Strange to think that it is a year since the world was turned upside down when the World Health Organisation declared COVID-19 a worldwide pandemic in mid-March 2020.

In the week that followed the price of gold tumbled nearly $US200 to $US1,477 per ounce ($2,443/ounce), but it quickly recovered and hit an all-time high of $US2,070 per ounce in August.

Since that time, gold has been on a downward trend and went as low as $US1,700 per ounce in early March, although it has recovered to $US1,725 per ounce this week.

For a while last year, gold seemed the natural place for investors to park their cash while the COVID crisis swirled around them, until that is cryptocurrency Bitcoin started to take off.

 

Competition for gold is heating up on two fronts

Since the turn of the year, gold has faced competition on another front, rising yields or interest rates on long-dated US Treasury bonds.

Higher bond yields make gold appear less attractive as the yellow metal generates zero income (unless leased out, that is), and higher yields in turn push up the US dollar making the currency stronger against gold.

Bitcoin’s price performance recently has attracted heavy hitters in the form of hedge funds, banks and corporations who may otherwise have put some cash into gold.

All these factors beg the question, where next for gold prices?

 

More stimulus spending

Some gold market commentators suggest that talk of another round of emergency spending for the US economy in the form of stimulus spending will put pressure on the US dollar.

President Joe Biden has spoken this week of injecting another $US3 trillion into the US economy only weeks after Congress passed a $US1.9 trillion spending package.

“We are likely to see wider deficits. We are likely to see higher debt. We are likely to see dollar depreciation. All these will be positive for gold,” State Street Global Advisers chief gold strategist, George Milling-Stanley, told Kitco.

 

Growing US economy and stronger US dollar

On the flip side, some analysts argue that bond yields are likely to move even higher, perhaps to 2.5 per cent, as the US economy steadily recovers from the COVID crisis.

“With the dollar now sitting at a four-month high against a basket of its peers, the popular view of a weaker US currency is now being put to a big test,” chief market strategist at forex trader FXTM, Hussein Sayed, told Kitco.

Large spending deficits for governments are less scary to investors who see an expanding economy and inflation start to erode government debt piles.

“While higher debt levels should be considered a negative factor for a currency, investors are instead focusing on growth expectations,” said Sayed.

Working out the price direction of gold is now a complicated affair that has to include calculations on the US dollar, Treasury bond yields, physical demand and supply factors, and cryptocurrencies.

USD gold price over the past two years.

 

Winners & Losers

Here’s how ASX-listed gold & silver stocks are performing:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop

