Resources Top 5: A string of battery metal plays hog the headlines this morning

Norwest surges on new high-grade copper-gold-quartz discovery
Consolidated Zinc kicks off exploration work at Pilbara Lithium Project
Tambourah receives rock chip sample results up to 2,420ppm lithium

Here are the biggest small cap resources winners in early trade, Friday September 2.

NORWEST MINERALS (ASX:NWM)

This quiet but industrious explorer is surging on a new ‘very’ high-grade copper-gold-quartz discovery which extends across several target areas at the Bali Copper Project in Western Australia.

Recent exploration work of 23 wide-space rock chip samples reported consistently high-grade of up to 46.2% copper and 6.74 g/t gold which Norwest’s CEO Charles Schaus says is a ‘very exciting outcome’, especially considering the results of fellow neighbour explorer Techgen Metals (ASX:TG1) with hits of up to 55% copper 8km along strike from Bali.

Drilling is already underway to test four historical copper prospects along the Bali Shear.

The company is also planning to test the down dip extent of these new high-grade copper-gold quartz veins being undertaken alongside ongoing exploration fieldwork programs.

CONSOLIDATED ZINC (ASX:CZL)

CZL made its pivot into lithium in May inking a deal to buy WA-based Westoz Lithium for $740,000 in cash and shares.

The ~$8.13m market cap company has further solidified its move into the battery metal space today revealing exploration has officially kicked off near two of the world’s largest spodumene deposits in the WA’s Pilbara region.

With four of the five exploration licences lease applications granted, CZL is hoping tick of various items of work before the end of the year such as the heritage agreement finalisation for the Figtree ELA at Marble Bar, initial reconnaissance outcrop rock chip sampling, geological mapping and follow up sampling, as well as a hyperspectral evaluation of the five Pilbara tenements.

CZL’s managing director Brad Marwood says the 1,000sq km of tenements gives the company a major new focus in this highly regarded region.

“The intent is to develop individual targets as rapidly as possible, to enable Heritage Surveys to be conducted and drill evaluation to commence with the arrival of the drilling season in April 2023,” he says.

TAMBOURAH METALS (ASX:TMB)

TMB listed on the ASX in 2021 and is backed by storied prospector Rita Brooks, who listed the previously named Berkley Resources which is now uranium play Berkeley Energia (ASX:BKY).

Her and her husband, Bill, continued to amass a bunch of sensational projects in WA with four of these projects vended into Tambourah.

TMB is up some 19% this morning on the return of rock chip sampling results, which show up to 2,420ppm lithium at the Russian Jack Project.

The company also recently acquired two new exploration licenses, taking the total tenement area to roughly 250km2 of the Bonney Downs Monzogranite.

Russian Jack project also has historic tin and tantalum prospects and is highly prospective for hosting Lithium / spodumene bearing pegmatites.

As TMB’s executive chair, Brooks says the initial pegmatites sampled from Russian Jack demonstrate the potential of the tenure to host pegmatite swarms.

“The granting of these two exploration licenses will provide the impetus for accelerated lithium exploration within this large tenement package.

“It also enables Tambourah to implement the planned project scale exploration program that commences with the analysis of hyperspectral data leading to site location and sampling of prospective pegmatites and culminating in drilling targets,” she explains.

VANADIUM RESOURCES (ASX:VR8)

(Up on no news)

In April VR8 joined a growing list of ASX vanadium companies that dual listed on the Frankfurk Stock Exchange, such as Neometals (ASX:NMT), Australian Vanadium (ASX:AVL) and TNG (ASX:TNG).

The company is developing the tier-1 Steelpoortdrift Vanadium project in Limpopo, South Africa where a definitive feasibility study (DFS) is currently underway.

VR8 wants to undertake mining operations and construct a concentrator and salt roast plant capable of production 12,500tpa of V2O5 flake at an estimated capex of US$200m.

Leading global corporate finance group, HCF International Advisors Ltd (HCF), has been appointed to assist in the raising of project financing.

CYGNUS GOLD (ASX:CY5)

(Up on no news)

Cygnus appointed two highly experienced lithium experts to help drive its upcoming exploration program at the recently secured Pontax Lithium Project, covering 36km2 of ground in James Bay, Quebec, Canada.

Gareth Reynolds has been appointed to Head of Business Development, previously the chief geologist for Sociedad Química y Minera (SQM) and Mark Calderwood has been appointed as an advisor to the Cygnus Board.

Calderwood has played key roles in the discovery of several world-class gold deposits including Edikan (Perseus), Kibali (Barrick-AGA) and Tarmoola (King of the Hills) in Western Australia.

The James Bay region is one of the most endowed lithium terranes in the world, even though only minimal exploration has been undertaken in the area.

Advanced lithium projects include the likes of Sayona Mining (ASX:SYA) with its Abitibi Lithium Hub and Allkem (ASX:AKE) which operate the James Bay Project.