Stocking Stuffers: 10 ASX gold stocks looking cheap with sub $15 million market caps

Stockhead has filled your stocking with several ASX gold juniors that remain undervalued despite record gold prices.

ASX gold juniors in our stocking that are leveraged to exploration success. Pic: Getty Images

• Gold price near record highs at over US$2600/oz after best performance in over a decade

• Aussie dollar gold over $4100/oz, putting a premium on new discoveries

• Here are 10 stocks with a market cap under $15m with a golden future in their sights

Another year is about to wrap up and as a little gift, Stockhead has stuffed into a stocking a collection of ASX gold companies with plenty of exploration upside.

2024 has proven to be a fruitful one for gold producers with the precious metal making steady gains throughout the year due to central bank buying, investors turning to gold as a hedge, easing inflation and eventual rate cuts.

In the wake of Donald Trump’s victory over Kamala Harris, leading Australian fund managers and analysts still think that despite being sold off from record highs, gold has some ways to go.

READ: Why gold's Trump dump could be short-lived

Despite Australian price of gold still trading well above the $4100/oz mark, these ASX-listed small caps remain undervalued and leveraged to exploration successes.

Arika Resources (ASX:ARI)

Arika recently restarted drilling at the Pennyweight Point prospect within its Yundamindra project just 5km southwest of Laverton.

The 6000m reverse circulation program, which will also focus on the Landed at Last and Bonaparte prospects, is aimed at following up on impressive results such as 14m at 15.48g/t gold from 46m that were returned from its maiden drill program.

Pennyweight Point remains open in all directions with geophysical studies confirming that it sits on one of two major faults in a largely untested structural corridor trending north-northeast to south-southwest which extends for at least 4.5km.

Extensive areas of previously unrecorded alluvial workings and historical shafts from the early 1900s occurs along these faults which have never been drill tested.

The broader Yundamindra project boasts historical production of ~45,000oz at over almost 20g/t gold.

Asra Minerals (ASX:ASR)

With gold very much on the radar of investors, holding a large chunk of ground in prime territory – like Asra Minerals in WA’s Leonora region – is often enough to get a junior in front of the money.

ASR itself has built up a 926km2 landholding in Leonora in which it has built a sizeable inventory of mineralised structures and high-priority targets to explore, particularly at its flagship Mt Stirling project, which has an existing contained resource of 152,000oz gold.

Mt Stirling is surrounded by multi-million-ounce neighbours, most notably Vault Minerals' (ASX:VAU) +6Moz King of the Hills mine, which lies less than 5km away.

Recent aircore drilling testing the soil and geophysical target at the Diorite East prospect returned results such as 4m at 1.69g/t gold from 12m.

It plans to follow-up the best intersections with RC drill holes with the goal of discovering new economic mineralisation in this area.

But before this happens, it will carry out an aircore campaign over the newly acquired Kookynie East project, where historical diamond drilling intersected gold grains in the drill core and returned grades of up to 1m at 47.95g/t gold from 115.2m.

Bubalus Resources (ASX:BUS)

A relative newcomer to the gold explorers club, BUS recently acquired a portfolio of well positioned Victorian licences covering around 1000km2 that are prospective for both gold and antimony.

Chief amongst these is the Crosbie project that sits between the operating, high-grade Fosterville and Costerfield mines.

Field mapping and sampling at Crosbie has identified various breccia, bladed quartz-calcite and multiple vein generations which suggest the presence of a well-developed magmatic hydrothermal fluid system at a shallow crustal level, while historical sampling at Crosbie South returned up to 19.1g/t gold and 1.1% antimony from the Prince Foote trend.

3D inversion modelling has identified four chargeable and resistive features associated with previously mapped aplite dykes and gold-antimony veins, as well as high-level hydrothermal-magmatic features observed in the field resistivity modelling, indicating that potentially a large intrusive body is present.

BUS is already laying the foundations to start drilling at Crosbie in late Q1/early Q2 2025.

Another project, Murrindindi, is immediately east of Southern Cross Gold's (ASX:SXG) Sunday Creek antimony-gold project and hosts similar geology and high-grade gold outcrops.

Hamelin Gold (ASX:HMG)

Hamelin is focused on exploring its belt-scale West Tanami gold project, that covers 2277km2 of a well-endowed, emerging gold province in WA that is significantly underexplored.

The Encounter Resources (ASX:ENR) spin off boasts 100km of strike along the Trans-Tanami structural corridor that also hosts Newmont’s >14Moz Callie gold deposit in the Northern Territory.

Initial RC drilling at the Sultan West and Fremlins South targets has defined widespread bedrock gold mineralisation that remains open along strike and at depth.

Additionally, surface soil sampling has defined a coincident gold and multi-element pathfinder anomaly – the Jazz prospect – on the limb of a tightly folded antiform.

Assays are pending for aircore drilling over this prospect.

Koonenberry Gold (ASX:KNB)

Over in NSW, Koonenberry recently acquired the Enmore gold and Lachlan copper-gold projects that along with its namesake project, gives it 4192km2 of ground in frontier, emerging and world-class geological terranes.

Enmore sits in the New England Fold Belt and shares similar geology and prospectivity to Larvotto Resources' (ASX:LRV) gold-antimony mine just 20km to the north.

Historical drilling returned standout results such as 174m grading 1.82g/t gold from surface with a higher-grade zone of 31m at 3.05g/t gold from 115m at the Sunnyside prospect while sampling of underground workings indicated bonanza gold potential at Lone Hand after returning results such as 0.45m at 234g/t gold, 0.9m at 21g/t gold and 3m at 15g/t gold.

