Resources Top 5: AGAIN? Copper explorer CBE tops the charts for the third time in a month

CBE identifies copper mineralisation in all four diamond holes at Ngami, extending footprint to more than 4km
GCY makes a substantial new high-grade lode discovery at Gilbey North
LRS hits a swarm of spodumene bearing pegmatites including one of 18.75m thickness

Here are the biggest small cap resources winners in early trade, Tuesday August 16.

COBRE (ASX:CBE)

Punter favourite CBE made itself known at the end of July when it hit a new copper discovery at the Ngami Project in Botswana’s Kalahari Copper Belt (KCB).

Shares flew some +100% at the time and then again in early August when it identified copper in the second diamond drill hole which CBE managing director Martin Holland said demonstrated ‘exceptional promise’.

Now, the company has identified significant copper mineralisation in all four diamond holes – with the fourth hole extending the target copper footprint to more than 4km.

Holland added the results so far indicate that the target remains open-ended to the northeast and is MUCH larger than previously anticipated.

“The footprint of mineralisation is in line with the largest known deposits in the Kalahari Belt.”

CBE’s project is immediately east of Kalahari Metals’ Kitlanya West licences – collectively covering a significant portion of prospective KCB stratigraphy.

Shares in the ~$36.8m market cap explorer are up some ~43% at the time of writing.

GASCOYNE RESOURCES (ASX:GCY)

At the end of June this $151.24m market cap company hit a stellar 54m intersection grading 6.55g/t gold at its Gilbey’s North discovery, just north of its operating Gilbey pit about 65km northwest of Mt Magnet in WA.

The company has come out of a trading halt this morning with a 59m intersection grading 12.5g/t from a down hole depth of 139m, which includes an eye-popping intersection of 13m at 51.1g/t gold.

This hit confirms a substantial new high-grade lode discovery, one that GCY managing director Simon Lawson is incredibly excited about.

“It’s not every day that you see results like this in the WA gold sector.

“Finding a northerly extension to the main Gilbey’s system was itself a major discovery coup for Gascoyne earlier this year.

“Being situated right in front of the mill and at a time when the company and its loyal investors needed some vision for the future, our team and our aggressive drilling strategy came through.

“To then back that up and discover a completely different style of consistently thick and very high-grade gold mineralisation in the Never Never Lode – an ore body style that has immense potential – is a remarkable achievement by our exploration team and has the potential to reshape our future very quickly.”

NOW READ: If you liked Gascoyne’s last Gilbey’s North gold hit, you’re gonna love this new one

LATIN RESOURCES (ASX:LRS)

Resource definition drilling at the 100% owned Colina prospect within its Salina lithium project in Brazil has confirmed a significant new discovery following an intersection of a swarm of spodumene bearing pegmatites including one of 18.75m thickness with assay results pending.

Better yet, regional mapping has also highlighted a third outcropping pegmatite system further to the west, and the potential convergence of the Colina and Colina West pegmatite systems.

The company will look to systematically drill test both of these additional high priority target areas in due course.

LRS exploration manager Tony Greenaway says the intersection of these significant spodumene pegmatites in drill hole SADD033, is an impressive new discovery for the Salinas exploration team.

“This hole is testing an area approximately 500m to the west of Colina, well outside of our current resource definition drilling focus.

“We knew there were additional parallel pegmatite systems out to the west; getting these spodumene intersections confirms the very high prospectivity of the wider project area.”

Greenaway adds the discovery at Colina West may have the potential to deliver additional shallow resource tonnes for the project with further drill testing.

RESOURCE MINING CORPORATION (ASX:RMI)

(Up on no news)

This unremarkable, tightly held $55.36m market cap nickel explorer is up some 333% year to date.

RMI has a few early-stage projects in the mineral-rich but volatile African jurisdiction of Tanzania.

It recently inked an all-share deal to buy a bunch of projects from major shareholder, director, and serial project vendor Asimwe Kabunga earlier this month.

The deal complements its existing Kabulanywele nickel project, the company says.

In July, RMI completed a maiden RC drilling program at Kabulanywele, comprising 19 holes for a total of 799m.

RMI is now undertaking a gravity survey followed potentially by electromagnetic surveys to define the size and extent of the mafic-ultramafic inlier at the project.

CONSOLIDATED ZINC (ASX:CZL)

(Up on no news)

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

Westoz Lithium has ~1,400km2 of ground near two of the world’s largest hard rock lithium deposits — Pilbara Minerals’ (ASX:PLS) Pilgangoora project and Mineral Resources’ (ASX:MIN) Wodgina project.

Global Lithium Resources’ (ASX:GL1) Marble Bar Lithium Project (MBLP) is also nearby.

The company recently undertook some changes to its board and management – Andrew Richards retired as chairman and managing director Brad Marwood was appointed to executive chairman, effective from September 1.