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Resources Top 5: It’s ‘Back to the Future’ for this electrifying palladium explorer
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- Future Metals relists on the ASX after buying 2.06Moz ‘Panton’ palladium-platinum project
- Ragnar makes new nickel-copper-PGE discovery in Sweden
- Antilles pulls up incredible intercepts like 31.5m grading 4.95g/t gold from La Demajagua gold-silver deposit in Cuba
Here are the biggest small cap resources winners in early trade, Tuesday June 22.
FUTURE METALS (ASX:FME)
This small cap has been involved in various gold, copper, and oil and gas projects since listing as Red Emperor Resources back in 2007.
Now the focus is on the red hot platinum group metals (PGM) sector.
The stock relisted on the ASX after purchasing the 23sqkm ‘Panton’ PGM project in the Kimberly region of WA — which has a pre-existing 2.06Moz palladium-platinum resource – for $17.5m in shares.
This resource outcrops at surface and remains open in multiple directions, the company says.
“[The resource] covers approximately 3.5 kilometres of the circa 12 kilometres of mapped outcropping PGM-bearing chromite reefs (remaining 8.5km relatively untested),” Future says.
“No significant exploration [has been] performed for almost 20 years.”
The project also benefits from having a higher palladium grade relative to platinum grade at a time of record palladium prices.
Step-out drilling to build the resource will kick off upon completion of the acquisition, along with metallurgical and mining studies.
RAGNAR METALS (ASX:RAG)
Is this a brand new nickel-copper-PGE discovery?
Maiden drilling at the ‘Tullsta’ nickel project in Sweden hit a significant 61.2m wide zone of sulphide mineralisation in the second drill hole of the program.
Ragnar has sent the core for assaying to confirm the presence and grade of nickel-copper-PGE mineralisation and expects results during the September quarter.
“The visual inspection of the sulphide mineralisation and the intrusive host rocks at Granmuren, remarkably have a very similar rock type, mineral composition, intrusive textures, sulphide style and metal abundance as the Carr Boyd [Estrella Resources (ASX:ESR)] and Andover [Azure Minerals (ASX:AZS)] magmatic nickel-copper sulphide discoveries that [technical expert] Geolithic was involved in during 2020-2021,” Geolithic managing director and Ragnar consulting geologist Neil Hutchison says.
Ragnar chairman Steve Formica says these drill targets were generated in 2018 “but we have had to exercise patience whilst waiting for Ragnar to be financially able to explore a potentially game-changing target”.
“The impending electric vehicle demand gives Ragnar the opportunity to be in the right commodity in the right place in the heart of European battery manufacturers,” he says.
“I look forward to working with our technical experts at GeoVista and Geolithic in progressing our discovery at Tullsta.”
$20m market cap Ragnar is up +90% in early trade.
ANTILLES GOLD (ASX:AAU)
Antilles pulled up a bunch of incredible intercepts — like 31.5m grading 4.95g/t gold — from its flagship La Demajagua gold-silver deposit in Cuba.
It’s all part of a 25,000m drilling program aimed at establishing JORC resources and finalising planning for a proposed open pit mine.
In May last year, Antilles – formerly PanTerra — finalised a joint venture to develop La Demajagua.
It wants to produce ~60,000 tonnes a year of concentrate grading around 47 grams per tonne (g/t) gold and 380g/t silver for at least six years.
Feasibility studies for the stage one open pit mine should be completed in time for a development decision in Q4 2022, Antilles says.
The $20m market cap stock is up ~35% in early trade.
ZEUS RESOURCES (ASX:ZEU)
(Up on no news)
This Chinese-backed shell is up 230% since signing a deal with a mysterious Singapore consultancy called Cloud Securities in early June.
Cloud Securities – which doesn’t even appear to have a working website — ostensibly “specialises in assisting mining and exploration companies with their business development”.
As part of the deal, Cloud has agreed to bring to Zeus a minimum of three new mining projects for their perusal within 12 months of executing the agreement.
CARPENTARIA RESOURCES (ASX:CAP)
(Up on no news)
Carpentaria is now up 350% since finalising a deal to buy Pure Metal’s 24% share of the Hawsons Iron Project in NSW for 90 million shares.
Carpentaria executive chairman Bryan Granzien says the deal will clear the path of obstacles that have held up Carpentaria’s efforts to realise Hawson’s full value.
A BFS on the ~$1.4 billion capex project is due to kick off this year, with the company aiming for first production in Q3 2024.
