A glimmer of light has emerged in the much-maligned gold exploration sector, with three Perth juniors yesterday banking much-needed share price gains.
Gold Road Resources was joined by Bullabulling Gold and Azumah Resources as it recorded some positive movements for shareholders, who have watched gold values slide since April.
Driving yesterday's rebound was an improving gold price, which hit a 2½-month high yesterday, closing at $US1396 an ounce. The improvement in the Australian dollar gold price is even more pronounced, courtesy of the domestic currency's decline, to value bullion at a five-month high of $1546/oz.
Gold Road's surge was helped by positive news. Its shares jumped 2.4ï¿½, or 27.9 per cent, to 11ï¿½ after announcing the discovery of a 1.5km gold anomaly at its Dorothy Hills project in the Yamarna belt north-east of Laverton. It is the second discovered anomaly at the site.
Yesterday's rise in Bullabulling shares was less rudimentary, with the company receiving a "please explain" from the ASX after its shares jumped 3.9Â¢, or 66 per cent, to 9.8Â¢.
The company, which has a 3.7 million ounce resource grading 1.02 grams a tonne at its namesake project at Coolgardie, said there was no reason for the surge other than media interest and the rising gold price.
Bullabulling started a seven-hole drilling program earlier this month to try to link two pits at the project to bring down costs. A definitive feasibility study is due by the end of the year.
Azumah Resources is eyeing gold in Ghana and joined yesterday's rally, albeit on no news, to close up 0.7Â¢, or 21 per cent, at 4Â¢.