Unless you’ve been living under a rock, you know that the gold market has been on fire this year and several gold penny stocks have been reaping the benefits. Indeed, gold prices reached a never-before-seen high of $2,075 in August and continue to remain elevated due to economic uncertainty caused by the global pandemic.
On Thursday, December gold futures were up once again to $1,965.50 after 884,000 Americans filed for first-time US jobless claims. Although initial claims remain below the 1-million mark, the data was worse than expected, as consensus forecasts call for a drop to 838,000 claims.
The jobless data definitely doesn’t bode well for the US economy, but it’s doing wonders for the gold market as investors seek refuge from volatile markets.
If you haven’t added gold to your portfolio yet, now is a perfect time and these three hot gold penny stocks are a great place to start.
3 Hot Gold Penny Stocks: Allegiant Gold Ltd. (TSXV:AUAU) (OTCQX:AUXXF)
First on the list of hot gold penny stocks to watch in September is Allegiant Gold Ltd., a gold exploration company with 10 highly-prospective gold projects in the US.
On Thursday, Allegiant Gold announced its plan to commence a 15,000 meter, 80-hole drill program at its Eastside gold project in Nevada on (or around) September 15.
The drilling is designed to test additional targets, confirm and expand the resources at the Castle Zone, and increase ounces at the Original Zone, which currently hosts an Inferred Mineral Resource of 1,094,000 gold-equivalent (AuEq) ounces utilizing a $1,550/ounce gold price and a $19.67/ounce silver price. Eastside also hosts a near-surface historical oxide gold resource totaling an additional 273,173 ounces.
According to the company’s CEO Peter Gianulis, an updated NI 43-101 resource estimate will be carried out immediately following the completion of the drill program.
Despite the exciting news on Thursday, Allegiant Gold’s stock was down slightly on the TSXV at C$0.60, but is still up 199% for the year. Meanwhile, the company’s US-listed stock was down 2.41% to $0.44 for the day but is still up 201% since the beginning of 2020.
Allegiant Gold Ltd. has a market cap of $33.89 million, with 74,003,000 shares issued.
3 Hot Gold Penny Stocks: Independence Gold Corp. (TSXV:IGO)
Next on the list of hot gold penny stocks to watch is Independence Gold Corp., a mineral exploration company with projects in British Columbia and the Yukon.
On Wednesday, Independence announced the commencement of an 11-hole drill program at its 3Ts Project, which is located approximately 185 kilometers (km) southwest of Prince George, British Columbia, and 20 km southwest of Artemis Gold’s Blackwater Project.
The initial program will consist of 11 drill holes totaling approximately 2,200 meters, four of which will be dedicated to testing the potential northern extension of the Johnny Vein and the potential southern extension of the Larry Vein, both of which were not included in the resource estimate conducted at the property in 2014.
Independence Gold also began exploration work at its Merit and Nicoamen properties, both of which are also located in British Columbia, to further delineate and extend the strike length of the target zones and help define future drill exploration programs. Drill permits for both projects are currently in the final stages.
The company should be fully funded for the drilling at 3Ts and the exploration work at Merit and Nicoamen thanks to a recently closed private placement for $1 million, which included investments from Newmont Corp. and company insiders.
On Thursday, Independence stock closed up 15.38% at C$0.15 and is up 199% since the beginning of the year. The company has a market cap of C$9.2 million, with 70,776,106 shares issued.
3 Hot Gold Penny Stocks: Quebec Precious Metals Corporation (TSXV:QPM) (OTCQB:CJCFF)
Last but not least on the list of hot gold penny stocks to watch is Quebec Precious Metals Corp., a gold exploration company with a large land package in the highly-prospective Eeyou Istchee James Bay territory in Quebec. The Sakami project is located near Newmont’s Éléonore gold mine, which has proven and probable reserves of 1.28 million ounces gold.
On Thursday, the company reported the remaining drill results from the winter diamond drilling program at the Sakami project, which included 1.15 g/t gold (Au) over 80.10 m including 4.63 g/t Au over 5.95 m, 1.14 g/t Au over 70.30 m including 1.66 g/t Au over 36.90 m, 1.45 g/t Au over 35.40 m, and 1.03 g/t Au over 53.80 m.
A total of 7,000 meters of additional drilling is planned to be completed at the property this fall to further define and extend the exploration potential of the La Pointe Extension discovery.
The news on Thursday sent Quebec Precious Metals’ stock up 10.2% on the TSXV to C$0.27, with an unprecedented trading volume of 1,726,679 shares.
Takeaway
So there you have it, three hot gold penny stocks to keep your eye on this month. This list is far from extensive when it comes to promising gold stocks to add to your portfolio during this historic gold bull run.
Are there any other gold penny stocks you’ve had your eye on? We’d love to hear about them in the comments!
Featured Image: Depositphotos © photooasis
