• Former producer Altura has a couple of new lithium exploration projects
  • Maximus Resources hits visible gold
  • Revolver uncovers ‘high priority’ copper anomaly at Diane project

Here are the biggest resources winners in early trade, Wednesday December 15.



The former lithium producer came tantalisingly close to coming through the recent downturn unscathed, but it was not to be.

The company’s current management is a slimmed down version of the team which built and operated its namesake lithium project, now owned by neighbour Pilbara Minerals (ASX:PLS).

Coming out of 16 months in suspension AJM now has a couple of new lithium exploration projects on the go, including ‘Mallina’ in WA’s Pilbara and the ‘Fish Lake Valley’ brines project in Nevada, USA.

Today it announced the results of a technical review of previous exploration work at Fish Lake Valley, 30km from Albemarle’s Silver Peak mine and 20km from Argosy’s Tonopah lithium project.

It indicates that the geological and geochemical conditions present in Fish Lake Valley are favourable for the formation of a lithium-boron-potassium-in-brine type deposit.

In early December 2021, AJM commenced an initial passive seismic survey and data collection program, with two regions identified for data collection.

“The passive seismic geophysical survey will assist in the definition of the subsurface lithology units, including potential mineralised beds and conduit fault structures present within the Fish Lake Valley basin,” it says.

AJM is also investigating the use of Direct Lithium Extraction at Fish Lake Valley; a process which produces cheap, high quality, environmentally friendly lithium.

The company raised about ~$8.5m prior to its relisting at 0.5c per share.

The share price is current up 220% on those levels, but down substantially on its last trading price prior to going into administration in October last year.



(Up on no news)

Project developer BKY is battling through the approvals process to build its contentious Salamanca uranium mine in Spain.

It’s not looking good – much like the share price which is down over 70% year-to-date.

In late November BKY received formal notification that construction of the uranium concentrate plant as a radioactive facility had been rejected.

It plans to appeal.

Last quarter, BKY also kicked off a comprehensive review of known lithium and other battery metals occurrences in Spain and Portugal, “with a view to generating new exploration targets and opportunities in the battery and critical metals sectors”.

With $80m in the bank at the end of September, the $84m market cap stock certainly has the cash on hand to complete a solid acquisition or two.



(Up on no news)

Yesterday, LDR reported thick, high grade hits up to 800 grams per tonne (g/t) silver equivalent at the ‘Main Shaft’ prospect, part of the historical ‘Webbs Consol’ project in NSW.

Highlights included 27.5m at 467g/t silver equivalent or 9.44% zinc equivalent (118g/t silver, 6.52% zinc and 0.77% lead) from 104.60m.

“Intersecting high-grade mineralisation over substantial widths is the main hallmark of a quality mineral project,” LDR managing director Ted Leschke says.

“Whilst there is still a significant amount of work to be done, these excellent drill results from the first two drill holes into the Main Shaft prospect provides confidence in further planned drilling.”

More drilling at Webbs is planned once current drilling at LDR’s nearby ‘Uralla’ gold and ‘Fender’ copper projects is complete.

The $8m market cap minnow listed in June this year. It had $4.2m in the bank at the end of September.



Visible gold!

Drilling designed to test the depth extent of the ‘Redback’ gold deposit demonstrates strong potential for high grade gold from surface to +500m vertical depth, MXR says.

Redback is ~600 metres south-southeast of the Ramelius Resources’ (ASX:RMS) company maker ‘Wattle Dam’.

Wattle Dam was one of Australia’s highest-grade gold mines, producing ~286,000oz @ 10.1g/t gold until closure in about 2012.

MXR believes Redback could be Wattle Dam 2.0.

“It is fantastic to see this amount of visible gold in one of the completed WA co-funded EIS drill holes, and broad zones of heavily altered ultramafic host rocks, 300 metres below the known Redback gold deposit,” MXR managing director Tim Wither says.

“The observed alteration and mineralisation intersected are highly encouraging, being analogous with that observed at both Redback and Wattle Dam gold deposits.

“Our confidence continues to grow that Redback has the near-term potential to be developed into another high-grade gold mine in the Wattle Dam corridor.”

Work has kicked off on phase 2 diamond drilling targeting infill and resource extensions at ‘Redback’.

The $20m market cap stock is down 7% over the past month and 61% year-to-date. It had $1.3m in the bank at the end of September.



This recently listed copper explorer has uncovered a big anomaly at the ‘Diane’ project which could be an extension to the currently defined deposit.

It has been prioritised for drill testing during December 2021, RRR says.

Between 1979 and 1983 Dianne produced 63,578 tonnes of copper at an ore grade of 22.7%, making it one of the highest-grade copper mines in the world.

Last week, RRR announced an “outstanding” 6.95m wide massive sulphide drill hit from 145.92m. Assays are pending.

An initial resource for Diane will be released at the start of Q2 2022.

The $37m market cap stock is up 125% on its IPO price of 20c per share.