,744.00 |
| MML | MEDUSA MINING | 13 | 56 | 0.615 | $ 110,130,976.00 |
| ERM | EMMERSON RESOURCES | 12 | -4 | 0.073 | $ 31,864,040.00 |
| CMM | CAPRICORN METALS | 12 | 215 | 1.335 | $ 405,101,568.00 |
| TAR | TARUGA MINERALS | 11 | -75 | 0.01 | $ 3,245,348.50 |
| MAU | MAGNETIC RESOURCES NL | 11 | 158 | 0.8 | $ 165,912,848.00 |
| EMR | EMERALD RESOURCES NL | 11 | 18 | 0.47 | $ 219,457,344.00 |
| GBZ | GBM RESOURCES | 10 | 25 | 0.075 | $ 15,752,669.00 |
| ARS | ALT RESOURCES | 10 | -8 | 0.023 | $ 12,755,802.00 |
| NAG | NAGAMBIE RESOURCES | 10 | -20 | 0.044 | $ 21,497,090.00 |
| OKU | OKLO RESOURCES | 9 | 67 | 0.305 | $ 134,609,248.00 |
| AQI | ALICANTO MINERALS | 8 | 91 | 0.065 | $ 15,454,626.00 |
| GMR | GOLDEN RIM RESOURCES | 8 | -46 | 0.007 | $ 8,577,855.00 |
| RML | RESOLUTION MINERALS | 8 | 137 | 0.135 | $ 25,691,712.00 |
| FML | FOCUS MINERALS | 8 | 2 | 0.265 | $ 48,428,368.00 |
| BDC | BARDOC GOLD | 8 | 56 | 0.071 | $ 89,325,768.00 |
| SLZ | SULTAN RESOURCES | 8 | 25 | 0.07 | $ 3,333,771.00 |
| SPX | SPECTRUM METALS | 8 | 536 | 0.14 | $ 194,469,552.00 |
| SLR | SILVER LAKE RESOURCES | 7 | 153 | 1.955 | $ 1,610,114,688.00 |
| AOP | APOLLO CONSOLIDATED | 7 | 4 | 0.235 | $ 59,201,028.00 |
| GUL | GULLEWA | 7 | 60 | 0.048 | $ 7,445,909.00 |
| LEX | LEFROY EXPLORATION | 7 | -16 | 0.16 | $ 16,077,879.00 |
| BGL | BELLEVUE GOLD | 6 | 6 | 0.6 | $ 375,128,448.00 |
| CDV | CARDINAL RESOURCES | 6 | -1 | 0.39 | $ 185,009,072.00 |
| NXM | NEXUS MINERALS | 5 | -30 | 0.042 | $ 4,966,103.50 |
| AME | ALTO METALS | 5 | 103 | 0.065 | $ 19,656,044.00 |
| CHN | CHALICE GOLD MINES | 4 | 740 | 1.065 | $ 283,660,512.00 |
| EVN | EVOLUTION MINING | 4 | 63 | 5.13 | $ 8,505,025,536.00 |
| TBR | TRIBUNE RESOURCES | 4 | 49 | 6 | $ 323,815,200.00 |
| KRM | KINGSROSE MINING | 3 | -33 | 0.029 | $ 20,440,206.00 |
| NST | NORTHERN STAR RESOURCES | 3 | 60 | 13.36 | $ 9,413,420,032.00 |
| PRX | PRODIGY GOLD NL | 3 | -61 | 0.035 | $ 19,160,710.00 |
| WGX | WESTGOLD RESOURCES | 3 | 50 | 2.2 | $ 827,792,896.00 |
| BCN | BEACON MINERALS | 3 | 89 | 0.036 | $ 102,910,776.00 |
| DCN | DACIAN GOLD | 3 | -70 | 0.38 | $ 164,006,224.00 |
| TLM | TALISMAN MINING | 3 | -15 | 0.076 | $ 14,183,757.00 |
| TIE | TIETTO MINERALS | 2 | 61 | 0.265 | $ 87,006,640.00 |
| PDI | PREDICTIVE DISCOVERY | 2 | 622 | 0.067 | $ 42,316,536.00 |
| STN | SATURN METALS | 1 | 100 | 0.35 | $ 29,458,688.00 |
| MOH | MOHO RESOURCES NL | 1 | -7 | 0.07 | $ 4,121,511.50 |
| AAR | ANGLO AUSTRALIAN RESOURCES | 0 | 69 | 0.14 | $ 60,357,200.00 |
| AGS | ALLIANCE RESOURCES | 0 | -3 | 0.09 | $ 13,863,450.00 |
| ALY | ALCHEMY RESOURCES | 0 | -28 | 0.012 | $ 6,055,768.00 |
| ANL | AMANI GOLD | 0 | 0 | 0.002 | $ 13,668,993.00 |
| AUC | AUSGOLD | 0 | -26 | 0.014 | $ 15,486,794.00 |
| AVW | AVIRA RESOURCES | 0 | -75 | 0.001 | $ 1,125,000.00 |
| AWV | ANOVA METALS | 0 | -35 | 0.008 | $ 5,972,479.50 |
| BAR | BARRA RESOURCES | 0 | -53 | 0.013 | $ 8,351,220.50 |
| BC8 | BLACK CAT SYNDICATE | 0 | 114 | 0.39 | $ 30,725,560.00 |
| BLK | BLACKHAM RESOURCES | 0 | -12 | 0.0105 | $ 104,279,416.00 |
