Resources Top 5: ASX Gold Juniors Make Strong Gains

Mithril (ASX:MTH) continues impressive rise with Mexican gold success, while New Age Exploration advances Phase 2 drilling for gold at Wagyu 

Several ASX-listed gold stocks have experienced notable gains, led by Mithril Silver and Gold (ASX:MTH) and New Age Exploration (ASX:NAE). These companies have delivered significant updates regarding their gold exploration activities, generating interest within the market. 

Mithril Silver and Gold (ASX:MTH)   

Mithril’s stock price has surged over 500% since September 9, largely driven by exciting developments at its Copalquin gold project in Mexico. Despite not yet owning the project outright, Mithril has reported promising results that have captured the attention of traders. The company has until August 2028 to complete its acquisition of the site, but with exploration already uncovering exceptional mineralization, the outlook is strong. Recent drilling revealed a 7-meter interval grading 144g/t gold and 1162g/t silver from just 18 meters deep. This result was part of a broader 33-meter intersection grading 31.8g/t gold and 274g/t silver from surface, located at the El Refugio target. 

This discovery highlights the potential of the Copalquin district, a highly mineralized area within Mexico’s prolific Sierra Madre gold-silver trend. The district contains over 100 historical underground mines, as well as numerous surface workings, making it a promising area for further development. Mithril is targeting a significant increase in the resource size by the first quarter of next year, aiming to expand the existing 529,000oz gold resource. 

Mithril's shares have soared, gaining nearly 26% today, adding to its remarkable rise over the past two weeks. 

Golden Deeps (ASX:GED)   

Golden Deeps is another company making headlines with its copper-focused Havilah project in the Lachlan Fold Belt. Following earlier reports of an 80-meter-thick, high-grade copper intersection, the company has now announced an even larger 92-meter sulphide hit, extending the Hazelbrook mineralized zone by 200 meters to the northeast. Copper grades of up to 3.6% were detected using portable X-ray fluorescence (pXRF) technology, although laboratory analysis is still pending. 

Golden Deeps believes it is sitting on a large porphyry-sulphide system with geological characteristics similar to Newmont’s Cadia-Ridgeway gold-copper operation, one of the most significant in the region. The company’s exploration efforts continue to attract interest, with its shares rising more than 13% today. 

New Age Exploration (ASX:NAE)   

New Age Exploration has seen strong movement in its share price as it continues Phase 2 drilling at its Wagyu gold project in Western Australia’s Pilbara region. The junior explorer is drilling approximately 4,300 meters to test high-priority gold targets, building on the results of Phase 1, which was completed earlier this year. The Wagyu project is located near De Grey Mining’s (ASX:DEG) 10.5Moz Hemi gold deposit, further increasing interest in its potential. 

Phase 1 drilling covered over 7,640 meters across 156 holes, with assay results expected soon. Encouraged by promising geology from the first phase, New Age Exploration is moving forward with additional exploration and has plans for reverse circulation (RC) drilling in October and November to test mineralization at depth. Shares in NAE have jumped 25% today. 

Errawarra Resources (ASX:ERW)   

Errawarra Resources is seeing a resurgence in its share price, despite no recent news updates. The last major announcement from the company came in late August when it reported promising results from its Pinderi Hills lithium project, where soil sampling identified a large lithium footprint across a 6km² area. Investors are eagerly awaiting further exploration plans, and the stock has risen more than 31% today. 

Macro Metals (ASX:M4M)   

Iron ore explorer Macro Metals has also seen positive market movement, with its share price climbing nearly 16%. The company’s Goldsworthy East project in Western Australia recently received approval for a program of works. Macro Metals plans to drill up to 8,000 meters in an area that previously produced high-grade rock chips, suggesting strong iron ore potential. The project is located near BHP’s historic Mt Goldsworthy operation, further adding to its appeal. 

In summary, these ASX-listed junior resource companies have seen significant share price gains, driven by exciting developments in gold, copper, and lithium exploration projects. With further exploration work planned and assay results pending, these stocks are drawing attention in the market as their projects progress.