In Case You Missed It: Lithium, iron ore, and iron ore switching to lithium
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Stockhead’s In-Case-You-Missed-It highlights some strongest performing ASX stocks that might have slipped your notice today.
It’s a short, sharp update to help frame the trading day by showing some of the biggest movers in percentage terms.
Stocks highlighted in green have made market-moving announcements (click headings to sort).
Greentech Metals (ASX:GRE) said exploration at its Ruth Well lithium project in the WA Pilbara produced 22 reconnaissance rock chip samples from a pegmatite-bearing zone up to 200m wide and along strike for a tasty 6km, showing grades of up to 1.65% Li2O.
The work was part of a broader recon program targeting potentially prospective areas that were identified following an assessment of historical data and aerial imagery.
GRE executive director Thomas Reddicliffe said the team is very encouraged by the high-grade lithium assays from the reconnaissance program at Ruth Well.
“The West Pilbara region is continuing to attract significant interest from listed companies and investors, and GreenTech has secured a strategic and highly prospective foothold,” Reddicliffe said.
“This discovery in WA’s new lithium hot spot, combined with the company’s advanced Whundo copper project, where we recently reported a significant resource upgrade, positions GreenTech as a rapidly emerging critical metals business with an advanced project pipeline.”
Iron ore player Athena Resources (ASX:AHN) has received a bid from Adroit Capital Investments to acquire 1 out of every 5 Athena shares that Adroit Capital does not already hold at $0.006 per share less any dividends.
Athena says shareholders are advised to ‘take no action’ in relation to the ‘unsolicited and opportunistic’ offer.
And after an extensive 10-month-long due diligence process, Gina Rinehart’s Hancock Magnetite Holdings has decided to pour $4 million into Legacy Iron Ore’s (ASX:LCY) Mt Bevan JV with Hawthorn Resources (ASX:HAW) to help fund exploration for lithium and other non-iron ore minerals.
The investment gives Hancock a 7.5% interest in the project, with $2.4m cash being paid to LCY and $1.6m to Hawthorn.
In a three-stage farm-in approach, Hancock will need to spend up to $5m on exploration within 12 months to earn an additional 7.5%; spend up to $7m on drilling within a further 12 months to earn an additional 20%; and deliver a pre-feasibility study on the project within an additional 18 months at an expected cost of ~$10m.
Locksley Resources (ASX:LKY) has entered an agreement to purchase the highly prospective Mojave REE project from Enigma Strategic Minerals (ESM), which owns 201 mineral claims making up the North and South Block of the project area.
The project is adjacent to the giant high-grade Mountain Pass Mine owned by MP Materials, the largest producer of high-grade rare-earth materials in the Western hemisphere, delivering approximately 15% of the global rare earth supply.
And Kingsland Minerals (ASX:KNG) says results from the first two drill holes at its Leliyn graphite project in the NT returned 45m at 9% from surface, 28m at 11.1% from 55m, and 25m at 10.1% also from surface.
There are currently two rigs drilling on site with assay results expected regularly over the coming months.
At Stockhead we tell it like it is. While Kingsland Minerals is a Stockhead advertiser, it did not sponsor this article.