| BSR | BASSARI RESOURCES | 0 | -24 | 0.013 | $ 31,040,814.00 |
| CAI | CALIDUS RESOURCES | 0 | 21 | 0.29 | $ 56,892,600.00 |
| CTO | CITIGOLD CORP | 0 | -33 | 0.004 | $ 9,684,693.00 |
| DGO | DGO GOLD | 0 | 186 | 2 | $ 83,106,408.00 |
| DTR | DATELINE RESOURCES | 0 | -20 | 0.002 | $ 16,420,156.00 |
| GWR | GWR GROUP | 0 | -26 | 0.07 | $ 17,828,736.00 |
| KGM | KALNORTH GOLD MINES | 0 | -25 | 0.003 | $ 2,682,720.25 |
| KWR | KINGWEST RESOURCES | 0 | -3 | 0.15 | $ 17,676,280.00 |
| MAT | MATSA RESOURCES | 0 | -21 | 0.115 | $ 22,691,736.00 |
| MEU | MARMOTA | 0 | 131 | 0.036 | $ 31,279,510.00 |
| MKG | MAKO GOLD | 0 | -57 | 0.044 | $ 4,474,023.50 |
| MLS | METALS AUSTRALIA | 0 | -50 | 0.001 | $ 3,207,352.75 |
| RGL | RIVERSGOLD | 0 | -67 | 0.008 | $ 1,978,029.75 |
| RXL | ROX RESOURCES | 0 | 118 | 0.024 | $ 34,990,732.00 |
| SFM | SANTA FE MINERALS | 0 | -42 | 0.05 | $ 3,640,939.50 |
| SMI | SANTANA MINERALS | 0 | 0 | 0.003 | $ 8,051,836.50 |
| SAR | SARACEN MINERAL HOLDINGS | 0 | 68 | 4.36 | $ 4,510,823,936.00 |
| RND | RAND MINING | -1 | -22 | 1.7 | $ 102,252,408.00 |
| DEG | DE GREY MINING | -2 | 281 | 0.32 | $ 343,411,776.00 |
| KCN | KINGSGATE CONSOLIDATED | -2 | 59 | 0.43 | $ 96,146,024.00 |
| TAM | TANAMI GOLD NL | -2 | 0 | 0.042 | $ 49,354,076.00 |
| SBM | ST BARBARA | -2 | -18 | 2.55 | $ 1,687,427,072.00 |
| TRY | TROY RESOURCES | -2 | -7 | 0.08 | $ 49,300,972.00 |
| NCM | NEWCREST MINING | -3 | 16 | 28.6 | $ 21,083,686,912.00 |
| NWM | NORWEST MINERALS | -3 | -2 | 0.16 | $ 13,414,429.00 |
| SVL | SILVER MINES | -3 | 107 | 0.085 | $ 73,880,784.00 |
| GSN | GREAT SOUTHERN MINING | -4 | 29 | 0.045 | $ 16,030,197.00 |
| AMG | AUSMEX MINING GROUP | -5 | -68 | 0.042 | $ 21,342,132.00 |
| BRB | BREAKER RESOURCES | -5 | -51 | 0.195 | $ 38,167,812.00 |
| HRN | HORIZON GOLD LIMITED | -5 | 29 | 0.2 | $ 13,775,511.00 |
| GOR | GOLD ROAD RESOURCES | -6 | 81 | 1.685 | $ 1,411,940,480.00 |
| NUS | NUSANTARA RESOURCES | -6 | 22 | 0.22 | $ 42,245,700.00 |
| HAW | HAWTHORN RESOURCES | -7 | 86 | 0.135 | $ 42,460,028.00 |
| PUA | PURE ALUMINA | -7 | -55 | 0.012 | $ 2,439,369.00 |
| VAN | VANGO MINING | -7 | -32 | 0.12 | $ 100,854,680.00 |
| ARL | ARDEA RESOURCES | -7 | -31 | 0.25 | $ 28,152,104.00 |
| SAU | SOUTHERN GOLD | -7 | -13 | 0.135 | $ 13,751,095.00 |
| GML | GATEWAY MINING | -8 | -8 | 0.012 | $ 14,735,776.00 |
| VMC | VENUS METALS CORP | -8 | 22 | 0.175 | $ 25,683,376.00 |
| RSG | RESOLUTE MINING | -8 | -24 | 0.915 | $ 908,918,976.00 |
| KTA | KRAKATOA RESOURCES | -8 | 18 | 0.032 | $ 6,562,500.00 |
| NVA | NOVA MINERALS | -9 | 207 | 0.044 | $ 44,090,692.00 |
| TTM | TITAN MINERALS | -9 | -72 | 0.061 | $ 44,987,372.00 |
| CGN | CRATER GOLD MINING | -9 | -23 | 0.01 | $ 9,819,967.00 |
| RED | RED 5 | -11 | 86 | 0.205 | $ 307,047,488.00 |
| CY5 | CYGNUS GOLD | -11 | -28 | 0.035 | $ 2,115,783.50 |
| BBX | BBX MINERALS | -13 | -67 | 0.105 | $ 43,820,876.00 |
| LNY | LANEWAY RESOURCES | -13 | -77 | 0.0035 | $ 11,160,198.00 |
| TSC | TWENTY SEVEN CO | -14 | 50 | 0.006 | $ 7,431,604.50 |
