ASX Resources Top 5: Antipa pokes edges of a Havieron lookalike, Silver City flies on gold acquisition
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Here are the top small cap resources winners in morning trade, Wednesday April 7.
A high-grade gold project acquisition sent this small cap explorer soaring in early trade.
Silver City will purchase 80% of the ‘Austin’ gold project, which is next to Musgrave Minerals’ (ASX:MGV) Cue gold project and its high grade +600,000oz Break of Day deposit.
Limited shallow drilling at Austin hit thick, shallow and high grade gold that has never been followed up, like 6m at 15.8 g/t gold from 36m (including 2m at 43 g/t gold).
Early stage geophysics and geochemistry work is under way.
Has Antipa found a Havieron gold copper lookalike in the Paterson Province of WA?
New drilling has returned hits like 5.35m at 12.35 g/t gold and 0.06% copper from 311.65m outside existing resources at the Minyari Dome Project.
The company is “particularly excited” given the similarities between Minyari and Newcrest’s (ASX:NCM) monstrous +3.4moz gold, +160,000t copper Havieron JV with Greatland Gold.
“The Minyari mineralisation [is] hosted by the same rocks, with intense intrusion related hydrothermal alteration and very high‐grade gold‐copper sulphide breccia style mineralisation occurring over a similar ‘footprint’ to Havieron,” says managing director Roger Mason.
“Critically, only five drill holes at Minyari have penetrated deeper than 430m below surface, the depth to the top of the Havieron deposit,” he says.
“Four of these five holes intersecting significant high‐grade gold‐copper‐silver breccia mineralisation ‐- suggesting that both the volume and grade of mineralisation may be increasing with depth.”
(Up on no news)
Aguia is now well-funded to start construction of the Três Estradas phosphate project in Brazil following a ~$4m private placement finalised earlier this week.
Discussions with experienced agribusiness debt financiers in Brazil are also well-advanced, the company says.
“With interest rates at record lows, Aguia is now very well-placed to take advantage of attractively priced, non-dilutive debt, and this is an important part of our funding mix for Três Estradas and for the future development of the Andrade copper project,” managing director Fernando Tallarico says.
“This is an exciting time for Aguia as the company approaches first production and cash flow, which remains on target for Q4 2021.”
(Up on no news)
This small cap explorer is about to test 29 highly prospective ‘frontier’ targets at its East Kimberley project in the NT for gold, copper, PGEs and nickel.
A 6,000+ metre aircore drilling program is scheduled to kick off in May.
(Up on no news)
On Tuesday, WA gold producer Westgold Resources (ASX:WGX) picked up a ~8.58% per cent stake in neighbouring explorer Alto, whose main game is the 331,000oz-and-growing Sandstone gold project.
A major two-rig, 30km-long drilling program is now underway at Sandstone to grow these resources and test multiple regional targets.