Meanwhile, the Lachlan project within the productive Junee-Narromine, Molong and Rockley-Gulgong belts near Tier 1 deposits includes the Junee JV – where drilling returned 224m at 0.19% copper and 0.2g/t gold from 172m – with Newmont and Breakfast Creek, which has seen results of up to 18% copper and 3.4g/t gold.

At the Koonenberry project, the company was last carrying out an EM survey at the Atlantis prospect, which is defined by a 6.5km long gold-copper-antimony-arsenic-lead-zinc soil anomaly, to identify any conductors representing an accumulation of sulphides.

Lanthanein Resources (ASX:LNR)

Lanthanein recently started drilling at its Lady Grey prospect in WA’s Yilgarn region to define its gold prospectivity.

The historical Bounty gold mine that produced ~1.3Moz of gold is adjacent to Lady Grey, which itself covers ~18km strike of the Forrestania greenstone belt, which also hosts the Earl Grey mine.

Three reverse circulation pre-collars were drilled from the existing historical access road, which links the old Lady Ada mine and the Marvel Loch-Forrestania road.

Since then, the company has drilled the first diamond tail that will intersect a modelled conductor plate, which is about 200m below surface and dips to the east, aligned with a surface gold geochemical anomaly coincident with a regional structural zone favourable for hosting gold.

LNR is also awaiting the grant of a Program of Work by the WA Department of Energy, Mines, Industry Regulation and Safety to test another – potentially even more lucrative – EM conductor plate under EM Line #1 which is coincidental with a 256 parts per billion gold in soil anomaly.

Siren Gold (ASX:SNG)

Siren Gold is focused on progressing its gold (and antimony) projects in New Zealand, starting with the 81%-owned Sams Creek that is held in JV with New Zealand’s largest gold miner, OceanaGold.

The Sams Creek porphyry dyke system is mapped over 7km along strike, up to 60 m thick and is open at depth. It currently has a JORC resource of 824,000oz of gold at an average grade of 2.82g/t.

This is interpreted to be at the top of a potential buried intrusion that extends to a depth of ~700m.

Work on the project is focused on expanding the gold inventory with soil geochemistry data showing cohesive, spatially related, multi-element anomalies and trends that reflect the already known attributes of the metal system currently being explored.

Torque Metals (ASX:TOR)

Torque Metals holds the 200km2 Paris project close to existing processing infrastructure such as the Higginsville and St Ives mills in the highly prospective Lefroy gold belt in WA.

Paris currently has a resource of 2.52Mt at 3.1g/t for 250,000oz of contained gold, most of which is shallow, high-recovery material with ~190,000oz at 2.9g/t being open pittable.

Recent sighted metallurgical testing of the Paris, HHH and Observation deposits within the project returned positive gold recoveries of 96.1%, 96.5% and 90.9% respectively through conventional cyanide leaching and gravity concentration.

Besides these three deposits, the project also hosts several, relatively underexplored prospects that have the potential to add further to the resource.

Viking Mines (ASX:VKA)

Viking’s 479.9km2 First Hit project is centred around the historical First Hit gold mine along the prospective Ida and Zuleika Shear zones in WA’s Eastern Goldfields region.

It is well serviced by infrastructure and is located 50km west of the sealed Goldfields highway and the township of Menzies.

The company’s Phase 1 drill program at the Janas Reward, First Hit North and First Hit South targets is about ~46% complete and has been paused due to repeated rainfall events and will resume in early 2025.

This has already resulted in the observation of shearing, biotite alteration and silicification observed at the Northern Duplex target, which confirms the presence of the interpreted shear zones targeted for gold potential.

Planning is also underway on a Phase 2 program to test the high-priority southern duplex target in the March 2025 quarter.

Western Gold Resources (ASX:WGR)

Western Gold holds the Gold Duke project about 35km southwest of Wiluna and covers 25km strike of the Joyners Find greenstone belt that is ~47m long in the north-south direction and ranges from 1km to 7km wide in the east-west direction.

Gold mineralisation in the region is associated with two northerly trending shear zones, the Brilliant Find Shear Zone and Joyners Find Shear Zone.

Small historical mines are located at Brilliant and Bottom Camp though no modern mining has been undertaken save for a small trial pit dug by Linden Gold in 2002 at Golden Monarch.

Gold Duke itself has a resource of 3.25Mt at 2.1g/t gold, or 214,000oz of contained gold, and has existing mining approvals at the Eagle, Emu, Golden Monarch, and Gold King deposits that host 61% of those resources.

The company recently defined a maiden indicated resource at Gold King of 176,000t grading 1.76g/t gold, or 10,000oz of the precious metal, increasing confidence in Gold Duke resources as it carries out technical and economic studies that will help push the project along the development pathway.

A scoping study released in late September estimated that a project producing a total of 34,000oz of gold would generate an estimated undiscounted accumulated cash surplus of $38.01m using a $3500/oz Australian gold price, which is of course rather conservative.

Further drilling is required at Gold Duke to add further confidence and potentially increase the overall resources.

At Stockhead we tell it like it is. While Arika Resources, Asra Minerals, Bubalus Resources, Koonenberry Gold, Lanthanein Resources and Western Gold Resources are Stockhead advertisers, they did not sponsor this article.

Originally published as Stocking Stuffers: 10 ASX gold stocks looking cheap with sub $15 million market caps