• A massive $20mn gold project sale
  • Kingfisher uncovers rare earth potential at Gascoyne
  • Zenith hits 10m at 6.57% zinc + lead, 16.24 g/t silver from 200m at Earaheedy


Here are the biggest small cap winners in early trade, Tuesday December 21.


Matsa has announced a massive $20mn sale of its Red October and Devon gold projects to Linden Gold Pty Ltd in WA’s Laverton Greenstone Belt, home to a number of world class and emerging mines with resources >25M oz of gold such as Sunrise Dam, Mt Morgans, Butcher Well, Granny Smith and Wallaby.

“This transaction allows Matsa to continue building on its significant gold resource base at Lake Carey gold project, including the Fortitude gold mine where the recent scoping study identified an operating cash surplus of $95 million and define new resources elsewhere including Fortitude North,” the company said.

MAT is set to be a substantial shareholder of Linden Gold upon completion.

The ~$22 market cap company is up 6.67% over the past month and has $2.7m cash in the bank.



Latest drilling results at the Gascoyne Project in Western Australia has confirmed rare-earth potential from surface.

Up to 0.16% total rare earth oxides (TREO) has been returned, with numerous carbonatite intrusions and dykes also identified during a a helicopter-supported sighter sampling program and a follow-up rock chip sampling program at its Mick Well, Kingfisher, Kingfisher South and Arthur River Projects.

Carbonatites are a known source of rare earth elements.

These sighter samples for rare earth elements and follow up rock chip samples have been submitted to the laboratory for full chemical analysis.

KFM executive director and CEO James Farrell said: “Kingfisher looks to have a genuine rare earth opportunity in a hotspot for rare earth exploration in Western Australia.

Farrell said  two of the samples located close to recently drilled targets with pending assay results.

“I am particularly excited about these results as the samples initially were not targeting rare earths.”

The ~$6.4m market cap company had $4m cash in the bank at the end of the September quarter.



ZNC is up 7% on news that its high-grade feeder fault mineralisation has intersected below the recently discovered, flat lying Chinook zinc-lead mineralisation in Western Australia.

New drill hits include 10m at 6.57% zinc + lead, 16.24 g/t silver from 200m within a broad zone of 84m at 1.84% zinc + lead to the end of the hole.

Zenith owns a 25% interest in Earaheedy while its joint venture partner Rumble Resources (ASX:RTR) – who also saw its shares soar 5.5% on the back of the news, owns the remaining 75%.

CEO Michael Clifford said this caps off a highly significant period in the history of the Earaheedy Project.

“The Earaheedy joint venture has successfully discovered four major new zones of zinc-lead mineralisation during the year,” Clifford said.

“The sheer scale of the mineralised system, as it currently stands at Earaheedy, is hard to comprehend, stretching some 12km in length and up to 1.9km down-dip.”

Zenith has a market cap of ~$73mn with $6.2mn cash in the bank at the end of the September quarter.



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Formerly Prairie Mining, the company changed its name on December 15 to GreenX Metals following shareholder approval at its annual general meeting.

Its shares climbed back in October after it signed a $9mn deal to acquire an 80% stake in the Artic Rift Copper Project in Greenland.

Arctic Rift is a large-scale project where historical exploration results indicate an extensive system with potential to host world-class copper deposits, the company said.

“The ARC project marks the company’s first move into the energy metals space.”

“Copper is integral to the energy transition, with copper consumption over the next 25 years forecast to be more than has ever been mined,” chief executive Ben Stoikovich said.



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Earlier this month the gold focused explorer completed nine reverse circulation (RC) drill holes at Golden Grown within the flagship Mt Malcolm Project, where the best hit returned 3m at 11.97 g/t gold, including 1m at 33.61 g/t gold.

Results from deeper holes remain outstanding while a second RC program is planned to follow up assays generated from this initial program.

M2M is hoping to strike paydirt in and around the multimillion ounce Leonora and Laverton gold fields in WA. 

Its Mt Malcolm project covers some 40km of mineralised structures dotted with historic gold workings and scratchings.

Share rose 12% after the company made its ASX debut on September 10.

Former Kin Mining (ASX:KIN) boss Trevor Dixon is the managing director and top shareholder, with more than 27.78% of the listed shares in the company after its $8 million IPO.

At Stockhead, we tell it like it is. While Matsa Resources and Zenith Minerals are Stockhead advertisers, they did not sponsor this article.