Pic: Tyler Stableford / Stone via Getty Images
Gold Digger: Investors — stick to safe harbours and beware the ‘sucker hole’
Mining
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On Monday, the ASX recorded one of its best days ever. The local bourse rallied hard in its final minutes on the government’s monstrous $130bn ‘JobKeeper’ subsidy, designed to keep the economy ticking over during the worst of the COVID-19 pandemic.
Gold stocks benefited from this broad-based uplift. Prior to that announcement we had 72 weekly winners on our list of 143 ASX gold stocks; a few minutes later that had jumped to 92.
The outlook remains good for gold – which loves drama – and bad for the wider market, despite countries promising to pump trillions into their economies to cushion the blow.
“If you’ve spent any time ocean fishing, you’re probably aware of the term ‘sucker hole’,” AxiCorp’s chief market strategist Stephen Innes said.
“[It is] a colloquial term referring to a short spate of good weather that ‘suckers’ sailors into leaving port just in time for a storm to resume at full force.”
Winners & Losers
Here’s how ASX gold stocks performed for the period March 23 — March 30 [intraday]:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:
| CODE | NAME | PRICE [intraday Friday] | 1 YEAR RETURN % | 1 WEEK RETURN % | MARKET CAP |
|---|---|---|---|---|---|
| PDI | PREDICTIVE DISCOVERY | 0.068 | 611 | 1180 | $ 30,370,854.00 |
| ARM | AURORA MINERALS | 0.015 | 69 | 167 | $ 3,045,465.50 |
| A1G | AFRICAN GOLD | 0.088 | -58 | 110 | $ 5,461,400.00 |
| CHN | CHALICE GOLD MINES | 1.005 | 673 | 78 | $ 283,660,512.00 |
| TNR | TORIAN RESOURCES | 0.013 | -7 | 63 | $ 4,435,836.00 |
| RML | RESOLUTION MINERALS | 0.13 | 107 | 60 | $ 20,278,536.00 |
| NVA | NOVA MINERALS | 0.048 | 213 | 57 | $ 41,014,600.00 |
| PUA | PURE ALUMINA | 0.014 | -59 | 56 | $ 3,104,651.50 |
| AYR | ALLOY RESOURCES | 0.015 | -50 | 50 | $ 3,883,016.00 |
| CDT | CASTLE MINERALS | 0.006 | -14 | 50 | $ 1,423,387.63 |
| DHR | DARK HORSE RESOURCES | 0.003 | -57 | 50 | $ 7,393,189.00 |
| AQI | ALICANTO MINERALS | 0.06 | 62 | 46 | $ 13,681,144.00 |
| TSC | TWENTY SEVEN CO | 0.007 | 75 | 40 | $ 8,917,925.00 |
| DTM | DART MINING | 0.05 | -58 | 39 | $ 3,157,955.25 |
| BRV | BIG RIVER GOLD | 0.027 | 35 | 35 | $ 34,267,128.00 |
| ANL | AMANI GOLD | 0.002 | 0 | 33 | $ 12,270,899.00 |
| CTO | CITIGOLD CORP | 0.004 | -20 | 33 | $ 9,684,693.00 |
| DEG | DE GREY MINING | 0.37 | 291 | 30 | $ 327,314,368.00 |
| GML | GATEWAY MINING | 0.013 | -7 | 30 | $ 17,415,008.00 |
| TSO | TESORO RESOURCES | 0.059 | 110 | 28 | $21,400,000.00 |
| AAJ | ARUMA RESOURCES | 0.0025 | -58 | 25 | $ 1,418,827.75 |
| ONX | ORMINEX | 0.045 | -73 | 25 | $ 19,407,678.00 |
| TMX | TERRAIN MINERALS | 0.005 | 67 | 25 | $ 2,892,644.00 |
| SAU | SOUTHERN GOLD | 0.135 | -6 | 23 | $ 14,851,182.00 |
| AAR | ANGLO AUSTRALIAN RESOURCES | 0.14 | 61 | 22 | $ 62,678,632.00 |
| HRZ | HORIZON MINERALS | 0.07 | -42 | 22 | $ 29,443,388.00 |
| MAT | MATSA RESOURCES | 0.11 | -21 | 21 | $ 24,960,910.00 |
