Resources Top 5: A couple of shiny Tolga Kumova speccies, new explorer runs on debut
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Here are the biggest small cap resources winners in early trade, Friday September 10.
One of ‘Tolga Kumova’s stocks worth keeping an eye on’, Bulletin is also the latest ASX-listed goldie to diversify into lithium exploration.
It’s been a successful move so far, with the $30m market cap tiddler up ~60% in early trade to +9-year highs.
The company says a review of old exploration data has uncovered “multiple exploration opportunities” at the ‘Ravensthorpe’ lithium project, 12km from Galaxy Resources’ (ASX:GXY) Mt Cattlin operation.
This area is underexplored, Bulletin says.
“Outcropping pegmatites [lithium ore] have been initially tested by rock chip sampling by past explorers,” it says.
“Only one pegmatite outcrop has had follow up exploration with a costean and a small drill program.
“Costean sampling of the lepidolite-spodumene mineralised Horseshoe pegmatite returned a result of 10m @ 1.1% Li2O including 1m @ 2.91% Li2O.”
Bulletin’s upcoming rock chip/soil sampling program will lock in targets for drilling, the company says.
The potential for gold will also be assessed.
(Up on no news)
The $16m market cap minnow is closing in on production at its mothballed Nelson Bay River Iron Project (NBR) in Tasmania.
The company hopes to be able to make a formal decision for recommencement of the mine once an environmental permit is granted – and if the iron ore price holds up.
Shree also has a bunch of early-stage gold and base metals projects in Australia.
The newly listed WA gold explorer exploded out of the gate on debut.
Its newly consolidated ‘Malcom’ project covers several mineralised structures, the company says, that were explored “erratically” and “ineffectually” in the past.
Mt Malcolm reckons the project area has the potential to host more than one economic gold deposit, based on previous exploration and geological interpretations.
“Management’s focus will now turn to the delivery of meaningful results across the 9 Prospect areas within the Malcolm Project confines, with an initial Gravity Survey at Calypso in preparation for RC drill testing and follow up diamond core drilling within the mineralised areas defined to date,” chairman Rob Downey says.
“We are well supported and well-funded to implement our work programs focusing on our target areas immediately.”
PNG focussed Mayur aims to sell cement and quicklime from its ‘Central Cement and Lime’ project “at much lower cost than Asian exporters”.
Earlier this week it was granted Special Economic Zone (SEZ) status by the PNG government, which means fiscal benefits including tax relief and exemptions from duties.
It has also received “conditional support” from customers in the Australian and Pacific markets seeking long term cement and clinker supply.
“With Phase 1 of the CCL Project already receiving strong written offtake support from quicklime and hydrated lime customers, this development confirms regional market interest in CCL’s products and is a likely key enabler for the faster development of Phase 2 of the fully permitted CCL project,” the company says.
Another Tolga Kumova tip (he’s also exec chairman).
Aston’s main game is the ‘Edleston’ gold-base metals project in Canada, where the explorer has today pulled up nickel-copper-cobalt sulphides in maiden drilling at the ‘Boomerang ‘target.
The mineralisation style intersected to date bears significant parallels to that of BHP’s (ASX:BHP) Mt Keith Ni-Cu Mine, the company says.
“We are astounded by the potential scale of the system,” Kumova says.
“With only our second hole into this 5km long strike, we have uncovered broad scale disseminated nickel-cobalt sulphides.
“With the availability of low cost, environmentally responsible hydroelectric power, the project has the potential of providing a green source of nickel into what is emerging as a region of global significance with respect to battery manufacturing and electric vehicles.”
After completing the current drill hole, Aston will mobilise a downhole EM crew “to determine the extent of the mineralisation being targeted and to potentially identify additional off hole conductors”.
EM surveys map sub-surface changes in electrical conductivity and are a useful tool for finding sulphides.