Resources Top 5: Anticipation builds again for Raiden lithium results

Far East Gold receives further funding for acquisition of Idenburg gold project
Raiden drilling at Target area 7 at its Andover South project
Western Gold Resources upgrades resources at its Gold King deposit

Your standout small cap resources stocks for Friday, December 13, 2024.

Raiden Resources (ASX:RDN) and Far East Gold (ASX:FEG)

(Up on no news)

RDN is up on no news.

Earlier this month, the company announced that it had expanded the drilling program at its Andover South project from 5000m to 7000m after including Target area 7.

Drilling of Target area 7 will continue until the middle of December before the crew breaks for the Christmas period.

Samples from earlier holes targeting areas 1 and 2 have also been dispatched to the laboratory in Perth for assay. It noted than that results were expected within four weeks.

Information from this drill program will provide the geological team with greater insight into the project and the ability to refine and target for a follow up program.

Much of the excitement over Raiden’s exploration campaign lies in its project location, adjacent to the Andover pegmatite discovery which turned Azure Minerals into a $1.7 billion takeover target this year to Gina Rinehart’s Hancock Prospecting and Chile’s SQM.

That nabbed the buyers just 60% of the resource between them, the rest owned by Mark Creasy, giving a sense of the scale of the discovery.

Also up on no news is FEG.

Earlier this week, its strategic investor Xingye Gold completed the tranche 2 subscription of just under $3.5m after securing Foreign Investment Review Board approval for tranche 2 and tranche 3 funding under the conditional share placement.

Proceeds from the placement will be used to fund the acquisition of the Idenburg gold project in Papua province, Indonesia, which currently has a resource of 540,000oz at an average grade of 4.1g/t.

The 95,280 hectare project is intersected by the national highway and located only a few hours’ drive from the capital of Jayapura.

Historical drilling had returned results such as 16m at 2.38g/t gold from surface and 7.5m at 16g/t from 21m at the Sua prospect and 12.6m at 8.01g/t from 6m at Mafi.

Kingsrose Mining (ASX:KRM)

(Up on no news)

While KRM had no news today, investors are no doubt looking ahead to the company’s upcoming drill program at the Karenhaugen prospect within its Porsanger in Norway’s Finmark county.

Previous drilling had returned results such as 43.2m at 0.9g/t palladium, 0.4g/t platinum and 0.1% copper from 57m.

Karenhaugen is also within the Area of Interest under the Alliance Agreement for Finnmark with BHP which will see the mining giant sole fund up to US$20m in exploration expenditure.

Regional generative exploration under the alliance is ongoing and could impact on the timing of Karenhaugen drilling should additional targets be discovered across the mineral belt.

Besra Gold (ASX:BEZ)

Lim Khong Soon has stepped down as chairman of the company, saying that its growth, development and future success would be best served if it was fronted by a dynamic, experienced and independent mining executive.

Soon will remain a non-executive director and the company will now start a market-wide search for a highly credentialed candidate who can guide BEZ’s transition into gold production.

The company is progressing its Bau project in Sarawak towards production.

Bau currently has a measured resource of 3.4Mt at 1.5g/t gold, an indicated resource of 16.4Mt at 1.57g/t and an inferred resource of45.3M at 1.29%

Western Gold Resources (ASX:WGR)

WGR has increased confidence in resources at its Gold Duke project in WA after defining a maiden indicated resource of 10,000oz at the Gold King deposit.

Gold Duke itself now has a combined measured, indicated and inferred resource of 3.25Mt at 2.1g/t for 214,000oz of contained gold.

This supports technical and economic studies underway as the company seeks to develop Gold Duke as a gold producer.

“The updated mineral resource estimate for the Gold King deposit highlights a better interpretation of the data from the drilling campaigns completed in 2022,” managing director Warren Thorne said.

“Together with data from geotechnical and metallurgical drilling completed in 2024 and incorporating current mining costs and the gold price, the updated MRE further validates the economic viability of the Gold Duke project as the company looks to move the Gold Duke project into production.”

At Stockhead, we tell it like it is. While Besra Gold, Kingrose Mining, Raiden Resources and Western Gold Resources are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.