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ASX Resources Top 5: Riedel hits golden paydirt at Kingman, Renascor achieves 13-bag status
Mining
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- Riedel surges after hitting high grade gold, silver in Arizona
- Graphite plays Renascor, Castle ride battery metals sentiment to strong gains
- QEM is +300 per cent since announcing plans to study “green hydrogen opportunities” earlier this month
The morning’s biggest small cap resources winners on Tuesday, March 23.
Big drilling results attract the money.
This morning’s biggest hits are from ~$30m market cap explorer Riedel, which is pulling up multiple high grade gold and silver intersections in maiden drilling at the Kingman project in Arizona.
The highlight was 1.5m at 230.8 g/t gold and 359g/t silver from 20.6m. Anything above 5g/t gold is generally considered high grade.
More results are due in April and May.
“It is important to reiterate that our large project area — which was mined historically for gold, silver, zinc and lead — has had very little modern exploration applied to it,” Riedel chair Michael Bohm says.
“Apart from limited drilling in the 1980s and 1990s, which we believe was restricted to a very small footprint, the project area had never seen a drill hole until late 2019 and now our own program in 2021.
“We believe these high-grade gold and silver results, seen both near surface and at depth, speak to the potential of the project area from both an open pit and underground mining perspective.”
(Up on no news)
The ostensibly gold focussed $10m market cap minnow recently dusted off its Kambale graphite project in Ghana due to surging battery metals sentiment.
“Drilling, a maiden resource estimate and preliminary metallurgical test work back in 2012 was encouraging enough that we will now excavate bulk samples to produce flotation concentrates for flowsheet design, concentrate characterisation, market positioning and project benchmarking studies,” Castle managing director Stephen Stone says.
“We will then be in a position to make an informed decision as to how best we should take Kambale forward.”
(Up on no news)
QEM is +300 per cent since announcing plans to study “green hydrogen opportunities” at its Julia Creek vanadium and oil shale project in Queensland.
The stock, which had struggled since listing in late 2018 at 20c per share, just punched through the 30c mark to hit all-time highs.
Green hydrogen burns cleanly and emits only water, making it the ‘holy grail’ of renewable energy. It is too expensive to make and distribute right now, but costs are falling.
(Up on no news)
The 1.86 million tonne Caravel copper project in WA is one of the few large, long life copper resources that can be quickly brought into production to meet forecast strong near-term copper demand, the company says.
A project Pre-Feasibility Study (PFS) – a look at whether a project is economic or not — is now underway and due for completion at the end of 2021.
Caravel is now drilling the Bindi copper deposit, with four rigs currently operating.
Earlier this month, Caravel said that visual copper sulphide mineralisation from deep drilling core indicated that Bindi could get a lot bigger.
A bunch of assays results are pending.
(Up on no news)
The South Aussie graphite explorer is up an incredible 1212% since the start of the year. That’s 13 bags confirmed.
The Siviour graphite deposit has the world’s second largest proven reserve (high confidence) and the largest reserve outside of Africa, the company says.
Favourable location and geology will allow Renascor to produce graphite concentrate at globally low-cost, it says.
