Gold has been on a winning streak not seen in years, prompting RBC Capital Markets to launch a new ‘high’ scenario where gold crosses $US3,000/oz ($4,216/oz).

Uncertainty is high amongst global investors as the number of crises – health, political, economic – proliferate.

As such, gold continues to step into its “safe haven” role quite well, RBC commodity strategist Christopher Louney says.

“On the back of this, we have moved our previous middle/base case to our low scenario, moved our previous high scenario to the middle/base, launched a new high scenario where gold crosses the $US3,000/oz assuming the current situation deteriorates materially,” he says.

“With gains having exceeded our earlier expectations, our new middle/base case, to which we have a slight bias, sees gold passing the $US2,000/oz level in the coming quarters, before losing steam thereafter in 2021.”


Who’s making hay while the sun shines?

Today, these five juniors updated the market on their hunt for the next company making gold discovery.

Renascor Resources’ (ASX:RNU) main game is the advanced Siviour graphite project in South Australia, but it doesn’t hurt to hedge your bets.

The junior has identified multiple ‘drill-ready’ gold targets at its Carnding project in the Central Gawler Craton, a region which is “currently experiencing increased gold activity”, Renascor says.

Key targets include the Soyuz prospect, where previous drilling intersected shallow gold like 7m at 5.14 grams per tonne (g/t) from 26m.

Renascor is now seeking approvals to kick off further on-ground activities at Soyuz and other prospects in the project area.

Renascor Resources (ASX:RNU) share price chart


Reconnaissance (early stage) drilling has confirmed a shallow, 2km-long gold trend at ‘Target 1’, part of Hammer Metals’ (ASX:HMX) North Orelia project in WA.

The results will help Hammer to refine a number of “compelling” targets for deeper drilling next month.

“All of the elements for a successful gold discovery are starting to align at Target 1 at North Orelia,” Hammer managing director Daniel Thomas says.

“The target sits along a highly prospective trend of historical gold producing mines and we’ve managed to produce a number of highly anomalous mineralised gold intercepts at shallow depths along an extended trend of this prospective area.

“This all points to a promising reverse circulation program to be completed over the next quarter.”

Hammer Metals (ASX:HMX) share price chart


The Tchaga prospect in Côte d’Ivoire keeps delivering “multiple wide and high-grade gold intercepts” for West African explorer Mako Gold (ASX:MKG).

New drill results include 8m at 3.39g/t from 63m, including 2m at 8.45g/t.

Importantly, nine of the 14 holes reported on intersected significant gold mineralisation, the company says.

“We are also highly encouraged by the increase in continuity of gold mineralisation, both along strike and at depth,” Mako’s managing director Peter Ledwidge says.

“We look forward to reporting further results as they come to hand.”

Mako Gold (ASX:MKG) share price chart


Wildcat Resources (ASX:WC8) – formerly Fraser Range Metals – has dialled in on some high priority gold targets for drilling at the Mt Adrah gold project, located in NSW’s red-hot Lachlan Fold.

The historic project includes the Hobbs Pipe gold deposit which has an existing low-grade 770,000oz resource.

But the company says the “more extended parts of the gold system” have not been systematically explored since the 80s.

Now a nine-hole, 2,000m drill program will kick off, focusing on targets near Hobbs Pipe, as well as the higher grade Castor Reef and White Deer Reef areas.

Wildcat Resources (ASX:WC8) share price chart


eMetals (ASX:EMT) has defined gold targets for drilling at the historic Twin Hills project in the WA Goldfields.

Very shallow auger drilling tested ~2km of ‘strike’ south of the old Twin Hills gold mine, which produced at an exceptionally high grade of 23.6g/t.

A deeper reverse circulation drilling program to test “all identified targets” is expected to kick off this quarter.

“The company has decided to accelerate exploration activities at Twin Hills in response to favourable market conditions within the gold sector,” eMetals director Mathew Walker says.

“Twin Hills is an exciting exploration project with over 5 kilometres of prospective strike length adjacent to two excised historical high-grade gold mines.

“We are delighted that the recent auger geochemical program has validated our structural modelling and provided us with multiple ready to drill targets.”

Emetals (ASX:EMT) share price chart