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Mining
Here are some of the biggest resources winners in early trade, Friday May 24.
BUS – the critical minerals-exploring junior – is faring rather fine-to-fantastic on Friday (up about 20% intraday and around 36% for the week) after dropping more momentum making news.
The company has been given the go-ahead to kick off its maiden drilling at its Nolans East REE project in the Northern Territory. And that comes after receiving a key Heritage Authority Certificate.
Nolans East is 15km from Arafura Resources’ (ASX:ARU) Nolans Bore project where Australia’s next REE mine and refinery are under construction with $840m in government funding support.
Bubalus has defined 22 drill-ready targets at Nolans East from a sampling program that returned more than 500 parts per million (ppm) total rare earth oxides (TREO) with a peak value of 2053ppm TREO.
Notably, valuable neodymium-praseodymium (NdPr), which is used to manufacture permanent magnets for electric vehicles and wind turbines average 22% of that total REE content.
We have more on this > here:
Bubalus Resources has the green light to start maiden drilling at its Nolans East REE project in the Northern Territory after receiving the key Heritage Authority Certificate. https://t.co/LE6z1uq7MX @Bubalus_ASX #ASX
— Stockhead (@StockheadAU) May 23, 2024
It’s saaaaale of the century for gold ‘n’ copper hunter Paterson Resources, also up with an easy 20% intraday rise.
The junior explorer has decided to make a “strategic sale” of its Burraga copper-gold project in NSW – to a company called Octo Mining Burraga for the goodly amount of $2.85 million.
Paterson’s focus will now turn to its Grace gold-copper project in WA instead, and these funds, once all due diligence is completed by Octo and pen is put to final paperwork, will be pushed towards advancing that operation.
The Grace project and its surrounding exploration licences cover roughly 350km2 and are located 25km to the southeast of the 32 Moz gold and 1mt copper Telfer gold copper mine – owned by big gun miner Newcrest Mining.
@Paterson_PSL (Paterson Resources Limited) is pleased to announce the sale of the Burraga Copper-Gold Project in NSW!
Sale proceeds of $2,850,000 will go towards further advancing the highly prospective Grace Gold-Copper Project in WA https://t.co/KrBN8fNkaE $psl #gold pic.twitter.com/H59E2rICT0
— Paterson Resources Limited (@Paterson_PSL) May 24, 2024
(Yesterday’s hero, but not in the JPY context)
This one is still moving hard, still leading the ASX ressie gainers pack – up 62% intraday – on big capital raising news it released to the market yesterday.
There’s nothing fresh to add, so we’ll remind you what happened. Here are some thoughts we prepared earlier…
Strategic Energy Resources has raised $2 million to explore its Achilles 1 polymetallic prospect in NSW, supported by a cornerstone investment by major shareholder Datt Capital and Lowell Resources Fund.
South Cobar lies along the eastern margin at the southern end of the Cobar Basin, along strike from Eastern Metals’ (ASX:EMS) Brown’s Reef polymetallic deposit.
Strategic Energy Resources’ (ASX:SER) Achilles 1 prospect also lies along the Achilles shear zone, which hosts Australian Gold and Copper’s (ASX:AGC) own Achilles prospect 8km away from SER.
Earlier this month, AGC hit a 5m intersection at 16.9g/t gold, 1,473g/t silver and 15% lead+zinc as part of a drilling campaign.
You can read more about the SER funding news and more > here
(Up on no news, it could just be the name, which is a ripper)
The gold price has taken a bit of a dip today, but there are still some golden gains being made by minnow goldies on the bourse.
This one is at least sporting some high trading volume at the time of writing and a 33% gain. Not sure what’s up with that, but we can at least tell you that the company seems excited about its Wabag project over in Papua New Guinea.
Earlier this month, GMN announced it had undertaken a “major review” of the project, gaining new insights into its promising porphyry systems.
Some 1155 km2 of tenements cover reinterpreted porphyry systems at various levels of exposure at the project.
According to the company, that review has focused on targets using a 3D model of a typical porphyry copper system. The belief is that the underlying core of the porphyry system hosts “substantial copper-gold deposits”.
In any case, geological experts are engaged and programs of work are planned.
David Evans, GMN’s CEO said: “The Wabag project represents an exciting opportunity for GMN within an improving copper and gold market for a timely potential significant discovery and development.”
At Stockhead we tell it like it is. While Bubalus Resources and Strategic Energy Resources are both Stockhead advertisers at the time of writing, they did not sponsor this article.
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