• Torrens defines a 43mt ‘stand out’ resource at Emmie Bluff 
  • Variscan hits new zones of high-grade zinc in northern Spain
  • Navarre Minerals reveals ‘exceptional’ drilling results at Crush Creek Gold Project 

Here are the biggest small cap winners in early trade Monday, December 20. 



TRN owns 30% of a joint venture with Coda Minerals (ASX:COD) at the Elizabeth Creek Project in South Australia, where the two companies have reported a mineral resource estimate for the “Zambian-style” Emmie Bluff Copper-Cobalt deposit.

Emmie Bluff forms part of a suite of Zambian-style copper-cobalt and IOCG copper-gold deposits at Elizabeth Creek, where Torrens holds a 30% interest.

A standout combined indicated and inferred mineral resource of 43Mt at 1.3% copper, 470ppm cobalt, 11 g/t silver, and 0.15% zinc has been reported at a cut-off grade of 1% copper equivalent.

Coda’s CEO Chis Stevens said: “This is an exceptional result for shareholders.

“Coda listed on the ASX in October last year with two clear objectives – to progress the Zambian-style Emmie Bluff copper-cobalt mineralisation towards a maiden mineral resource and to explore the deeper IOCG prospects for potential Tier-1 scale discoveries.

“In just over a year since listing, we have delivered on both objectives in spades.”

The ~$12m market cap company is up 9.37% in the past month and had $5.4m in the bank at the end of October.


VAR’s portfolio includes base metals projects in Spain, Chile, and Australia.

Its San Jose Mine in northern Spain has hit new zones of high-grade zinc at the previously untested 168 Trend where results have returned 8m at 20.17% zinc, including 5m at 24.92% zinc, 9m at 8.73% zinc, and 3m at 19.20% zinc.

Results for 12 diamond drill holes remain pending however VAR says most holes exhibit positive visual zinc mineralisation.

“Phase-2 drilling is being ramped up, with an additional drill rig deployed to test step out targets and extensions,” the company said.

Variscan managing director Stewart Dickson added: “These results have far exceeded our original expectations – the drill results from the previously untested 168 Trend are exceptionally encouraging and represent a genuine exploration success as we had no historical data to work from.”


(Up on no news)

This junior play is focused on the exploration and development of gold and copper projects within Western Australia and New South Wales.

Last week the company returned high-grade gold results at its Grace Project within Western Australia’s Paterson Province in WA – home to some mammoth gold and copper discoveries such as Rio Tinto’s ‘Winu’ and Newcrest’s Havieron JV with London-listed Greatland Gold.

Gold mineralisation within a wide silica-carbonate rich brecciated ore system returned 20.8m at 2.0 g/t from 203.2m, including high grade intersections of 2m at 3.6g/t Au from 216m and 3m at 8.38 g/t Au from 221m.

This is on top of the 15.7m at 0.39g/t gold returned from 762m, which is associated with a silica altered felsic intrusive and represents a new style of mineralisation at the Grace Project.

The ~$15m market cap company ended the October quarter with $2.7m in the bank.


NVM is up this morning following ‘exceptional’ drill intersections of up to 47.2 g/t at the Crush Creek Gold Project, part of the recently acquired Mt Carlton Operation in north Queensland, picked up in a transformational deal from Evolution Mining (ASX:EVN).

The results demonstrate scope to upgrade both the confidence and tenor of the mineral inventory at Crush Creek, the company said.

“It reinforces our belief that the delineated mineralisation has the potential to significantly extend mine life at Mt Carlton,” managing director Ian Holland said.

The drilling program has involved two diamond rigs and one reverse circulation drill rig, targeting shallow resources at Delta and BV7 as well as testing some regional targets

With a market cap of ~$105m and $12m in the bank at the end of October the company is well positioned to generate a new mineral resource and ore reserve estimate at Mt Carlton in March 2022.


(Up on no news)

This company is up today on no news, but last week extended its porphyry system at Trundle Park within the Macquarie Arc of the Lachlan Fold Belt in New South Wales.

Trundle Park was secured by the company back in March 2020 in an agreement with RareX (ASX:REE), where it holds a 65% interest.

Assay results included 42m at 0.42 g/t gold and 0.12% copper from 358m, including 10m at 1.13 g/t gold and 0.32% copper from 382m.

KCC said it continues to see “the right rocks and alteration in what is an increasingly large intrusive system.”