Resources Top 5: A new high-grade copper discovery and Alkane’s ever-growing Boda prospect gets investors excited
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Here are the biggest small cap resources winners in early trade, Monday May 3.
Shares shot up nearly 70 per cent on Monday morning after Taruga said it made a high-grade copper discovery at its Mt Craig project in South Australia.
Fast-tracked assays from the first five holes drilled returned hits like 5m at 2.4 per cent copper from 17m, including 1m at 9.5 per cent copper from 18m, at the Wyacca prospect.
All 30 reverse circulation drillholes intercepted visible copper mineralisation, Taruga said.
Not a bad time to be finding high-grade copper, just as the price of the red metal touches a fresh 10-year high.
GENESIS RESOURCES (ASX:GES)
(Up on no news)
This Monday morning mover could just be riding the coat tails of the copper boom.
Genesis owns six exploration licences spanning 919.08 sq.km in Queensland and the Northern Territory. It also has gold and copper joint venture in Macedonia.
In the Northern Territory, previous rock chip samples delivered grades of up to 40 per cent copper.
The Plavica gold-silver-copper project in Macedonia appears to be the main focus for the company, with metallurgical studies ongoing.
Genesis says the results so far show that recoveries, at about 83 per cent, are not affected when re-using the leach solution multiple times. Silver and copper are also recoverable.
Thomson Resources has cemented an earn-in and JV deal with White Rock Minerals (ASX:WRM) for the Mt Carrington gold and silver project in NSW.
The pair have reached a definitive agreement giving Thomson the right to earn up to a 70 per cent interest in three stages in White Rock’s Mt Carrington project.
The deal is part of Thomson’s “Fold Belt Hub and Spoke Strategy” to build a large precious and technology metal resource base that could be processed at a central processing facility.
“Thomson has targeted, in aggregate, in ground material available for the strategy’s central processing facility of 100 million ounces of silver equivalent and with this agreement now executed, and following the completion of the Texas acquisition in the near future, we believe we will have achieved that target,” executive chairman David Williams said.
The headline making Boda discovery in the Lachlan Fold Belt of NSW just keeps getting bigger.
Alkane told investors on Monday morning that two diamond core holes at Boda had extended the high-grade gold and copper mineralisation below previous drilling by a further 100m.
Notable results returned were 383.2m at 0.8 grams per tonne (g/t) gold and 0.31 per cent copper from 775m, including 204m at 1.4g/t gold and 0.51 per cent copper from 776m, 101m at 2.47g/t gold and 0.83 per cent copper from 824m and 70m at 3.04g/t gold and 0.92 per cent copper from 829m.
“These latest results give further insight into both the high-grade brecciated zone and the sheer size of the Boda complex and adjacent complexes within the Northern Molong Porphyry project,” managing director Nic Earner said.
“Our drilling program continues with the aim of both in-filling and expanding the mineralised system. We expect that the ongoing drilling program will validate the company’s growing confidence in the scale of the high-grade zone at Boda.”
A simple exploration update moved BBX shares on Monday.
It was most likely the 17.09g/t gold grade reported from analytical and metallurgical test work undertaken on bulk samples at its Ema project that got investors excited.
BBX said nine of the 10 results were in the range 16.10g/t to 23.2g/t, with a single outlier of 7.98g/t.