Gold is beginning to resume its cyclical bull market. Its short-term correction is over with a solid double bottom now in place. Back on March 8th, gold bottomed at $1,673.30 per oz and over the following 24 hours it bounced by $45.40 to a high on March 9th of $1,718.70 per oz. This time around, gold bottomed on March 30th at a higher low of $1,678.30 per oz and has since bounced by $52.80 to a high so far today of $1,731.10 per oz.
At this exact moment the gold stock we like the best is Idaho Champion Gold (CSE: ITKO) at $0.175 per share. NIA initially suggested ITKO as its #1 favorite gold pick exactly one year ago tomorrow on April 2, 2020 at $0.085 per share and it became our largest short-term gaining gold stock of 2020 with ITKO rising by 417.65% to a high of $0.44 per share in only seven weeks. On September 25, 2020 we reprofiled ITKO as our #1 favorite gold pick and #3 favorite overall pick at $0.22 per share and on September 30th ITKO hit a high of $0.30 per share for a gain of 36.36% in three trading days.
ITKO only has 93,104,348 shares outstanding for a market cap of CAD$16.29 million. It also trades on the U.S. OTCQB under the symbol GLDRF with a market cap of USD$12.97 million. ITKO has a large cash position and is fully funded for its 2021 drilling program. In late-2018, ITKO discovered gold in 19 of 19 drill holes at its 100% owned Baner Gold Project in Idaho. In recent weeks, ITKO reported the results of its 2020 drilling campaign at Baner and they were spectacular.
ITKO targeted its previously discovered gold trend with two new drill holes and both of them discovered gold, which successfully extended the gold trend north by 150m. In addition, ITKO has just discovered a brand new gold trend located east of the previously discovered trend. ITKO completed three drill holes east of the main trend and all three drill holes discovered gold! Most importantly, ITKO targeted the past producing BL Mine with two drill holes located near the far northeast corner of its claim block and both drill holes made strong gold intercepts! All together, ITKO's 2020 drilling at Baner has increased the gold corridor by more than 400%!
ITKO has increased the known north-south footprint of gold mineralization at Baner by approximately 1.75 kilometres to approximately 2.25 kilometres!
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. This message is not a solicitation or recommendation to buy, sell, or hold securities. NIA has received total compensation from ITKO of USD$60,000 cash including USD$30,000 cash for a new six-month marketing contract. This message is meant for informational and educational purposes only and does not provide investment advice.