CODE COMPANY 1 WEEK CHANGE % 1 MONTH CHANGE % 6 MONTH CHANGE % 1 YEAR CHANGE % PRICE MARKET CAP
LEX Lefroy Exploration 93 55 360 522 1.15 $ 82,806,670.23
DTR Dateline Resources 33 33 33 100 0.004 $ 34,540,312.30
SBR Sabre Resources 30 -7 -41 550 0.0065 $ 8,415,318.25
PAK Pacific American Hld 29 13 23 34 0.027 $ 7,008,867.80
PUR Pursuit Minerals 24 26 529 4301 0.082 $ 63,259,331.58
REZ Resourc & En Grp Ltd 23 12 129 586 0.048 $ 20,720,677.87
TLM Talisman Mining 22 10 -8 80 0.11 $ 20,529,122.35
AAJ Aruma Resources Ltd 18 -8 -52 117 0.065 $ 6,887,460.26
PRX Prodigy Gold NL 18 12 -22 27 0.047 $ 27,289,497.48
DLC Delecta Limited 17 0 17 75 0.007 $ 7,060,348.44
MSR Manas Res Ltd 17 17 0 250 0.007 $ 19,321,915.19
WWI West Wits Mining Ltd 16 31 158 1063 0.093 $ 110,209,456.00
KAI Kairos Minerals Ltd 15 3 -53 564 0.031 $ 50,293,227.72
AAR Anglo Australian 14 10 -37 21 0.11 $ 61,845,880.32
ERM Emmerson Resources 14 23 -9 -5 0.08 $ 39,859,079.12
DCX Discovex Res Ltd 14 14 0 100 0.008 $ 20,549,312.61
NES Nelson Resources. 13 23 93 356 0.135 $ 19,501,804.08
SI6 SI6 Metals Limited 12 -17 36 1167 0.019 $ 25,074,229.75
SLZ Sultan Resources Ltd 11 3 -5 179 0.195 $ 13,906,877.80
AYM Australia United Min 11 0 150 400 0.01 $ 18,425,774.85
ZAG Zuleika Gold Ltd 11 -9 52 128 0.042 $ 16,813,828.29
SRN Surefire Rescs NL 10 -2 33 2550 0.027 $ 29,623,331.07
NST Northern Star 10 3 -24 -24 10.32 $ 11,890,382,544.18
GNM Great Northern 10 -15 -42 120 0.011 $ 9,987,115.64
CDT Castle Minerals 9 33 0 140 0.012 $ 9,522,510.63
BYH Bryah Resources Ltd 9 0 11 186 0.063 $ 8,905,349.46
SAU Southern Gold 9 -9 -29 -29 0.089 $ 18,132,944.26
STN Saturn Metals 8 -5 -43 30 0.39 $ 40,131,868.70
GMN Gold Mountain Ltd 8 2 0 -24 0.042 $ 31,238,021.81
LCY Legacy Iron Ore 7 -35 200 650 0.015 $ 96,071,077.76
GMR Golden Rim Resources 6 -6 -47 70 0.0085 $ 22,763,647.22
PNX PNX Metals Limited 6 6 -6 113 0.0085 $ 29,217,548.09
VAN Vango Mining Ltd 6 61 -11 -13 0.087 $ 90,931,086.49
AWJ Auric Mining 6 0 0.18 $ 7,693,639.22
VMC Venus Metals Cor Ltd 5 0 -13 38 0.2 $ 27,949,556.36
DRE Drednought Resources 5 25 -13 567 0.02 $ 42,975,101.38
HRZ Horizon 5 0 -19 50 0.105 $ 56,797,520.00
TMX Terrain Minerals 5 31 -38 250 0.0105 $ 7,357,610.09
AAU Antilles Gold Ltd 5 -9 163 400 0.105 $ 18,928,739.95
TBR Tribune Res Ltd 5 3 -27 4 5.4 $ 276,506,765.79
MOH Moho Resources 5 14 -13 69 0.091 $ 9,378,246.33
EVN Evolution Mining Ltd 4 4 -24 -1 4.34 $ 7,535,221,844.85
AL8 Alderan Resource Ltd 4 -24 -41 335 0.074 $ 21,153,817.53
RGL Riversgold 4 11 -6 456 0.05 $ 19,178,025.41
ZNC Zenith Minerals Ltd 4 4 9 346 0.125 $ 36,795,003.75
GUL Gullewa Limited 4 -3 -18 95 0.078 $ 14,042,728.70
AQI Alicanto Min Ltd 4 8 -23 297 0.135 $ 45,768,444.54
NAE New Age Exploration 4 -4 13 1250 0.0135 $ 15,854,057.83
MKR Manuka Resources. 4 -10 -13 0.415 $ 39,188,882.88
ENR Encounter Resources 3 0 -14 122 0.16 $ 50,490,192.48
TIN Tnt Mines Limited 3 -8 -17 215 0.17 $ 16,874,060.00
DEX Duke Exploration 3 1 0.35 $ 21,117,953.85
OKU Oklo Resources Ltd 3 3 -38 -3 0.175 $ 85,685,068.04
HWK Hawkstone Mng Ltd 3 0 193 925 0.041 $ 65,377,065.60
SBM St Barbara Limited 2 1 -30 -8 2.06 $ 1,458,529,005.34
ARN Aldoro Resources 2 -10 126 147 0.215 $ 14,637,372.65
CST Castile Resources 2 13 -35 144 0.215 $ 40,940,574.81
