Resources Top 5: A promising DeGrussa copper-gold lookalike and more IOCG nearology
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Here are the biggest small cap resources winners in early trade, Wednesday July 28.
(Up on no news)
Lindian has a bunch of advanced bauxite projects in Guinea, Africa – the #1 supplier of bauxite to China — which have a combined 1 billion tonnes of JORC resources.
Bauxite is the world’s main source of aluminium and gallium, which is predominantly used in electronics.
Lindian is focusing on the low capex, early to production Woula project, “while simultaneously bring into production the larger, multi-generational bauxite assets — the ultra-high grade Gaoual project and the world class Lelouma project”.
The company is currently working to nail down offtake agreements and financing.
More nearology for the win.
The $10m market cap tiddler has picked up two tenements near the potentially game changing ‘Emmie Bluff Deeps’ IOCG discovery in the Stuart Shelf region of South Australia.
JV partners Torrens Mining (ASX:TRN) and Coda Minerals (ASX:COD) today revealed “multiple mineralised zones’ at Emmie Bluff including 28.14m at 1.21% copper, 0.37g/t gold and 2.3g/t silver from 810.79m down-hole.
Punters weren’t that impressed – they probs need higher grades/ way thicker intersections at those depths — with COD and TRN down ~10% and 25% respectively in early trade.
Still, there is lot more drilling to come and it didn’t rub off on FAU, which was +17% at lunch time eastern time.
“FAU’s Mabel Creek tenure is surrounded by tenements from major mining houses, including BHP, Rio Tinto, FMG and Oz Minerals, who now see this area as a tier-1 exploration opportunity and are actively exploring,” FAU said yesterday.
“Oz Minerals and Rio Tinto have recently applied for, or have granted tenure, surrounding the FAU ground.”
Early-stage exploration work at Mabel Creek will kick off once all tenure is granted.
(Up on no news)
Earlier this month, an initial four-hole program kicked off across three copper-gold anomalies at the ‘Mt Wipi’ tenement, part of Gold Mountain’s Wabag porphyry project in PNG.
This $25m market cap explorer is on the hunt for a porphyry monster in the valley of the giants known as the Papuan Mobile Belt, home to some of the world’s biggest gold and copper mines like Porgera, Grasberg and Ok Tedi.
GTE reckons is might be onto a DeGrussa analogue at ‘Thunder’, about 110km from Sandfire Resources’ (ASX:SFR) world class VMS copper-gold camp in WA.
An EM survey has identified a large 800m long, 100m deep anomaly at Thunder, adjacent to a 1.7km strike length copper-gold soil anomaly. Very promising.
Drill planning has now kicked off, the company says.
The stock ripper higher in early trade before going into a halt pending the release of an announcement regarding the trading halt entered into by Conico (ASX:CNJ), in which Tasman holds a 10.84% stake.
On Monday, Conico surged by 100% after hitting about 55m of “significant sulphide mineralisation” in its very first hole at the ‘Ryberg’ nickel-copper project in Greenland.
The drill core will be processed and assayed as soon as possible, the company says. Results are anticipated to be received in 4-6 weeks.
The second drill-hole was near completion, while rigs have been established on holes #3 and #4.