Resources Top 5: Accelerate extends peggie ground and gains; Equinox makes Brazilian REE pivot

Accelerate Resources measures up with more than 1.8km of pegmatite opportunity at its Prinsep lithium project
Equinox Resources is trending up after revealing it’s buying a big Brazilian rare earths project

Here are the biggest resources winners in early trade, Tuesday November 28.

Accelerate Resources (ASX:AX8)

Pilbara lithium hunter Accelerate is up on solid, peggie-extending news regarding its Prinsep lithium project in WA.

The company began mapping and sampling of the project earlier this month and that’s now confirmed lithium mineralisation outcropping over 1.8km with widths up to 60m. It includes at least two parallel zones of spodumene-rich, lithium-bearing pegmatite systems spanning the entire width of the tenement area.

Prinsep is one of four recently acquired projects that make up the company’s Karratha lithium tenements, adding to the company’s growing battery metals portfolio.

Karratha is right in the heart of the Pilbara’s 40km-long Karratha-Roebourne lithium belt, where recent discoveries include Azure Minerals (ASX:AZS) monstrous Andover project (exploration target 100-240Mt at 1-1.5% Li2O).

Source: Accelerate Resources ASX announcement

Some highlights from the rock sampling and mapping at Prinsep:

• Rock samples include: 2.06% Li2O; 1.63%; 1.14%; 1.07%; 1.05% and 1.02% Li2O.

• New pegmatite outcrops identified within the Mt Sholl East Project with initial rock chip sampling completed to assess lithium prospectivity.

• Native title negotiations and Program of Works progressing in preparation for the maiden drill program at Prinsep.

Read more in our latest special report on AX8 here.

AX8 share price

Equinox Resources (ASX:EQN)

EQN has been trending up of late – must be something to do with lithium, right? Actually, while it is hunting for the battery metal in Canada, it’s better known as a Pilbara iron ore stock. But that’s not it, either. Not today.

The company has announced it’s applying to buy a major rare earths project in Brazil. It’s a ~1,760km2 Mining Rights package at the newly defined Campo Grande project in Brazil’s rapidly emerging rare earths hotspot of Bahia state.

Equinox notes that the project has “compelling potential” for ionic clay-hosted rare earths deposits.

The project is not far from a major resource – the Rocha da Rocha project held by Brazilian Rare Earths Limited (BRE), which hosts roughly 510.3Mt at 1,513ppm Total Rare Earth Oxide (TREO). BRE is currently planning a $50m IPO on the ASX, by the way, with an expected market cap of $315m.

This acquisition for EQN, though, would make the company the largest holder of exploration licenses across the rich rare earths province in Brazil’s north-east.

Equinox has a strategic placement underway to raise $1.6 million before expenses, including directors committing $465,000.

Equinox’s recently appointed CEO Zac Komur, a former Fortescue, BHP and Northvolt operative, said: “The Campo Grande Project represents an outstanding and potentially game-changing growth opportunity for Equinox, located in the heart of one of the world’s most exciting emerging districts for clay-hosted rare earths discoveries.”

EQN share price

Tambourah Metals (ASX:TMB)

(Up on no news)

No major fresh news so far this week for TMB. Although last week it had plenty, and share price positivity is likely still basking in that glow.

Let’s recap then, feeding off our most recent special report on the stock…

Tambourah Metals has begun an exploration program consisting of mapping and sampling of pegmatites at the Haystack Well prospect within its Russian Jack project. The aim is to identify the source of the high-value lithium in the site’s soils.

The Russian Jack project includes six exploration licences totalling 600km2 in WA’s Pilbara region. Anomalous LCT trends were identified in a previous soil geochemical program at the Haystack Well prospect with most samples returning over 150ppm lithium while two samples recorded over 500ppm Li.

Exploration activities will include a drone survey to highlight a number of untested pegmatites within the area.

TMB share price

Audalia Resources (ASX:ACP)

(Up on no news)

We can’t see any major or minor reason for Audalia’s 25% surge so far today, but we’ll throw it a solid with a few short paragraphs anyway.

The exploration minnow’s main attraction is its Medcalf vanadium-titanium project in WA, located some 470km south east of Perth near the emerging lithium hotspot Lake Johnston.

And being in and around the recently great lake is pretty exciting stuff for ASX investors of late.

The project has a resource estimate of 31.8Mt at 0.45% vanadium and 8.36% titanium.

No major updates, then, but during the last quarter, the company reports that it continued discussions with environmental regulators on finalising conditions for an environmental approval (EPA), and that remains the immediate priority for Audalia.

ACP share price

Horizon Minerals (ASX:HRZ)

Cash is king and for a junior goldie it’s often hard to come by.

Horizon, which is looking to develop the Cannon gold mine near Kalgoorlie, has strengthened its balance sheet over the past six months and now has a cash and investments position of $16.1 million. Handy runway, that.

Its been busily divesting some non-core assets to get there, one of those a $7m deal to hive off royalties over mines owned by Zijin and Northern Star to Canada’s Vox Royalty Corp.

Having already pocketed $4m cash, Horizon has netted $3m in shares as deferred payment, which have now been issued.

The shares now issued are subject to a four-month escrow period. That means they can be liquidated pretty quickly if Horizon is in need.

It may not be the most eye-catching story today, but it makes the grade nevertheless, and HRZ shareholders are digging it, sending the share price soaring +27% at the time of writing.

HRZ share price

At Stockhead we tell it like it is. While AX8 and TMB are Stockhead advertisers, they did not sponsor this article.