RRL Regis Resources 3 1 -39 -23 3.09 $ 1,571,923,132.53
CHN Chalice Mining Ltd 2 7 103 1149 4.87 $ 1,594,249,096.39
KRM Kingsrose Mining Ltd 2 -8 24 64 0.046 $ 33,580,338.19
KSN Kingston Resources 2 4 -2 161 0.235 $ 62,383,628.12
MVL Marvel Gold Limited 2 4 -14 106 0.05 $ 24,414,914.78
BNZ Benzmining 2 -16 0.76 $ 23,104,089.47
MRZ Mont Royal Resources 2 4 -26 39 0.265 $ 9,132,989.25
G88 Golden Mile Res Ltd 2 6 -21 121 0.053 $ 7,228,953.06
BBX BBX Minerals Ltd 2 -8 -44 157 0.27 $ 115,026,127.64
AUC Ausgold Limited 2 10 42 440 0.054 $ 67,618,176.13
GSN Great Southern 2 -22 -49 62 0.059 $ 25,936,163.94
WGX Westgold Resources. 2 9 -9 31 2.15 $ 902,811,725.10
CEL Challenger Exp Ltd 2 -3 48 269 0.325 $ 176,776,697.28
PDI Predictive Disc Ltd 1 24 4 943 0.072 $ 75,263,319.27
NWM Norwest Minerals 1 2 -29 -43 0.085 $ 9,251,415.22
MAU Magnetic Resources 0 6 36 192 1.58 $ 340,469,918.78
MRR Minrex Resources Ltd 0 0 -26 283 0.023 $ 12,676,152.27
IDA Indiana Resources 0 -13 70 370 0.08 $ 23,550,686.56
IPT Impact Minerals 0 9 0 500 0.024 $ 42,741,274.58
SFM Santa Fe Minerals 0 -13 25 96 0.1 $ 7,281,878.90
FFR Firefly Resources 0 7 -12 666 0.13 $ 41,490,836.55
TRM Truscott Mining Corp 0 -28 5 320 0.021 $ 2,686,772.42
AMG Ausmex Mining Gp Ltd 0 -23 4 25 0.05 $ 27,714,788.95
PUA Peak Minerals Ltd 0 -27 -20 236 0.024 $ 14,138,161.00
ALY Alchemy Resource Ltd 0 -24 -38 33 0.013 $ 8,739,164.89
FAU First Au Ltd 0 -6 -16 129 0.016 $ 10,427,438.82
WCN White Cliff Min Ltd 0 0 46 850 0.019 $ 9,826,731.58
NAG Nagambie Resources 0 7 0 82 0.062 $ 29,995,940.76
CWX Carawine Resources 0 -6 28 71 0.3 $ 31,578,071.58
OBM Ora Banda Mining Ltd 0 2 -27 98 0.245 $ 206,344,379.47
DGO DGO Gold Limited 0 13 -7 75 3.15 $ 226,539,383.84
BAR Barra Resources 0 -13 -13 50 0.021 $ 14,229,770.12
GED Golden Deeps 0 -15 -27 38 0.011 $ 9,298,217.28
KGM Kalnorth Gold Ltd 0 0 0 225 0.013 $ 11,625,120.78
LNY Laneway Res Ltd 0 -17 -33 67 0.005 $ 18,875,329.67
MLS Metals Australia 0 -20 0 100 0.002 $ 10,477,258.94
RVR Red River Resources 0 -6 88 400 0.245 $ 126,854,719.92
RML Resolution Minerals 0 0 -53 -46 0.026 $ 11,014,741.43
S2R S2 Resources 0 6 -31 119 0.175 $ 53,531,500.43
SIH Sihayo Gold Limited 0 17 -36 190 0.014 $ 51,596,459.78
XTC Xantippe Res Ltd 0 0 -33 0 0.002 $ 12,223,693.21
NUS Nusantara Resources 0 2 -5 13 0.27 $ 61,903,711.89
NCM Newcrest Mining 0 2 -21 -3 25.06 $ 20,618,052,483.50
CY5 Cygnus Gold Limited 0 -6 -8 450 0.165 $ 17,831,566.17
MDI Middle Island Res 0 15 -32 65 0.265 $ 32,419,098.30
CTO Citigold Corp Ltd 0 0 18 550 0.013 $ 35,368,751.72
TAR Taruga Minerals 0 -6 -25 557 0.046 $ 20,574,067.77
RXL Rox Resources 0 24 -25 163 0.042 $ 84,042,966.98
A1G African Gold Ltd. 0 39 66 645 0.265 $ 24,130,328.66
PKO Peako Limited 0 -4 -32 235 0.025 $ 4,993,408.60
CGN Crater Gold Min Ltd 0 -9 62 163 0.021 $ 28,232,404.94
MTH Mithril Resources 0 -5 -51 150 0.02 $ 44,654,427.78
SPQ Superior Resources 0 8 86 593 0.013 $ 17,957,365.28
ADV Ardiden Ltd 0 6 -24 533 0.019 $ 42,886,362.68
AVW Avira Resources Ltd 0 40 -18 600 0.007 $ 9,625,280.00
KCN Kingsgate Consolid. -1 -11 -6 159 0.855 $ 194,554,308.40
BC8 Black Cat Syndicate -1 1 -10 170 0.675 $ 75,598,426.90
HXG Hexagon Energy -1 -1 64 213 0.097 $ 38,835,131.50
CAI Calidus Resources -1 0 -26 110 0.43 $ 147,214,952.22
