• Marvel Gold skyrockets on Resolute farm-in
  • Lincoln proves up big graphite numbers at Kookaburra Gully
  • Golden Mile keeps on running up the charts

 

Here are the biggest small cap resources winners in early trade, Friday June 30.

 

MARVEL GOLD (ASX:MVL)

MVL is a big winner today after caped superhero Resolute Mining (ASX:RSG) swooped in to earn-in 51% of Marvel Gold’s Kolondieba gold project in Mali.

Resolute will make an upfront cash payment of US$250,000 and spend an additional US$750,000 at Kolondieba in the next 24 months as part of the JV.

It will also earn another 19% of the project by spending an additional US$4 million in the 36 months following if it elects to do so.

Previous work at Kolondieba returned a number of intercepts, including 2.4g/t and 2.01g/t of gold in auger holes over 1km of strike length.

Not quite a damsel in distress – in fact quite the opposite – Marvel has welcomed the investment with open arms.

“Successfully negotiating a JV with Resolute is a credit to the quality of work carried out at Kolondieba and is testament to the prospectivity of the project and the results achieved to date. We look forward to Resolute further advancing Kolondieba,” Marvel MD Chris van Wijk said.

“This transaction is consistent with Marvel’s strategy to monetise the exploration interests we hold in Mali, as we progress ongoing project generation work.”

Shares in the $9.5m market-capped junior were up 54% in early trade today to 1.7c.

 


 

LINCOLN MINERALS (ASX:LML)

(Up on yesterday’s news)

Drilling at LML’s Koppio graphite deposit – part of its flagship Kookaburra Gully graphite project – have confirmed continuity along strike of last known graphite mineralisation, intersecting high-grade total graphite carbon (TGC).

The two-phase drilling campaign, now complete, consisted of 31 holes at Koppio for Phase 1, followed by 44 holes within the Kookaburra Gully Extended Graphite prospect.

There are some pretty impressive hits:

27m @ 7.45% TGC from 73m, including 11m @ 12.78% TGC from 85m at hole KP023.

29m @ 12.65% TGC from 60m, including 13m @ 18.24 % TGC from 69m at hole KP35.

41m @ 6.92% TGC from 18m, including 12m @ 14.06% TGC from 42m at hole KP043.

7m @ 14.44% TGC from 19m at hole KP022.

Mineralisation remains open along strike and down dip at Koppio.

The explorer said the hits were so significant it’d have to reassess its previous inferred MRE of 1.85Mt @ 9.8% TGC at Koppio and potentially increase the overall MRE of Kookaburra Gully which currently sits at 3.88Mt A@ 12.6% TGC.

A review of a 2017 mining feasibility is currently underway by SRK Consulting.

Investors were impressed, boosting the share price 15% in trade today to 1.5c.

 


 

GOLDEN MILE RESOURCES (ASX:G88)

(Up on no news)

G88 is continuing its impressive run up the charts ever since it received a $1.2m cornerstone investment late May from Singapore celebrity commodity trader Rajiv Ramnarayan endorsing its Quicksilver nickel-cobalt project near Lake Grace in WA.

Cashed up, the explorer started spinning the drill bit and immediately intercepted the highest-ever nickel grades at the deposit of up to 4.14% nickel and 0.421% cobalt.

G88 rattled the tin for more capital and investors were happy to oblige, pouring in a further $1.89m for the junior to race back and unearth more treasure.

It’s now accelerating exploration of both nickel and REEs, as well as its highly prospective gold targets at the Yuinmery project in WA’s Murchison region.

Shares in G88 are up another 12% today – 175% since Ramnarayan’s endorsement – trading at 5.5c.

 

 

ILTANI RESOURCES (ASX:ILT)

Welcome to the ASX, Iltani.

Listed today and led by MD Donald Garner, its portfolio includes base metals and critical minerals projects dotted around the east coast of QLD (and one in Tasmania).

First moves for the company include exploration which is already underway at its Herberton project, which the company believes is one of Australia’s best silver exploration targets endowed with significant critical minerals such as indium and antimony.

It also plans to commence drilling at its Northern base metal project within the next 12 months and generate targets through mapping and sampling at its Mount Read Volcanics and Rookwood projects.

ILT raised $5m in for its IPO and has a market cap of $8.4m. Listed at 20c, shares are up 15% to 23c in trade today.

 

While Golden Mile Resources is a Stockhead advertiser, they did not sponsor this article.

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