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ASX Resources Top 5: New World hits copper paydirt, Metalicity and Riedel jump ahead of drilling results
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- 25.4m @ 5.2% copper equivalent is “one of the best intersections to date” at New World’s Antler deposit in Arizona
- Precious metals explorers Metalicity and Riedel jump ahead of drilling results
- Thor upgrades ‘Molyhil’ project resource as tungsten, molybdenum prices improve
Here are the biggest small cap resources winners in morning trade, Thursday April 8.
An incredible copper hit pushed this explorer’s share price to three-year highs in early trade.
The intercept — 25.4m @ 5.2% copper equivalent – is “one of the best intersections to date” at the Antler deposit in Arizona, New World says.
“Importantly, it’s also one of the deepest holes we have drilled – and continues to demonstrate improving grade and particularly thickness of the mineralisation as we drill deeper below the historic workings,” managing director Mike Haynes says.
“With drilling consistently delivering substantial thicknesses of very high-grade mineralisation at Antler, the project is continuing to emerge as one of the highest-grade undeveloped copper deposits globally and a very real near-term development proposition.”
Drilling continues, with assays pending for 13 additional completed holes.
These results are expected over the coming weeks.
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Drilling results from the historic, high grade Kookynie gold project in WA are about due.
Drilling has focused on the high priority Leipold (10 holes) prospect and the Cosmopolitan gold mine (12 holes). Cosmopolitan produced 360,000 ounces between 1896 to 1922 at an average head grade of 15 g/t gold.
“Assay results are starting to be delivered and we are expecting a steady stream of drilling results over the coming weeks,” the company said March 18.
Tungsten and molybdenum prices have shown “encouraging improvement” since recent lows and, with post-COVID-19 global growth recovery and increased global infrastructure spending, Thor expects this to continue.
The diversified explorer has now upgraded its Molyhil tungsten project resource to 4.4 million tonnes at 0.27% tungsten trioxide, 0.10% molybdenum, 0.05% copper and 17.75% iron.
“This revised mineral resource estimate … has generated a more robust resource with the upper portion of the Southern Lode now classified as measured, the minimum standard required by many project financiers,” exec chair Mick Billing says.
“With the steady recovery of the tungsten price, the testing of these targets, in conjunction with the proposed geotechnical drilling and ore sorting review, are anticipated to significantly enhance the economic outcomes of the project.”
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The US coal mine developer says production at ‘New Elk’ in Colorado will kick off late April, with first coal shipment in June.
Initially, sales are planned to be on a spot shipment basis until supply contracts with steel mills can be negotiated for calendar year 2022.
“The limitation placed on Australian metallurgical coal exports to China has in particular supported higher pricing for US coals delivered to this market,” Allegiance says.
“In line with improved steel demand outlook, mills are continually expressing interest in new sources of stable, high quality metallurgical coal deliveries from reliable suppliers.”
The Allegiance share price surpassed 13-month highs in morning trade.
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This explorer surged on March 23 after hitting high grade gold and silver in the ‘Kingman’ project in Arizona.
The highlight was 1.5m at 230.8 g/t gold and 359g/t silver from 20.6m. Anything above 5g/t gold is generally considered high grade.
More results are due in April and May.