TAM Tanami Gold NL -1 -2 44 95 0.082 $ 94,007,763.68
AME Alto Metals Limited -1 0 -13 21 0.074 $ 32,418,700.92
BDC Bardoc Gold Ltd -1 3 -4 48 0.074 $ 128,409,045.82
CYL Catalyst Metals -1 5 -19 -5 2.02 $ 194,134,052.93
MEI Meteoric Resources -2 -7 32 675 0.062 $ 82,831,866.96
KTA Krakatoa Resources -2 -10 -46 100 0.062 $ 17,294,900.00
EMR Emerald Res NL -2 -1 36 168 0.805 $ 409,740,779.57
RMS Ramelius Resources -2 29 -22 45 1.61 $ 1,298,357,539.27
GWR GWR Group Ltd -2 -12 33 356 0.26 $ 78,724,475.18
MEU Marmota Limited -2 -7 -10 72 0.043 $ 41,646,948.67
VKA Viking Mines Ltd -2 -9 178 846 0.041 $ 37,316,040.12
BRB Breaker Res NL -2 5 -9 37 0.205 $ 66,797,390.45
GRL Godolphin Resources -2 -11 5 90 0.2 $ 16,822,084.40
WRM White Rock Min Ltd -3 -5 -11 92 0.575 $ 42,894,199.47
SNG Siren Gold -3 -18 0.36 $ 21,796,086.24
OKR Okapi Resources -3 -8 -10 338 0.175 $ 7,869,763.13
GOR Gold Road Res Ltd -3 3 -18 -11 1.21 $ 1,070,269,975.17
MEG Megado -3 -11 0.17 $ 6,935,795.66
CHZ Chesser Resources -3 -14 -22 256 0.16 $ 74,388,703.13
SKY SKY Metals Ltd -3 -3 19 3 0.155 $ 38,230,723.34
RND Rand Mining Ltd -3 -3 -22 -9 1.55 $ 93,230,136.25
AGG AngloGold Ashanti -3 1 -26 -13 5.42 $ 482,614,008.65
SVL Silver Mines Limited -3 -1 14 175 0.22 $ 254,650,999.61
BGL Bellevue Gold Ltd -3 20 -16 110 0.87 $ 749,244,092.63
SLR Silver Lake Resource -3 20 -31 7 1.63 $ 1,419,336,257.15
GSM Golden State Mining -3 0 -35 87 0.14 $ 10,265,311.25
AXE Archer Materials -4 -6 72 506 0.94 $ 209,083,805.05
AWV Anova Metals Ltd -4 14 0 216 0.025 $ 35,827,355.00
AQX Alice Queen Ltd -4 -19 -36 92 0.025 $ 27,414,089.23
TIE Tietto Minerals -4 4 -22 128 0.365 $ 161,502,086.88
GBZ GBM Rsources Ltd -4 -21 -34 71 0.095 $ 40,270,679.58
BNR Bulletin Res Ltd -4 0 0 250 0.07 $ 12,550,515.18
RMX Red Mount Min Ltd -4 -12 64 475 0.0115 $ 13,764,547.38
AUT Auteco Minerals -4 -9 -33 400 0.09 $ 144,180,462.11
MGV Musgrave Minerals -4 5 -38 272 0.335 $ 175,963,573.17
GIB Gibb River Diamonds -5 7 76 283 0.088 $ 18,612,831.16
CBY Canterbury Resources -5 -13 -19 5 0.105 $ 11,186,519.70
NSM Northstaw -5 -8 -14 0.42 $ 16,800,000.00
CAZ Cazaly Resources -5 -11 -21 133 0.042 $ 14,916,343.95
BRV Big River Gold Ltd -5 7 -15 213 0.4 $ 87,729,226.00
PNR Pantoro Limited -5 -12 -5 121 0.19 $ 267,595,663.32
DCN Dacian Gold Ltd -5 0 12 -56 0.37 $ 288,034,167.11
CMM Capricorn Metals -5 3 -23 50 1.55 $ 531,750,076.82
BCN Beacon Minerals -5 -1 2 47 0.035 $ 128,771,151.01
AOP Apollo Consolidated -5 -4 11 116 0.345 $ 101,017,206.50
TNR Torian Resources Ltd -6 -12 155 963 0.051 $ 40,844,567.92
DEG De Grey Mining -6 24 -14 358 1.1 $ 1,405,392,656.49
DTM Dart Mining NL -6 -3 -6 335 0.16 $ 15,991,276.16
NML Navarre Minerals Ltd -6 7 15 146 0.155 $ 90,129,954.92
NVA Nova Minerals Ltd -6 3 29 434 0.155 $ 267,191,463.52
HMX Hammer Metals Ltd -6 -22 131 718 0.09 $ 67,507,811.28
THR Thor Mining PLC -6 0 -25 275 0.015 $ 6,329,077.72
ARL Ardea Resources Ltd -6 -8 16 151 0.515 $ 62,558,585.18
PF1 Pathfinder Resources -6 -12 0.22 $ 11,685,184.65
FML Focus Minerals Ltd -6 -15 -29 81 0.29 $ 54,824,569.50
WMX Wiluna Mining Corp -7 -14 -50 0 1 $ 118,745,654.00
YRL Yandal Resources -7 -5 71 255 0.42 $ 39,387,058.20
ADT Adriatic Metals -7 -9 -2 120 2.05 $ 373,743,257.37
ANX Anax Metals Ltd -7 -11 178 1124 0.068 $ 22,061,585.07
