• Allup? There are more than a handful of ressies up. This silica stock is leading the pack today
  • James Bay Minerals meanwhile keeps lithium in the spotlight (just) 
  • While EMN, CVR and RIE are also catching some solid gains at time of writing


Here are some of the biggest resources winners in early trade, Thursday March 28.


Allup Silica (ASX:APS)

Looks like* we’ve got another three-bagger here (after Many Peaks’ epic climb the other day).

*Swift update: Well, we did for a while there. It’s since dipped to about a 175% intraday gain, and might be settling down further.

Nevertheless the morning’s big mover is/has been Allup Silica, which rocketed on news that the silica it’s sitting on in southern WA is really high quality stuff – >99.5% SiO2 and <100 ppm Fe2O3.

This essentially means that it’s ready to rock in applications such as photovoltaic cells without requiring much work to purify, such as magnetic separation.

The results come from the latest round of sampling at Allup’s Cabbage Spot Silica Sand Project in WA, where the multiple large areas of high purity silica sand has the company frothing today.

Allup Silica chair, Andrew Haythorpe, called the find a “significant stride in our exploration journey”, adding:

“Particularly striking was our best result, showing an in-situ purity of 99.4% SiO2, which highlights the top-tier quality of our project.

“These outcomes not only confirm the high-grade nature of our silica assets but also strengthen our dedication to providing essential materials for the renewable energy industry.”

High-purity silica sand, by the way, has numerous industrial uses, and is particularly considered a critical raw material for assisting in the global transition to clean energy.


APS share price


James Bay Minerals (ASX:JBY)

Lithium hunter James Bay Minerals is putting white gold back in the positive headlines today, moving up double digits on news its expanded its strategic landholding within the renowned La Grande Province in the James Bay region of Quebec, Canada – a hotspot for the battery metal.

The company has made a fresh acquisition – staking 136 claims totalling 7,000ha. And this takes JBY’s overall La Grande land holding to some 37,168ha.

The company notes that its newly acquired property sits within a magnetic low “which is interpreted to trend” into Patriot Battery Metals’ (ASX:PMT) Tier-1 Corvette lithium project.

Nearology a-gogo – you’re pretty much not a successful lithium junior without a bit of friendly neighbourhood rivalry.

Multiple linear outcropping features identified from satellite imagery within the new claims are “interpreted as pegmatites”, said the company, adding that some of them “appear to extend over strike lengths of more than 500m”.

JBY’s executive director, Andrew Dornan, said:

“The La Grande East Project is another exceptional addition to the Company’s critical minerals portfolio in this world-class district.

“Sitting within a magnetic low that trends into the same corridor as the Patriot Battery Metals Corvette discovery and with the Transtaiga Highway located less than 1km to the north of the property, this Project already presents several exciting walk-up exploration targets.”


JBY share price


Euro Manganese (ASX:EMN)

This $36m market capped manganese stock is up today after receiving approval of the Environmental and Social Impact Assessment (“ESIA”) for the Chvaletice Manganese Project from the Czech Ministry of Environment.

Obvs, that’s a manganese project based in the Czech Republic. The company’s aim there is to re-process a manganese deposit to produce high-purity manganese products, primarily for lithium-ion batteries.

The company also revealed it’s appointed Tim Kindred, who is “an experienced, large-scale project delivery professional”, as project director for Chvaletice.

Late last year, this stock somewhat turned around its fortunes on the back of a significant project financing deal with $8.2 billion global asset management firm Orion Resource Partners. More on that here.

But re today’s news, Dr Matthew James, the company’s president and CEO, commented:

“Approval of the Environmental and Social Impact Assessment for the Chvaletice Project is a major permitting and project milestone.

“We look forward to advancing the now more procedural follow-on permits to develop a world-class facility capable of producing high-purity manganese, an essential component in lithium-ion batteries for EV vehicles.”

EMN share price


Cavalier Resources (ASX:CVR)

Cavalier’s main game is the mine-ready Crawford gold project, which sits centrally within the company’s exploration and development projects about 20km east of the mining township of Leonora, WA.

News sending the stock 22% upwards at time of writing?

Yep – mining approval works underway, with experienced environmental firm, Talis Consultants, appointed to kick-start that process and provide guidance to CVR.

This is basically the final regulatory step required for application of approval to get mining activities underway.

Daniel Tuffin, the company’s executive technical director, gave more context:

“Having recently completed the PFS, the company has now commenced the mining approvals process, a transformative period signifying the final step towards realising open pit mining at the Crawford Gold Project.

“The resulting Maiden Ore Reserve of 29.3koz of gold underpins a pre-CAPEX undiscounted cash flow of A$24.6M, an IRR of 130% and a well below average C1 AISC of A$1,777/oz based on a gold price of just A$2,900/oz.

“The Company is currently evaluating the prospects of a trial pit at the Crawford Gold Project with a view to potential early-stage gold production.”


CVR share price


Riedel Resources (ASX:RIE)

(Up on no news)

Not 100% sure why this gold, silver, base metals hunting minnow is up about 33% at the time of writing, but it’s doing so on the back of pretty high, active trading volume, so we’ll cover it, although we’ll have to revert to last significant news.

The company’s main game is the advancement of the Kingman gold project over in Arizona, USA.

In December last year, we reported that the company’s maiden resource of 64,000oz gold and 689,000oz silver at the Tintic prospect provided a near-term development opportunity and value for shareholders.

Tintic has been the primary focus of Riedel Resources’ exploration efforts at the broader Kingman project in Arizona for two key reasons – the shallow depth of mineralisation and its free dig nature that makes it amendable for mining via open pit and the high grades present.

In the interests of delivering quick returns while saving costs, the company has also held to its preference for trucking ore to third-party mills for toll treatment.

More recently, in February this year, the Kingman project has delivered what Riedel termed “optimal metallurgical testwork results” – received for both conventional carbon in pulp (CIP) and flotation processes.

The program was completed by an independent metallurgical consultant, Auralia Metallurgy, at its testing facilities in Perth, WA.

Those results included:

• Gravity-CIP (direct cyanidation) gold extractions up to 91% achieved
• Gravity-Flotation-CIP (float tail) gold recoveries up to 96% achieved

Further metallurgical testwork is ongoing.

In February, Riedel CEO David Groombridge said:

“These first pass metallurgical results demonstrate that mineralisation from the Kingman Project delivers high gold recoveries that are amenable to conventional processing flowsheets. We will now look to advance discussions with potential processing partners in the region”.

RIE share price