| GOR | GOLD ROAD RESOURCES | 1.74 | 95 | 20 | $ 1,535,100,416.00 |
| RXL | ROX RESOURCES | 0.024 | 118 | 20 | $ 36,448,680.00 |
| TRY | TROY RESOURCES | 0.082 | -4 | 17 | $ 52,461,292.00 |
| OKR | OKAPI RESOURCES | 0.055 | -68 | 17 | $ 1,982,357.63 |
| AUC | AUSGOLD | 0.014 | -26 | 17 | $ 15,486,794.00 |
| FML | FOCUS MINERALS | 0.25 | -6 | 17 | $ 44,773,400.00 |
| HAW | HAWTHORN RESOURCES | 0.14 | 112 | 17 | $ 44,093,108.00 |
| VAN | VANGO MINING | 0.14 | -18 | 17 | $ 104,578,808.00 |
| SLR | SILVER LAKE RESOURCES | 1.8 | 139 | 17 | $ 1,566,122,496.00 |
| AOP | APOLLO CONSOLIDATED | 0.23 | -4 | 16 | $ 57,855,552.00 |
| MKG | MAKO GOLD | 0.044 | -59 | 16 | $ 4,474,023.50 |
| BNR | BULLETIN RESOURCES | 0.037 | 106 | 16 | $ 6,633,843.50 |
| TIE | TIETTO MINERALS | 0.26 | 41 | 16 | $ 96,772,696.00 |
| KWR | KINGWEST RESOURCES | 0.15 | -6 | 15 | $ 18,895,334.00 |
| ALK | ALKANE RESOURCES | 0.87 | 271 | 14 | $ 516,229,632.00 |
| NCM | NEWCREST MINING | 29.34 | 17 | 14 | $ 22,545,160,192.00 |
| BBX | BBX MINERALS | 0.12 | -64 | 14 | $ 45,473,088.00 |
| MML | MEDUSA MINING | 0.52 | 35 | 14 | $ 113,247,896.00 |
| WGX | WESTGOLD RESOURCES | 2.08 | 43 | 13 | $ 835,790,912.00 |
| EMR | EMERALD RESOURCES | 0.42 | 6 | 13 | $ 197,012,832.00 |
| BCN | BEACON MINERALS | 0.035 | 88 | 13 | $ 100,052,144.00 |
| GUL | GULLEWA | 0.045 | 50 | 13 | $ 6,980,539.50 |
| HMX | HAMMER METALS | 0.02 | -38 | 13 | $ 11,176,616.00 |
| MDI | MIDDLE ISLAND RESOURCES | 0.009 | 0 | 13 | $ 17,652,782.00 |
| NST | NORTHERN STAR RESOURCES | 13.05 | 46 | 12 | $ 9,635,435,520.00 |
| CAI | CALIDUS RESOURCES | 0.29 | 16 | 12 | $ 64,943,440.00 |
| SBM | ST BARBARA | 2.49 | -17 | 11 | $ 1,771,798,400.00 |
| RSG | RESOLUTE MINING | 0.9525 | -20 | 11 | $ 1,034,560,256.00 |
| WAF | WEST AFRICAN RESOURCES | 0.51 | 57 | 11 | $ 457,080,160.00 |
| DGO | DGO GOLD | 2.3 | 186 | 10 | $ 80,018,672.00 |
| BLK | BLACKHAM RESOURCES | 0.011 | -8 | 10 | $ 109,245,096.00 |
| OKU | OKLO RESOURCES | 0.29 | 53 | 10 | $ 118,078,288.00 |
| GMN | GOLD MOUNTAIN | 0.06 | -11 | 9 | $ 32,525,314.00 |
| GSN | GREAT SOUTHERN MINING | 0.051 | 34 | 9 | $ 14,360,385.00 |
| CWX | CARAWINE RESOURCES | 0.19 | 32 | 9 | $ 14,681,085.00 |
| BRB | BREAKER RESOURCES | 0.195 | -51 | 8 | $ 46,264,016.00 |
| SPX | SPECTRUM METALS | 0.13 | 420 | 8 | $ 187,266,976.00 |
| GBZ | GBM RESOURCES | 0.068 | 13 | 8 | $ 15,577,670.00 |
| GWR | GWR GROUP | 0.07 | -26 | 8 | $ 17,828,736.00 |
| MAU | MAGNETIC RESOURCES | 0.7 | 133 | 8 | $ 145,173,728.00 |
| TAM | TANAMI GOLD | 0.042 | 2 | 8 | $ 49,354,076.00 |
| EVN | EVOLUTION MINING | 4.84 | 46 | 7 | $ 8,419,758,080.00 |
| BDC | BARDOC GOLD | 0.065 | 44 | 7 | $ 92,117,192.00 |
| CMM | CAPRICORN METALS | 1.155 | 178 | 6 | $ 396,934,176.00 |
| TLM | TALISMAN MINING | 0.074 | -14 | 6 | $ 13,810,500.00 |
| SAR | SARACEN MINERAL HOLDINGS | 4.22 | 67 | 6 | $ 4,797,575,680.00 |
| VMC | VENUS METALS CORP | 0.19 | 17 | 6 | $ 27,949,556.00 |
| CXU | CAULDRON ENERGY | 0.02 | 0 | 5 | $ 7,149,507.00 |
| E2M | E2 METALS | 0.064 | -68 | 5 | $ 5,879,666.50 |
