Pic: Getty/ James Elsby/ AFL Photos/ Stringer
Mining
Here are the biggest small cap resources winners in morning trade, Wednesday March 24.
Aruma is jumping on the battery metals bandwagon.
In the June quarter the gold turned-lithium-stock will drill its ‘Mt Deans’ lithium project in WA where previous exploration identified “swarm pegmatites over a strike length of greater than 1km”.
There are early geological similarities to the nearby Mt Marion, Bald Hill and Buldania projects, Aruma says.
Gold explorer and mine developer Emmerson just raised $2m at a 66 per cent premium to its pre-market share price. That’s almost unheard of.
The equity investment at 13c share (escrowed for 12 months) by JV partner Tennant Consolidated Mining Group (TCMG) sets the foundation to reinvigorate the Tennant Creek Mineral Field (TCMF), “historically one of the highest grade gold and copper provinces in Australia,” says Emmerson managing director Rob Bills.
JV agreements were also executed over the ‘Northern Project Area’ whereby TCMG contributes $5.5m toward exploration over five years to earn a 75 per cent interest.
“Our 2021 exploration program will commence shortly and consist of drilling on both JV and 100% ERM projects, plus various scoping studies to advance projects to the mining schedule,” Bills says.
Gold and lithium stock Hawkstone has produced battery grade (99.8%) lithium carbonate from the Big Sandy sedimentary project in Arizona at high recoveries of 90.7%.
The company will now move to full-scale bench-scale testing and design of a continuous-operation pilot plant — a smaller version of a full-sized processing plant.
Hawkstone also expects to receive approvals for further drilling within the next 30 days.
“We have a potentially large lithium resource and are able to produce high quality product in a market with a rapidly increasing demand and price,” managing director Paul Lloyd says.
“Based in Arizona, USA, with a large number of quality infrastructure choices and highly proactive State and Federal Governments, the planets are aligning for Hawkstone and its shareholders.”
The iron ore play is working on a pre-feasibility study (PFS) for its Razorback mine in South Australia.
This PFS – a proper look at whether a project is economic or not — is due out sometime in Q2-Q3 this year.
Iron ore prices have fallen from their most recent peak, but remain at very healthy levels around $US157/t.
This gold, copper and lithium stock has has ~8 exploration projects scattered across WA.
It is currently drilling at the ‘Messenger’ gold project, where historic drilling intersected 2m @ 228.92g/t gold from 10m (including 1m @ 451g/t).
First assays are expected in April.
Mining
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