BAT Battery Minerals Ltd -7 -16 93 500 0.027 $ 51,031,838.53
CLA Celsius Resource Ltd -7 -22 33 400 0.04 $ 33,448,287.08
SSR SSR Mining Inc. -7 -3 -29 18.55 $ 335,732,644.23
NXM Nexus Minerals Ltd -7 -12 12 130 0.092 $ 22,461,953.73
SMI Santana Minerals Ltd -7 -13 -38 -26 0.13 $ 14,824,242.68
WAF West African Res Ltd -7 6 -21 78 0.83 $ 737,136,225.63
CXU Cauldron Energy Ltd -7 6 0 153 0.038 $ 17,627,980.97
ALK Alkane Resources Ltd -7 -1 -49 14 0.695 $ 416,772,160.00
E2M E2 Metals -8 -22 33 286 0.305 $ 45,047,521.80
KAU Kaiser Reef -8 -28 -20 118 0.33 $ 31,946,756.82
IVR Investigator Res Ltd -8 -20 60 471 0.08 $ 104,591,781.95
AGC AGC Ltd -8 -6 0.17 $ 11,513,638.28
AGS Alliance Resources -8 -3 -16 104 0.17 $ 35,362,912.78
AZS Azure Minerals -8 6 94 567 0.34 $ 103,208,716.54
MML Medusa Mining Ltd -8 -9 1 46 0.79 $ 163,180,541.29
AMI Aurelia Metals Ltd -8 -9 -22 38 0.36 $ 456,700,814.25
STK Strickland Metals -8 -19 -63 47 0.022 $ 9,265,333.46
RDS Redstone Resources -8 -27 -27 175 0.011 $ 7,908,989.69
HCH Hot Chili Ltd -9 -12 10 268 0.043 $ 125,809,568.62
M2R Miramar -9 -11 0.215 $ 8,867,779.20
EMU EMU NL -9 -19 65 143 0.051 $ 22,983,839.13
TTM Titan Minerals -9 -13 -26 170 0.1 $ 113,945,243.40
MZZ Matador Mining Ltd -9 -8 -32 146 0.295 $ 51,225,661.16
LCL Los Cerros Limited -9 0 -26 753 0.145 $ 65,941,334.62
ONX Orminexltd -9 -22 26 -12 0.029 $ 15,685,655.58
FFX Firefinch Ltd -9 -5 40 430 0.22 $ 164,242,461.60
MKG Mako Gold -10 -14 -4 217 0.095 $ 24,180,710.59
PRU Perseus Mining Ltd -9 2 -18 8 1.14 $ 1,398,160,831.80
DDD 3D Resources Limited -10 9 -22 263 0.0045 $ 18,101,860.46
GML Gateway Mining -10 -10 29 125 0.027 $ 53,301,796.80
MAT Matsa Resources -10 -17 -39 -14 0.079 $ 21,149,443.30
TRY Troy Resources Ltd -10 -13 -22 0 0.07 $ 53,029,463.76
GBR Greatbould Resources -10 -19 -27 31 0.035 $ 9,690,302.06
KZR Kalamazoo Resources -10 -3 -37 38 0.435 $ 56,304,816.62
EM2 Eagle Mountain -11 -14 59 345 0.445 $ 81,551,729.29
BTR Brightstar Resources -11 -18 33 1233 0.04 $ 18,469,532.09
MHC Manhattan Corp Ltd -11 -11 -65 433 0.016 $ 21,220,459.09
GTR Gti Resources -12 10 5 475 0.023 $ 14,179,395.96
RDN Raiden Resources Ltd -13 -16 31 425 0.021 $ 26,670,669.98
OAU Ora Gold Limited -13 -16 -16 75 0.021 $ 17,657,749.66
TSO Tesoro Resources Ltd -13 5 -38 593 0.205 $ 99,904,803.00
HAW Hawthorn Resources -13 -27 -40 -6 0.061 $ 20,344,452.39
PRS Prospech Limited -13 -13 0 0.135 $ 9,102,882.46
MCT Metalicity Limited -13 8 -43 400 0.013 $ 22,972,615.32
RED Red 5 Limited -14 -9 -48 -30 0.16 $ 354,593,139.52
TMZ Thomson Res Ltd -14 -24 184 1419 0.125 $ 44,099,660.41
MTC Metalstech Ltd -14 0 0 297 0.155 $ 23,450,822.08
ARV Artemis Resources -14 -10 -34 265 0.073 $ 85,257,323.78
SVY Stavely Minerals Ltd -14 -25 10 79 0.6 $ 152,662,449.42
HRN Horizon Gold Ltd -14 7 15 192 0.42 $ 38,631,448.68
VRC Volt Resources Ltd -15 6 42 240 0.017 $ 38,085,249.62
NPM Newpeak Metals -17 -17 -17 25 0.0025 $ 17,022,483.89
TSC Twenty Seven Co. Ltd -17 -29 -29 0 0.005 $ 10,631,604.40
PNM Pacific Nickel Mines -18 -18 12 -53 0.047 $ 7,039,405.64
ADN Andromeda Metals Ltd -18 10 123 1280 0.345 $ 723,843,822.05
KWR Kingwest Resources -20 -39 -26 5 0.11 $ 15,369,385.80
ANL Amani Gold Ltd -25 50 -25 50 0.0015 $ 16,180,495.12
RSG Resolute Mining -29 -28 -49 -47 0.47 $ 513,310,108.29