| BRV | BIG RIVER GOLD | -15 | 15 | 0.024 | $ 28,995,264.00 |
| GMN | GOLD MOUNTAIN | -16 | -28 | 0.049 | $ 33,175,820.00 |
| AYR | ALLOY RESOURCES | -17 | -50 | 0.015 | $ 3,365,280.50 |
| GNM | GREAT NORTHERN MINERALS | -17 | -80 | 0.006 | $ 2,168,349.00 |
| ARM | AURORA MINERALS | -19 | 37 | 0.013 | $ 3,045,465.50 |
| AAJ | ARUMA RESOURCES | -20 | -67 | 0.002 | $ 1,773,534.75 |
| TMX | TERRAIN MINERALS | -20 | 0 | 0.004 | $ 2,892,644.00 |
| ALK | ALKANE RESOURCES | -20 | 196 | 0.705 | $ 397,322,816.00 |
| NES | NELSON RESOURCES | -23 | -66 | 0.027 | $ 1,584,652.88 |
| GED | GOLDEN DEEPS | -29 | -83 | 0.005 | $ 1,403,042.75 |
| DHR | DARK HORSE RESOURCES | -33 | -60 | 0.002 | $ 4,928,792.50 |
Small Cap Highlights:
OKAPI RESOURCES (ASX:OKR) +136%
On March 10, Okapi decided against acquiring an equity stake in the Tendao gold project in the DRC after completing its due diligence and following “discussions on the proposed transaction with major shareholders”.
The shell company – which is now up 225 per cent over the past month for no obvious reason – has been “actively evaluating other gold project acquisition opportunities in Australia, Africa and further afield” since then.
GOLDEN STATE MINING (ASX:GSM) +56%
Golden State Mining says it will boost the scale of an initial drilling program at Yule South — 15km from De Grey’s (ASX:DEG) Hemi discovery — to better test at least five priority targets.
More details on the expanded drilling program will be announced once it is finalised, says the explorer, which has also submitted an application for co-funding from the Western Australian government’s Exploration Incentive Scheme (EIS).
READ: Coziron, DGO and Golden State launch new drilling programs as the Mallina gold province heats up
MANAS RESOURCES (ASX:MSR) +50 %
Manas’ Mbengué gold project (MGP) in Côte d’Ivoire is close to some really big operations, like Barrick’s 4.5moz Tongon mine and Resolute’s 11.5moz Syama mine.
The first part of a 4,000m shallow augur drilling campaign – interrupted by COVID-19 — has now defined two big mineralised zones at least 1.5km long, the explorer says. Best individual assays include 2m at 23.6g/t, 2m at 9.1g/t, and 2m at 6.7g/t.
While further drilling is being planned, the company will be forced to sit on its hands until “current Covid-19 pandemic restrictions” in Côte d’Ivoire are lifted.
MIDDLE ISLAND RESOURCES (ASX: MDI) +44%
Middle Island acquired the advanced Sandstone project (including a processing plant) in mid 2016, with an initial plan to recommence production in 2017.
That didn’t happen, as subsequent studies showed that the known resources wouldn’t have provided a return.
The plan turned towards building a decent resource inventory so a project restart would make economic sense.
After a few slow years, the aspiring gold developer is now building some momentum in 2020 with a big, and so far successful, drilling program.
Middle island has defined two new deposits at Sandstone in the past couple of weeks alone, with latest results at the McIntyre prospect including 24m at 1.66g/t.
