Gold Digger: Is gold starting its climb back up to the top?
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Gold continues to trend upwards on the back of US dollar’s ongoing weakness and concerns about inflation, so it’s unsurprising that the majority of gold plays on our watchlist have marked gains this week.
The previous metal is currently trading above the $US1,750 ($2,297.6) an ounce mark, with Bloomberg Intelligence expecting a return to “more-enduring upward trajectories in gold and bond prices” as the bounce in crude oil ends.
Commerzbank AG analyst Carsten Fritsch added that gold would be the winner if concerns emerge that the US economy might overheat as a result of the fiscal stimulus.
Meanwhile, Citibank analysts expect gold to average about $US1,800 an ounce this year.
Here’s how ASX-listed gold & silver stocks are performing:
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With the bulls back in the gold game, here are some of the companies that made gains this week.
The two leaders on Stockhead’s watchlist were up on no news.
Colombia-focused Los Cerros is up after making a super thick 582m intercept grading 0.94 grams per tonne (g/t) gold from surface at its Quinchia gold project.
This includes the highest porphyry gold grade of 3.03g/t ever recorded at Tesorito across a 34m interval.
The results highlights the potential for higher grade envelopes extending at depth to the southwest.
The company has completed a research review that highlights potential additional mineralisation at its Marlborough and Manorburn gold projects in New Zealand.
At Marlborough, a series of interpreted ductile shears may have the potential to host old mineralisation that have previously not been tested while down-dip and along strike extensions of the historical Gold Bar mine also remain untested.
At Manorburn the target areas which have been identified are associated with historical anomalous stream sediment and soil samples that coincide with electromagnetic lineaments.
Golden Deeps’ re-analysis of rock samples taken from its Tuckers Hill project in New South Wales have returned high-grades topping up at 15.61g/t gold.
This is up from the previous assay of 9.46g/t gold and further justifies the company’s planned diamond drilling program.
Final assays from the February 2021 drilling campaign at the company’s Mt Dimer mining lease have returned results of up to 23g/t gold and 33g/t silver.
The latest results validate legacy results and significantly extends known mineralisation.
With this data in the bag, the company will now expedite modelling of a JORC resource at the project.