The price of gold is on a strong comeback, there is little doubt about it.
In USD terms, the price of gold is near its peak price last recorded way back in 2011.
In AUD terms, the price has never been higher.
Gold’s record run has certainly been good news for a number of big Aussie gold miners.
There are also several small-cap gold explorers who have been feeling the hype around the price of gold.
Venture Minerals Ltd [ASX:VMS] and Impact Minerals Ltd [ASX:IPT] are two Aussie gold explorers that are on the up today.
Both have similar market caps of $12 to $14 million and both are currently trading around 2 cents per share.
VMS is up around 7% this morning, continuing its push upwards after hitting its bottom in late March.
The IPT share price rose sharply this morning, jumping around 90% and too continues its push out of a trough in late March.
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VMS targets second largest gold producer
VMS announced this morning the discovery of multiple gold targets at its Kulin Project, located in an emerging Western Australian gold province.
The province is home to several high-grade projects including the 30-plus million gold ounce Boddington deposit (second largest in Australia) and the 2.2 million-ounce Edna May deposit.
Soil sampling has returned a cluster of six high-order gold anomalies.
These anomalies are similar to those found nearby at the Tampia Gold Deposit which was recently acquired by miner Ramelius Resources Ltd [ASX:RMS].
Tampia has historically produced around 0.7 million ounces of gold.
Slow drilling paying off for IPT
IPT’s announcement this morning brought with it considerably more excitement, given its share price rise.
High grades of the rare platinum group elements (including gold) have been identified from seven previously drilled diamond drill holes at the Red Hill prospect in Broken Hill, NSW.
All seven holes drilled returned significant results such as 147 grams per tonne silver, 29.7g/t palladium, and 19.2g/t platinum.
Low-grade amounts of gold (2.1g/t), iridium (1.2g/t), and rhodium (0.9g/t) were also found.
Rhodium is currently valued at A$10,000/oz and iridium valued at A$2,400/oz.
Given the spectrum and level of mineralisation found certainly makes the Red Hill prospect an interesting one.
However, drilling has been slow and ongoing since October 2015.
IPT said they had identified further targets and a follow up drill program is being designed.
Given the length of previous drill programs, there is no telling when we will see new results.
With IPT’s massive rise in share price today, you could already be too late to invest.
Picking winning gold stocks is tricky and there is a lot to be aware of.
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