Gold Digger: Here’s how 164 Aussie gold stocks performed over the past week
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Spot gold prices broke new records this week, climbing as high as $US1,980/oz before retracing slightly.
That surpasses the previous high set in September 2011. It also represents a scorching ~30 per cent gain since January, as investors continue to hedge their bets against one of the worst global economic downturns on record.
This bullish (some say overheated) gold price environment has lit the fuse under an increasing number of ASX-listed gold stocks, small and large.
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Over the past year, 128 of the 164 gold stocks on our list have made gains; 58 of those by 100 per cent or more.
Of the miners, Evolution Mining (ASX:EVN) +23 per cent, Saracen Mineral Holdings (ASX:SAR) +50 per cent, Silver Lake Resources (ASX:SLR) +74 per cent, Perseus Mining (ASX:PRU) +135 per cent, and Ramelius Resources (ASX:RMS) 135 per cent, have made notable gains over the past year.
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West African explorer Chesser caught the market’s attention this week with some extremely high-grade gold intercepts at the Diamba Sud project in Senegal, including 10m at 25 grams per tonne (g/t).
“Results like this are exceptional and rare,” managing director Mike Brown said.
“Whilst this discovery is still at an early stage, the consistency, high-grade and thickness from near surface is remarkable.”
Manuka, which listed on the ASX last week as the first resources IPO of 2020, is already making waves.
It helps that the small NSW gold producer also has exposure to the silver price.
Manuka recently poured first gold at the Mt Boppy project and plans to start processing the Wonawinta project’s significant silver stockpiles in the June quarter next year.
It wasn’t ‘new’ news, but former vanadium play/shell company Pursuit reminded punters this week that it was running the ruler over a high grade gold-silver-PGM project in Arizona called Buck Mountain.
The deal, first announced on July 17, comes with a non-JORC resource of 1.248 million tonnes grading 6.1g/t for 244,000oz gold.