Resources Top 5: Investors eye gold stocks as markets tank

West Wits receives an all-important mining licence for its 4.37moz, 60,000oz per year Witwatersrand Basin gold project.
Cuba-based explorer Antilles hits more thick, shallow, and high-grade gold
Victory (gold), White Cliff (gold) and Resource Mining (nickel) up on no news

Here are the biggest small cap resources winners in early trade, Tuesday July 20.

WEST WITS MINING (ASX:WWI)

South Africa is a hot mess of riots right now, but here’s some good news — gold mine developer West Wits has received an all-important mining licence for its 4.37moz, 60,000oz per year Witwatersrand Basin gold project.

“The Department’s decision to grant West Wits’ Mining Right is a pivotal milestone for the company which heralds in the development of WWI’s marque Witwatersrand Basin Project,” chairman Michael Quinert says.

“The WWI Team continues to ramp up development activity and is focused on project execution in the 2nd half of 2021 as it targets maiden underground gold production.”

The $130m market cap stock is up 360% over the past 12 months.

RESOURCE MINING CORP (ASX:RMI)

(Up on no news)

This low-profile tiddler has exploration assets in PNG and, since February this year, a nickel project in Tanzania called ‘Kabulwanyele’.

Kabulwanyele ostensibly spreads RMI’s risk profile from reliance on PNG, where a resurgent COVID-19 prompted it to pause work programs – although Tanzania ain’t no picnic either.

Maiden soil sampling at Kabulwanyele was completed early last month, with results pending.

~$4.5m market cap RMI is up 70% over the past year.

ANTILLES GOLD (ASX:AAU)

More thick, shallow, and high-grade gold hits from the Cuba-based project developer.

Highlight results from the flagship La Demajagua gold/silver deposit include:

0m at 8.9 g/t Au from 6m
5m at 6.18 g/t Au from 40m, and
0m at 3.61 g/t Au from 60m

The current 15,000m drilling program — aimed at establishing JORC Resources and finalising planning for the proposed open pit — will be completed in August, with assay results to be received progressively through to the end of September.

The $20m market cap stock – up 65% over the past year — hopes to start mining in 2023.

WHITE CLIFF MINERALS (ASX:WCN)

(Up on no news)

A maiden drill program targeting the ‘Cracker Jack’ and ‘McCaskill Hill’ prospects — part of the 42,000oz Reedy South gold project in WA – will kick off in Q3 this year.

The explorer is also looking to add three gold, copper, and PGE projects in New Zealand to its portfolio.

That acquisition is due to go to shareholder vote on 23 July.

VICTORY MINES (ASX:VIC)

(Up on no news)

Earlier this month $6m market cap Victory got encouraging results from a 6,000m drill program, designed to see how far north two gold-copper trends at its ‘Coogee’ project near Kalgoorlie go.

Notable results were 8m at 3.03g/t gold and 0.37% copper from 124m.

The current drill program will be completed by the end of July, with Victory expecting “to provide regular news flow whilst the drilling program progresses”.