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Fresh news from Meeka Metals (ASX:MEK) on Thursday confirmed the company produced more gold than expected in the September quarter, as well as flagging a 22m intersection grading at 3.5g/t gold. That shares jumped 15% to an ATH of 25cps isn’t surprising – just look at what the price of gold is doing.
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So it was that Meeka Metals became the top viewed stock on HotCopper on Thursday (if you measure it day by day), showing that the market broadly still remains hungry for gold. Especially if they’re at the intersection of being cheaply priced and actually producing gold.
And, of course, gold drill hits don’t hurt either:
Why investors are watching this batch closely is because this is the company’s first drill run at its Turnberry North asset of interest with the cost of mining anticipated to be $2.35K/oz – which is basically half of what one ounce is commanding right now on markets. (Give or take.)
“Given the pervasive nature of high-grade gold in this drilling, the first by Meeka in this area, the planned Stage 1 open pit at Turnberry North is currently being expanded to capture this additional mineralisation,” company chief Tim Davidson said.
MEK last traded at 25.5cps.
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