Resources Top 5: A lithium acquisition, broad gold hits, and one big uranium opportunity

Riversgold surges on new tenement acquisition
Askari’s second tranche drilling results extends the Benbur prospect at Burracoppin
West Wits phase-I drilling results confirm the Bird Reef Central area has potential to be a uranium-gold project

Here are the biggest small cap resources winners in early trade, Thursday October 6.

RIVERSGOLD (ASX:RGL)

Today’s small cap champion goes to Riversgold on news of a tenement acquisition, expanding the Tambourah Lithium project in Western Australia’s Pilbara region by an additional 1.62km2.

The new tenement (P45/3135) is home to prospective greenstones in the southern part of the site, which sits within what is called the ‘Goldilocks zone’ for large lithium-caesium-tantalum (LCT) systems.

“We are pleased to continue the consolidation in and around Tambourah where it makes economic sense,” RGL managing director Julian Ford says.

“We already have an extensive geophysics and geochemical database for Tambourah and we are actively exploring the region.”

Shares surged some 24% before retracting back to 4c for a 14.29% gain.

ASKARI METALS (ASX:AS2)

The second tranche of results from phase III reverse circulation (RC) drilling has extended the Benbur prospect at the Burracoppin Gold Project in Western Australia along strike of Ramelius Resources’ Edna May Gold Mine.

In an area previously un-drilled, hits of up to 6m at 2.37g/t gold from 31m, including 1m at 9.54g/t gold from 31m and 2m at 1.17g/t gold from 34m highlights the potential to join the mineralisation with other targets and increase the scale of gold endowment.

Around 40 RC holes were drilled for 3,639m during June with the final batch of assays expected shortly.

“Building on the success from the first tranche, the second tranche confirms the extension of mineralisation north and down-dip of Benbur, which further reduces the space between these two prospects,” vice president of exploration and geology John Lambrechts says.

“The gold endowment at Burracoppin is shaping up nicely and based on the results received to date from phase one, two and three has the potential to be significant”

WEST WITS MINING (ASX:WWI)

This ~$34m market cap junior has received results from phase I drilling at the Uranium Exploration target within the Witwatersrand Basin Project (WBP) in South Africa, confirming the potential for the Bird Reef Central to be a uranium-gold project.

Hits up to 1.59m at 835ppm uranium and 1.46g/t gold from 85.11m, including 0.96m at 1,321ppm uranium and 2.30g/t gold from 85.74m mark “a significant opportunity” for West Wits, CEO Jac van Heerden says.

“These results may allow for uranium to be mined concurrently with the gold bearing reefs within the Bird Reef Sequence,” he explains.

“The results also provide confidence in the board’s strategy to advance uranium exploration at the WBP with the aim to convert the significant Uranium Exploration Target to a JORC mineral resource estimate.”

WWI is now evaluating the schedule of detailed phase II drilling and remains keen to test mineralisation at greater depths in its phase III exploration program.

MINERALS 260 (ASX:MI6)

(Up on no news)

This Liontown Resources (ASX:LTR) spinoff agreed to acquire private company Capicorn Orogen earlier this week – the owner of 20 granted exploration licences that collectively form the Ti Tree REE-nickel-copper-lithium Project in Western Australia’s Gascoyne region.

The 3,900km2 project is within close proximity to signicant rare earth, nickel-copper and lithium prospects and is underlain by lithologies of the same type and age as those that host Hasting’s (ASX:HAS) Yangibana REE Project where mine construction is underway.

LANTHANEIN RESOURCES (ASX:LNR)

(Up on no news)

LNR’s maiden drilling program recommenced at its flagship rare earths project at the end of September utilising a track mounted drill rig in WA’s Gascoyne region where the significant endowment of REEs is now being fully recognised by the broader market.

The company continues to be encouraged by the ongoing exploration success of Dreadnought (ASX:DRE) at the Yin Project and the new Sabre discovery, which demonstrates the significant REE potential of the ironstones in the Gifford Creek Ferrocarbonatite Complex.