Two ASX-listed gold stocks under the spotlight today

Summary

  • The metals & mining index on the ASX was trading at a near two-week high.
  • Two ASX-listed gold players are under pressure despite announcing high-grade drill results.
  • Great Boulder Resources has delivered further high-grade drilling results from the Mulga Bill prospect at its Western Australian gold project.
  • Firefinch has encountered high-grade gold intersection at its 80% owned Morila Gold mine.

The benchmark index S&P/ASX 200 is under pressure today, declining 0.48% at 7,127.30 as of 12:00 PM AEST. However, S&P/ASX 300 Metals and Mining (Industry) was moving upward by around 1%, a near two-week high.

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Gold futures have climbed around 0.26% to trade at US$1,910.25 per troy ounce. With the rise of inflationary pressure and decline in the US dollar strength, gold prices seem to be on track to register their biggest monthly gain since July 2020.

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Given this backdrop, let us skim through two ASX-listed gold space players, Great Boulder Resources Limited (ASX:GBR) and Firefinch Limited (ASX:FFX), which have made significant announcements.  

Good Read: Three ASX gold stocks to light up your portfolio as gold prices heat up

Great Boulder Resources’ golden run continues at Mulga Bill

Great Boulder Resources (ASX:GBR) is an Australia-focused explorer with a portfolio of highly prospective gold and base metal assets in Western Australia.

The company has received high-grade drilling results from 13 reverse circulation holes drilled at the Mulga Bill prospect within the Side Well Gold Project. 

 Source: Company Update, dated 1 June 2021

The results from these 13 RC drill holes have indicated robust mineralisation including 

Source: Company Update, dated 1 June 2021

The drilling in the central part of the prospect has delineated two high-grade, sub-parallel lodes, open along strike and at depth, with significant strike potential. Additionally, the gold intersection on the western lode is in line with previous drilling activity over a strike length of 600m while the eastern lode has an extent of 500m.

Must Read: 4 Resource-Rich Gold Stocks on ASX

The stock of GBR was trading at AU$0.105 at AEST 2:33 PM on 1 June 2021.

Firefinch receives encouraging drilling results from Morila Pit 5

Firefinch Limited (ASX:FFX) is an ASX-listed gold and lithium-focused company with flagship projects in Mali.

The company has announced high-grade gold intersection at its Morila Gold mine located in Mali.

The drilling assessment from Pit 5 has delivered outstanding results including 58m @ 1.75g/t Au from 91m (SE97). Other significant results are as follows:

Source: Company Update, dated 1 June 2021

The drilling results validate the mineralisation thickness and tenor present outside the earlier explored Morila Super Pit with encouraging implications for high-grade mineralisation elsewhere at Morila.

Meanwhile, Firefinch’s Managing Director, Dr Michael Anderson, said “It is very exciting to start our search for high-grade mineralisation below the Morila Super Pit, and I look forward to seeing the drill core from this initial program. The results at Pit 5 are evidence of the mineralisation and remaining opportunity in the Morila system, and we are looking forward to a sustained exploration and resource development strategy to unlock its full potential.”

Additionally, the company has commenced diamond drilling at Morila Super Pit at the NE target. The program is aimed at testing for extensions to historically intersected high-grade mineralisation beneath the pit floor at the Morila NE target.

Interesting Read: Australia’s Firefinch climbs as Mali Gold Mine remains on track to meet Q1 guidance

The stock of FFX was trading at AU$0.357 at AEST 2:35 PM on 1 June 2021.


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