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Quarterly (W)Rap: Anomalies at Peel’s Mallee Bull and Corazon is looking to prove up Lynn Lake
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It’s a wrap for Q3 and here are some of the latest highlights from a few ASX juniors on their activities for the three months to the end of September.
Peel Mining (ASX:PEX)
During the quarter, PEX received regulatory approvals for an exploration decline at the Mallee Bull prospect of its South Cobar copper and base metals project in NSW.
South Cobar has a resource of 20Mt containing 216kt Cu, 322kt Zn, 151kt Pb, 22Moz Ag and 204koz Au in the Cobar Basin.
Contractor GR Engineering completed a study for a standalone 1.1Mtpa processing facility which will be incorporated into a preliminary feasibility study for the project that’s currently underway.
At the more greenfields Ambergris prospect, geophysics surveys and soil sampling highlighted strong anomalies across ~4km of strike and subject to further exploration in preparation for drill planning.
At Peel Far West, the SA government granted its application for the Anabama project area covering 824km2 within the Adelaide Ford-thrust belt where historical exploration yielded broad, shallow copper mineralisation.
The explorer says it’s undertaking desktop reviews of all its Peel Far West tenure ahead of planned field reconnaissance.
PEX had $10.6m in the bank at the end of Q3 and has a current market cap of $58m with a share price sitting at 10c.
QEM (ASX:QEM)
A successful drilling campaign at its Julia Creek vanadium and oil shale project in northwest QLD was completed during the quarter which targeted 12 exploration locations in the north of the tenement.
620m was drilled down to depths of 80m and two holes have been converted to groundwater monitoring bores, while a further four are being used for geotechnical analysis.
Core samples were collected and sent to QEM’s pilot plant at HRL Labs for metallurgical work to provide further input into an ongoing scoping study for Julia Creek due in H1 next year.
HRL Labs conducted two pilot plant tests in Q3 designed to trial a hydrogen donor solvent as part of understanding beneficiation and extraction methods for the project.
QEM says equivalent carbon conversions can potentially be achieved using either the solvent previously used or hydrogen gas.
QEM had $1.97m cash on hand at the end of Q3 and has a market cap of $28m, with shares trading at 19c.
Resolution Minerals (ASX:RML)
It’s been a busy Q3 for RML with a major drilling campaign completed at its Benmara copper-base metals-uranium project in the NT.
Exploration is conducted with JV partner BHP (ASX:BHP), which has agreed to fund up to $4m worth of exploration in stages across five years to earn a 51% interest in the project.
The explorer completed three diamond drill holes for 2,002m to test the Fish River and Buahinia fault zones that “provide an ideal location for mineralised fluids to focus and precipitate metals in reductive trap sites”, BML says. Assay results are due late this year.
At RML’s Carrara Range manganese project in northwest QLD, high-grade rock chips up to 41% Mn were discovered at the Wild Cow fault system.
Follow-up work is now being planned to further define the manganese occurrences and a detailed surface sampling and gravity survey program aims to define the extent of mineralisation at depth and along strike.
RML was also granted the Allegra nickel project in Alaska during the quarter, which it says is highly prospective for magmatic nickel-copper-cobalt-chrome-PGE sulphide mineralisation.
The company had a cash balance of $1.7m by quarter end and has a current market cap of $6.28m with a 0.5c share price.
Corazon Mining (ASX:CZN)
With a focus on battery minerals, CZN has been busy drilling at its Lake Lynn nickel-copper-cobalt sulphides project in Manitoba, Canada – historically mined for 24 years before closed in 1976.
Lynn Lake has a substantial 16.3Mt resource for 116,800t nickel, 54,300t copper, and 5300t cobalt, and recent exploration intersected mineralisation at depth at the Fraser Lake Complex which is encouraging the explorer to continue to assess the re-development of the mine.
Elsewhere CZN has been exploring at its Miriam nickel-copper sulphide project in WA and at the Mt Gilmore cobalt-copper-gold-lithium project in NSW.
Drilling permits have been acquired for a first-phase drill program at Miriam, while at Mt Gilmore, a new campaign of mineral vectoring geochem studies is underway, with a plan to identify drill targets.
CZN closed the quarter with $1.55m in cash and has a market cap of $8.7m and a share price of 1.6c.
Peel Mining, Corazon Mining, Resolution Minerals and QEM are Stockhead advertisers.
