Resources Top 5: All aboard the Pan Asia, Kuniko rockets
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Here are the biggest small cap resources winners in early trade, Wednesday September 1.
The newly listed explorer returned “best drill results to date” from the ‘Mt Dimer’ gold project in WA – highlighted by a 1m chunk grading 153.50g/t gold.
This was inside a larger 4m section grading 48.69g/t from 104m.
Anything above 5g/t is generally considered high grade.
Mt Dimer is a historical high-grade production centre, having produced over 125,000 ounces of gold at an average ore grade of 6.4 g/t.
This is a tremendous intercept, Aurumin managing director Brad Valiukas says.
“These latest results both extend known mineralisation and progress T12 towards being declared a new deposit, further supporting our view of Mt Dimer having potential for multiple high-grade open pits,” he says.
“Drilling is planned to recommence at Mt Dimer next month as we look to follow up these high-grade intercepts and increase the value of the project.”
The $13m market cap stock is up 25% over the past month.
(Up on no news)
Yesterday’s hottest runner is doing it again in morning trade.
The lithium-tungsten stock is now up +200% since announcing the acquisition of the ‘Kata Thong’ geothermal lithium project in southern Thailand on Tuesday.
Like punter favourite Vulcan Energy (ASX:VUL) , Pan Asia wants to produce a ‘carbon neutral’ lithium product by pumping deep geothermal brines to surface, using the excess geothermal energy to power its lithium chemical process and maybe even export additional power to the grid.
“The potential for a geothermal style lithium project is strong,” Managing Director Paul Lock says.
“The underlying geothermal system similar to that of Cornish Lithium except that at Kata Thong the granite is exposed at surface with nearby geothermal discharges up to 78oC at surface and a hotter geothermal system modelled to depths down to 2km,” he says.
“We see this as complementary to the [flagship] ‘Reung Kiet’ lithium project where we anticipate estimating a maiden mineral resource in November and a Scoping Study soon after.”
The $24m market cap stock is up 146% on its October 2020 IPO price of 20c per share.
Looks like punters reacted well to the fertiliser stock’s ‘Africa Down Under’ conference presso.
The company is advancing of the near-term ‘Cabinda’ phosphate project in Angola as prices surge, currently finalising definitive feasibility study (DFS) CAPEX and OPEX numbers before commencing engagement with project financiers.
With 1000MW of unutilised hydropower available in the region, the company also mentioned potential green hydrogen opportunities –producing zero carbon green ammonia for nitrogen fertilisers, mining explosives and as a store of hydrogen energy.
Locally produced ammonia eliminates the cost of shipping, ports and thousands of kilometres of land transport, Minbos says.
The $62m market cap stock is up 68% over the past month and 238% year-to-date.
Turns out yesterday’s early gains on decent volumes may not have been related to a $2m grant, and this admittedly cool underground mining tech:
…because today Hillgrove unveiled multiple high-grade copper-gold intersections in a single hole at the ‘Kanmantoo’ mine development, which aggregate to over 166m at 0.9% copper and 0.13 g/t gold.
“This is a major breakthrough in the scale of the possible underground opportunity and justifies the continued drilling to better define the mineralised zones and their Cu-Au endowment,” Hillgrove boss Lachlan Wallace says.
“Overall, the drilling results continue to demonstrate the opportunities for growing the underground resource at Kanmantoo and are an exciting development which — coupled with the rising copper price — provide opportunities to expand the potential mining inventory and optimise the existing plant and tailings storage capacity at the Kanmantoo site.”
The $56m market cap stock is up 20% over the past month and 100% year-to-date.
Kuniko’s share price rollercoaster ride is not over just yet.
The quintessential meme stock was up again to $3.20 per share – an incredible 1,500% gain on its recent IPO price of 20c per share.
Is it fair value? Probably not. Is it fun to watch? Yes … yes it is.