The analyst team at Canaccord Genuity have had a look at some of the up-and-comers in the gold sector and has singled out two that they believe could more than double in value.
Let’s see what they like.
Gorilla Gold Mines Ltd (ASX: GG8)
This company just this week released results from step out drilling at its Mulwarrie project site, which the Canaccord team said were “highly encouraging”.
The company itself said the first holes from the new drilling “highlight significant resource growth potential”.
Results included 3.4m at 9 grams per tonne of gold from a depth of 376.9m and 0.7m at 24.8 grams per tonne of gold at a depth of 110.3m.
Gorilla Chief Executive Officer Charles Hughes said regarding the results:
The Mulwarrie Project remains significantly under-explored, and these exciting step-out drilling results demonstrate the scale of the opportunity ahead of us. Intersecting high-grade gold more than 700 metres beyond the existing resource boundary highlights the potential to materially expand the Mulwarrie Mineral Resource through continued drilling in 2026.
The company currently has a mineral resource estimate of 350,000 ounces of gold at a grade of 3.6 grams per tonne.
The Canaccord team said the new results “position Mulwarrie as a rapidly emerging, district-scale gold system with strong potential for multi-million-ounce growth”.
They added:
Prior to today, our thoughts were that over time, Mulwarrie could grow to over 1.5 million ounces. We still maintain this and are excited by both the step-out drilling and also the earlier stage geochemistry work announced today.
Canaccord has a price target of $1 per share on Gorilla shares compared with the current price of 35 cents.
Turaco Gold Ltd (ASX: TCG)
This company has also had recent news, upgrading the gold resource estimate at its Afema Project to 4.65 million ounces, up 15%, at a grade of 1.3 grams per tonne.
Canaccord said this represents a sustained growth rate of about 100,000 ounces per month.
They added:
Since the maiden resource about 18 months ago, Afema has grown by more than two million ounces, underscoring its emergence as a rapidly scaling West African gold system that sits among the largest and most advanced West African deposits on the ASX.
The Canaccord team noted that “several mineralised trends” did not make it into the new resource update, “providing clear upside ahead of further updates planned in 2026”.
Canaccord has a price target of $1.45 on Turaco shares compared with 61.5 cents currently.
The post Two ASX gold companies which could more than double in value, according to Canaccord Genuity appeared first on The Motley Fool Australia.
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Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.