| KCN | KINGSGATE CONSOLIDATED | 0.44 | 69 | 5 | $ 104,063,936.00 |
| SVL | SILVER MINES | 0.088 | 125 | 5 | $ 79,157,984.00 |
| ARV | ARTEMIS RESOURCES | 0.024 | -59 | 5 | $ 24,715,668.00 |
| STN | SATURN METALS | 0.345 | 77 | 5 | $ 29,458,688.00 |
| RMS | RAMELIUS RESOURCES | 1.11 | 44 | 4 | $ 870,001,600.00 |
| BGL | BELLEVUE GOLD | 0.52 | -4 | 4 | $ 378,538,720.00 |
| MOH | MOHO RESOURCES | 0.083 | -17 | 4 | $ 3,925,249.00 |
| AME | ALTO METALS | 0.06 | 55 | 3 | $ 17,895,800.00 |
| ADN | ANDROMEDA METALS | 0.035 | 450 | 3 | $ 48,572,852.00 |
| MEU | MARMOTA | 0.037 | 131 | 3 | $ 31,279,510.00 |
| PRU | PERSEUS MINING | 1 | 127 | 3 | $ 1,214,777,728.00 |
| AMG | AUSMEX MINING GROUP | 0.044 | -65 | 2 | $ 23,476,344.00 |
| RRL | REGIS RESOURCES | 4.04 | -17 | 2 | $ 2,083,539,840.00 |
| TBR | TRIBUNE RESOURCES | 5.85 | 42 | 1 | $ 314,702,144.00 |
| BC8 | BLACK CAT SYNDICATE | 0.385 | 120 | 1 | $ 33,671,848.00 |
| GSM | GOLDEN STATE MINING | 0.1 | 2 | 1 | $ 3,259,731.75 |
| ALY | ALCHEMY RESOURCES | 0.011 | -18 | 0 | $ 6,055,768.00 |
| ARS | ALT RESOURCES | 0.021 | -23 | 0 | $ 12,148,383.00 |
| AVW | AVIRA RESOURCES | 0.001 | -67 | 0 | $ 2,250,000.00 |
| BSR | BASSARI RESOURCES | 0.013 | -24 | 0 | $ 31,040,814.00 |
| BYH | BRYAH RESOURCES | 0.026 | -60 | 0 | $ 2,622,719.75 |
| CGN | CRATER GOLD MINING | 0.011 | -21 | 0 | $ 13,502,455.00 |
| DAU | DAMPIER GOLD | 0.022 | -4 | 0 | $ 5,235,692.00 |
| DTR | DATELINE RESOURCES | 0.002 | -20 | 0 | $ 16,420,156.00 |
| DGR | DGR GLOBAL | 0.07 | -54 | 0 | $ 38,017,276.00 |
| GMR | GOLDEN RIM RESOURCES | 0.006 | -54 | 0 | $ 7,352,446.00 |
| GBR | GREAT BOULDER RESOURCES | 0.028 | -69 | 0 | $ 3,736,711.75 |
| GNM | GREAT NORTHERN MINERALS | 0.006 | -76 | 0 | $ 2,168,349.00 |
| KGM | KALNORTH GOLD MINES | 0.003 | -25 | 0 | $ 2,682,720.25 |
| KRM | KINGSROSE MINING | 0.029 | -36 | 0 | $ 21,170,214.00 |
| LNY | LANEWAY RESOURCES | 0.004 | -69 | 0 | $ 16,740,297.00 |
| MSR | MANAS RESOUCES | 0.002 | -50 | 0 | $ 5,286,325.00 |
| MLS | METALS AUSTRALIA | 0.001 | -50 | 0 | $ 3,207,352.75 |
| MTH | MITHRIL RESOURCES | 0.005 | -17 | 0 | $ 3,432,724.50 |
| NXM | NEXUS MINERALS | 0.04 | -32 | 0 | $ 4,729,622.50 |
| OAU | ORA GOLD | 0.013 | 63 | 0 | $ 8,399,702.00 |
| PGI | PANTERRA GOLD | 0.022 | 16 | 0 | $ 4,293,116.50 |
| RED | RED 5 | 0.235 | 76 | 0 | $ 328,469,376.00 |
| RGL | RIVERSGOLD | 0.008 | -67 | 0 | $ 1,978,029.75 |
| SFM | SANTA FE MINERALS | 0.05 | -39 | 0 | $ 3,640,939.50 |
| SMI | SANTANA MINERALS | 0.003 | -25 | 0 | $ 8,051,836.50 |
| SIH | SIHAYO GOLD | 0.013 | -7 | 0 | $ 27,271,010.00 |
| TAR | TARUGA MINERALS | 0.009 | -75 | 0 | $ 2,920,813.50 |
| TTM | TITAN MINERALS | 0.067 | -71 | 0 | $ 51,087,356.00 |
| VKA | VIKING MINES | 0.005 | -44 | 0 | $ 1,568,589.25 |
| WWI | WEST WITS MINING | 0.01 | 11 | 0 | $ 10,312,841.00 |
| MLL | MALI LITHIUM | 0.043 | -72 | -2 | $ 14,280,665.00 |
| NWM | NORWEST MINERALS | 0.165 | 21 | -3 | $ 13,833,630.00 |
| RND | RAND MINING | 1.715 | -23 | -3 | $ 103,154,632.00 |
| HRN | HORIZON GOLD | 0.19 | 23 | -5 | $ 15,306,123.00 |
