In Case You Missed It: Lithium, nickel and a Peruvian divestment deal

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.

ICYMI Leader Board

Stocks highlighted in green have made market-moving announcements (click headings to sort).

Krakatoa Resources (ASX:KTA) has picked up a bunch of high-grade rock chips – peak assay 4.3% Li2O – at Wilsons, part of the King Tamba project near Mount Magnet in WA.

The outcropping peggies at Wilsons (3-4m wide, +250m long) were historically drilled for tantalum but never assayed for lithium, KTA says.

Mineralogy is underway to determine which minerals — spodumene (ideal) or lepidolite (less ideal, but still okay) — are hosting the elevated lithium within these rock samples.

Drill planning is also underway.

King Tamba also includes a recently announced 5Mt at 0.14% rubidium resource.

Rubidium – which sells for US$1200/kg — is used in solar panels (photoelectric cells), motion sensor and night vision devices, and medical imaging devices.

Valor Resources (ASX:VAL) has agreed to sell the majority of its Picha and Charaque copper projects in Peru to Firetail Resources in order to focus on its high potential uranium assets in Canada’s Athabasca Basin.

Under the agreement, fellow Australian Firetail has paid the company a $200,000 exclusivity fee for a 90-day due diligence period.

Should Firetail proceed with the acquisition, it will pay Valor $550,000 in cash, 15 million FTL shares – representing a 20.58% shareholding in Firetail – and 20 million performance rights subject to certain vesting conditions in return for a 80% interest in Picha and Charaque.

The transaction will allow the company to focus on its highly prospective, drill-ready uranium projects as prices of the energy metal rises amidst increasingly positive sentiment in the sector while retaining exposure to any future exploration upside in Peru through a retained 20% project interest as well as its stake in Firetail.

Sabre Resources (ASX:SBR) says a new drilling program has unearthed an “extensive new sulphide zone” at its Sherlock Bay project in the WA Pilbara, where it reckons there’s potential for a significant upgrade to the existing 110,000t nickel equivalent sulphide resource.

All four new diamond drill-holes which tested an EM conductor target intersected massive (high grade) sulphides within broader semi-massive to stringer sulphide zones.

The new discovery is at least 500m long and open in all directions with other “exceptionally strong” conductors yet to be tested.

“Drilling to date has only tested 2km of the more than 15km strike length corridor of EM anomalies within the expanded tenement footprint, representing major potential for resource growth at Sherlock Bay,” SBR says.

Iceni Gold (ASX:ICL) has identified a new +500m long gold target at the flagship 14 Mile Well project in WA, with rock chip sampling returning a highlight 57.6/t Au.

The target sits along the contact of the ‘Monument Granite’ which has similar prospectivity to nearby granite associated gold deposits like Puzzle, Puzzle North (Genesis Minerals) and Granny Smith (Gold Fields Australia), all within the Laverton-Leonora district.

And Torque Metals (ASX:TOR) says drilling at its Paris gold camp near Kalgoorlie has returned a bunch of thick, high-grade hits, including a highlight 35m @ 14.12g/t Au from 157.85m.

Anything above 5g/t is generally considered high grade.

At Stockhead we tell it like it is. While Valor Resources is a Stockhead advertiser, it did not sponsor this article.