- MTM hits widespread, shallow TREO mineralisation at East Laverton
- M2R tests two large copper-uranium-rare earths-molybdenum-tungsten anomalies at Whaleshark
- NYM, CBE, and WA1 up on no news
Here are the biggest small cap resources winners in early trade, August 19.
MT MONGER RESOURCES (ASX:MTM)
Shares in MTM are up 25% for the month and soaring this morning after hitting widespread, shallow total rare earth oxide (TREO) mineralisation during its latest aircore drilling program at the East Laverton Project.
Highlights from the drilling campaign at the Pt Kidman prospect include 15m at 1,461ppm TREO from 21m, 5m at 1,790ppm TREO from 27m, and 6m at 1,493ppm TREO from 12m.
“The mineralised saprolitic clay horizon shows continuity over a significant area and only a small fraction of the overall target area has been tested,” MTM managing director Lachlan Reynolds said.
“Elsewhere, surface samples and historical drilling results indicate that there is substantial additional potential for zones of clay-hosted rare earth mineralisation.”
Planning and permitting is underway for further drilling with these results suggesting the Pt Kidman prospect is an exciting opportunity that could evolve into a new critical minerals deposit of importance.
NARRYER METALS (ASX:NYM)
(Up on no news)
Backed by former Cassini boss Richard Bevan, this explorer listed in April with an initial focus on giant nickel-copper-PGE discoveries in South Australia and WA.
At the beginning of the month NYM kicked off rare earths testing in 180 historical holes over 3,200km2 of tenure at the Ceduna Project using a portable XRF from samples stored in the State Core Library in Adelaide.
Narryer believes opportunities exists for clay hosted ionic adsorption REE mineralisation throughout the Gawler Craton.
The work by Narryer Metals follows the recent discovery in the central Gawler Craton of the clay hosted REE mineralisation at the Comet Project by Petratherm (ASX:PTR) which is ~25km NNE of the Narryer’s Sturt Tenement.
MIRAMAR RESOURCES (ASX:M2R)
Drilling has taken off at the Whaleshark Copper Gold Project, 40km east of the town of Onslow in Western Australia, testing for geochemical anomalism beneath the mobile metal ion (MMI) anomalies.
Back in 2021, M2R completed two phases of mobile metal ion (MMI) soil sampling over the project and outlined two large copper-uranium-rare earths-molybdenum-tungsten anomalies on the eastern edge of the granite intrusion.
This current drilling program will use a track-mounted aircore rig to minimise environmental disturbance and is expected to take roughly four weeks to complete.
“At Whaleshark, we have very large surface geochemical anomalies above a Proterozoic granitoid intrusion at relatively shallow depths when compared with other IOCG prospects,” executive chairman Allan Kelly says.
“If we can outline a similar anomaly with this aircore drilling, and reduce the size of the targets, it will greatly assist in refining potential basement targets for deeper RC and/or diamond drilling.”
WA1 RESOURCES (ASX:WA1)
(Up on no news)
WA1 is a spinout of private project generator Tali Resources with three WA exploration projects — the flagship ‘West Arunta’ plus ‘Madura’ (IOCG) and ‘Hidden Valley’ (nickel, copper, PGEs).
Iron oxide copper gold ore deposits (IOCG), like BHP’s Olympic Dam mine or more recent Oak Dam discovery, can be huge, and simple-to-process concentrations of copper, gold and other elements like uranium.
WA1 wrapped up a maiden drilling program at West Arunta on Thursday, which highlighted ‘significant zones’ of hematite alteration and trace sulphides consistent with its IOCG target model.
Drill samples have been submitted for analysis and detailed geochemical and geological interpretations are also underway, which will assist the company over the coming months to plan for follow-up field work.
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COBRE (ASX:CBE)
(Up on no news)
Shares in CBE are up a ridiculous 1,216.67% for the month.
On Thursday, the company revealed the renewal of the five exploration licences which are held by Triprop and subject to a binding earn-in agreement with Kalahari Metals (KML).
The five exploration licences have been renewed for an additional two years until 30 September 2024.
“The renewal of these exploration licences has come at a significant time for the company as we commence an aggressive exploration program in Botswana,” executive chairman and managing director Martin Holland says.
“The renewal cements the belt-scale opportunity provided by our extensive land package in the Kalahari Copper Belt, and will support an additional exploration pipeline of targets for future drill testing.
“Finally, the efficiencies shown during this renewal process once again reinforces Botswana as a Tier 1 friendly mining jurisdiction and a country that is a pleasure doing business in.”