| CDV | CARDINAL RESOURCES | 0.36 | -14 | -5 | $ 190,009,312.00 |
| CYL | CATALYST METALS | 2.1 | 2 | -5 | $ 182,103,216.00 |
| PRX | PRODIGY GOLD NL | 0.033 | -62 | -6 | $ 20,902,594.00 |
| NUS | NUSANTARA RESOURCES | 0.235 | 27 | -6 | $ 43,205,828.00 |
| NAG | NAGAMBIE RESOURCES | 0.04 | -33 | -7 | $ 21,497,090.00 |
| NES | NELSON RESOURCES | 0.035 | -59 | -8 | $ 1,954,405.25 |
| ARL | ARDEA RESOURCES | 0.28 | -28 | -8 | $ 32,257,620.00 |
| AWV | ANOVA METALS | 0.008 | -30 | -9 | $ 6,891,323.00 |
| LEX | LEFROY EXPLORATION | 0.15 | -21 | -12 | $ 16,077,879.00 |
| BAR | BARRA RESOURCES | 0.014 | -53 | -13 | $ 8,351,220.50 |
| GED | GOLDEN DEEPS | 0.007 | -80 | -13 | $ 1,964,259.88 |
| ERM | EMMERSON RESOURCES | 0.07 | -13 | -13 | $ 29,739,772.00 |
| SLZ | SULTAN RESOURCES | 0.07 | 18 | -13 | $ 3,095,644.50 |
| AGS | ALLIANCE RESOURCES | 0.09 | -1 | -14 | $ 13,863,450.00 |
| CY5 | CYGNUS GOLD | 0.035 | -17 | -15 | $ 2,798,294.25 |
| KTA | KRAKATOA RESOURCES | 0.036 | 44 | -23 | $ 8,750,000.00 |
| DCN | DACIAN GOLD | 0.365 | -73 | -57 | $ 114,213,640.00 |
SMALL CAP MOVERS
Alaskan explorer Nova Minerals (ASX:NVA) sees something in minnow Torian Resources (ASX:TNR).
Nova has invested $413,000 in the Goldfields explorer, which jumped 100 per cent for the week.
“This strategic investment provides Nova with exposure to over 400sqkm tenement package in the prolific Kalgoorlie Leonora Greenstone Gold Belt regions in Western Australia,” Torian non-exec director Angus Middleton says.
“In turn Torian will greatly benefit from Nova’s technical team’s expertise in unlocking significant value economically.
“Testament to this is Nova’s flagship 2.5-million-ounce Estelle gold project in Alaska with discovery costs reported at under $1 per discovery ounce.”
West African explorer Tietto Minerals (ASX:TIE) has recovered some of its early 2020 losses, and is up 56 per cent on some very good drilling results.
Drilling underneath the 1.38-million-ounce AG deposit has intersected “multiple stacked lodes of high-grade gold mineralisation over good widths”.
“ZDD180 has reported multiple high-grade lodes; 10m at 12.09 grams per tonne (g/t) from 286m and 6m at 9.35g/t from 317m within this structure,” says managing director Dr Caigen Wang.
“In aggregate, these intervals report just under 200 gold gram metres.
“This is a high impact hole that will significantly add to the high-grade core of the AG resource.”
READ: Barry FitzGerald — Why Tietto could be in the sights of the growth-hungry gold producers
Of the majors, Africa-focused Resolute Mining (ASX:RSG) was the biggest mover, up 34 per cent over the week.
On Thursday, it announced that gold production had not been impacted by government-regulated COVID-19 restrictions so far.
Mining and processing operations are continuing as normal at the Syama mine in Mali and Mako mine in Senegal, “and the company has not amended current production or cost guidance in response to COVID-19”, it said.
READ: The African economic boom is coming, but the time for investment is right now
