Gold Digger: Quality small cap stories are still being rewarded by investors
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The cooling gold price is reflected in the performance of ASX-listed gold stocks. Of the 177 on our list, 92 will probably end the week in negative territory.
But there’s no need to panic, yet. So far this barely makes a dent in the heady share price gains enjoyed by miners and explorers in recent months.
And when it comes to sentiment, this week’s major winners show that investors are still keen to reward good stories.
Here’s how ASX-listed gold stocks performed for the period August 24-28 [intraday]:
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Previous exploration at the Monument gold project (MGP) has highlighted multiple untouched targets, the explorer says.
It also comes with a handy 50,000oz resource.
Mithril has hit high-grade gold and silver in the first two holes of maiden drilling at the Copalquin project in Mexico.
The highlight drill intercept at the La Soledad area was 3m at 34.72 grams per tonne (g/t) gold and 3,129g/t silver, 112m from surface.
Copalquin contains over 32 historic mines and workings. It can be challenging drilling around old workings and relying on historic information, Mithril chief exec John Skeet says.
“These first two holes have given us valuable information not just for gold and silver grades but also the location of old workings and the La Soledad vein itself, which we have continued to intercept with the subsequent six completed holes,” he says.
This week it was a spectacular 19m intercept grading 42g/t gold from the project’s recently discovered ‘Crow’ intrusion.
Managing director Glenn Jardine said the result is “the best to date” at Hemi.
“The significance of the new RC results at Crow goes beyond the results in HERC238,” he says.
“They demonstrate the potential for Crow to significantly add to the overall gold endowment at Hemi and to meaningfully contribute to a potential large-scale, near-surface open pit production scenario.
“The mineralised footprint at Crow is currently approximately 1,000m by 400m and remains open.”
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