Gold Digger: Records smashed as money pours into gold stocks
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The gold price may be well off its August 2020 highs, but sentiment is not.
About $US6.61 billion was poured into the coffers of global mining and exploration companies in the March quarter – the highest since 2011, according to S&P Global Market Intelligence analysis.
Of this, gold had another standout quarter with US$1.68 billion raised across 281 financings.
That’s 74% higher year-over-year, and the highest March-quarter total since 2012.
The gold price has also shown improvement over the last month, up $US50, or 2.84%, to $US1,785.15/oz.
Here’s how ASX-listed gold & silver stocks are performing:
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SMALL CAP STANDOUTS
Talisman Mining (ASX:TLM) has uncovered a 650m long gold-in-soil anomaly at the ‘Cumbine’ prospect, part of the Lachlan copper-gold project in NSW.
The explorer is now planning to punch 12 drill holes into this completely untested target by the end of the current quarter.
NewPeak Metals (ASX:NPM) is edging closer to paydirt at the “potentially massive” Cachi gold project in Argentina.
New assays include a highlight 27.25m at 67.1g/t silver and 0.81g/t gold, ~25m from surface.
“The Cachi Gold Project points to being a potentially massive epithermal precious metals system,” NewPeak managing director David Mason says.
“The results garnered so far, plus the size of the project, provides a robust basis for the company to continue its focus at Cachi, and we have confirmed with the vendor to move to the next phase of the earn-in arrangement.”
Drilling will consist of up to 40 holes for a total of around 2800m.
In the ground, NAE has identified several discrete, circular magnetic anomalies with characteristics similar to the Hemi magnetic signature – these will be the focus of the campaign.
And high flying explorer Peako (ASX:PKO) is prepping a +6,000m aircore drilling campaign at its flagship East Kimberly project.
The focus will be “29 priority targets within 9 prospect areas encompassing multiple styles of mineralisation”, the company says.
Deeper RC drilling is planned for later in the field season to test new and existing high priority targets.
SMALL CAP SHOCKERS
Middle Island (ASX:MDI) says the economics of a standalone operation at its Sandstone gold project in WA is “marginal” at $2,500/oz. Ouch.
E2 Metals (ASX:E2M) is on a slow decline after a “genuine new greenfields discovery” at the Conserrat project in Argentina sparked a rerate in October last year.
The highlight result was an incredible 18m at 47g/t gold and 208g/t silver. Follow up results, while good, have been far less spectacular.