 

Small cap standouts

Based on their share prices from a year ago at the start of the worldwide COVID pandemic, some ASX gold companies have made outsized share price gains. They are as follows:

 

SUREFIRE RESOURCES (ASX:SRN) +2550%

In November 2019, disappointing results from a promising drilling program at the flagship Victory Bore project sent Surefire Resources’ share price into a tailspin.

The explorer regrouped and, in August, announced the acquisition of a couple of historic WA gold projects.

In November 2020 – one year on from the flop at Victory Bore — the WA explorer announced thick, high grade gold in its first ever drill program at the newly acquired Yidby project.

Results, including 40m at 3g/t, sent the stock through the stratosphere.

 

THOMSON RESOURCES (ASX:TMZ) +1419%

Precious metals explorer Thomson is acquiring the previously producing Webbs and Conrad silver projects in NSW.

The high-grade Webbs deposit produced ~55,000t of ore grading at least 23oz (about 710 grams per tonne) silver between 1884 to 1901.

Conrad was historically one of the largest silver mines in the New England region, producing about 3.5moz of silver along with lead and tin.

 

NEW AGE EXPLORATION (ASX:NAE) +1250%

New Age is preparing to roll out a drilling program for its Pilbara gold prospects in April after completing a detailed aeromagnetic survey of the area.

The exploration tenements are located 50km south of De Grey Mining’s (ASX:DEG) Hemi gold discovery near Port Hedland in WA’s Pilbara region.

Aeromagnetic data highlighted several ‘Hemi style’ intrusive gold targets at New Age Exploration’s Pilbara gold prospects, and the maiden drilling program will assess these.

“We are now moving at pace to finalise all preparations to commence the drill program,” executive director, Joshua Wellisch, said.