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”.

READ: Gold Digger — Bullish sentiment is rewarding exciting exploration stories, not just the big discoveries

The AUD (orange) and USD (yellow) gold price over the past 3 months.

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.