3 ASX junior gold mining shares going gangbusters in 2022

On the back of success at their respective projects, investors have rewarded these 3 junior gold miners.

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St Barbara share price Minder underground looks excited a he holds a nugget of gold he has discovered.

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ASX gold shares have been riding high in 2022 on the back of galloping gold prices.

Initially fuelled by the spectre of rising inflation and more recently by Russia’s invasion of neighbouring Ukraine, gold has soared from US$1,829 at the beginning of the year to US$1,929 today.

That 5.5% boost has helped propel the S&P/ASX All Ordinaries Gold Index (ASX: XGD) to a 4.4% year-to-date gain, even as the All Ordinaries Index (ASX: XAO) has fallen 5.7%.

While not all ASX gold shares have matched those gains, some have done much better.

Below we take a look at 3 little-known junior gold miners whose share prices are going gangbusters.

ASX gold share nears first gold pour

Our first outperforming junior gold miner is Calidus Resources Ltd (ASX: CAI).

The Calidus share price has leapt 23.9% since the opening bell on 4 January. That gives Calidus a market cap of $326 million.

Investors have rewarded the miner following a series of positive exploration and production announcements this year.

The most recent boost came on 28 February, when the ASX gold share reported it was on track for its first gold pour, approximately 10 weeks down the road.

Junior gold miner with a foothold in lithium

Our second booming ASX gold share is Castle Minerals Limited (ASX: CDT), which also has exposure to lithium.

The Castle Minerals share price has leapt 42.5% this year, giving the miner a market cap of $52 million.

Castle Minerals has released a number of positive announcements in 2022, including exploration license approvals and the identification of 4 high priority gold and lithium targets at its Beasley Creek project in Western Australia.

This ASX gold share leads the pack

Leading the pack of the 3 ASX gold shares under our spotlight today is West Wits Mining Limited (ASX: WWI).

The West Wits share price has surged 50% since the opening bell on 4 January. It now has a market cap of $81 million.

In February, West Wits reported that its Witwatersrand Basin Project in South Africa had successfully produced its first ore. The company said the project “is enroute to becoming a large gold mine in South Africa, ultimately targeting production of up to 95,000 ounces” of gold per year.

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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 Bruce Jackson.

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