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Mining
Here are the biggest small cap resources winners in early trade, Wednesday August 17.
A stock favourite of Peak Asset Management founder and executive director Niv Dagan, exploration minnow TMS pulled up a spectacular 50m at 2.7% copper intersection at Bluebird earlier this year, part of the Barkly Project in the Northern Territory.
Today the company has hit a bonanza 63m at 2.1% copper and 4.6 g/t gold intersection at Bluebird, which includes 27.55m at 3.6% copper and 10 g/t gold.
“These latest results herald the discovery of a gold-rich zone within the broader high-grade copper gold deposit,” the company says.
TMS chairman Matthew Driscoll says the latest results are stunning and not only have they continued to hit thick, high-grade copper but a new distinct high-grade gold shoot within the broader mineralised zone has returned grades of up to 38.5 grams per tonne gold.
“We have really only scratched the surface at Bluebird, with the copper-gold discovery zone still completely open to the west and below 200 metres depth,” he says.
“In addition to Bluebird, we have identified at least another 12 untested magnetic/gravity targets with a similar signature to Bluebird along the 5km Bluebird geophysical corridor.”
This $28.94m market cap explorer made headlines last month after hitting a highlight 611.4m-long intersection at 1.39% copper and 0.75g/t gold in drilling at the flagship MCB project in the Philippines.
At the time, this included a 77.5m-long high-grade portion grading 2.47% copper and 2.12 g/t gold (3.34% copper equivalent) from 232.10m.
Today, CLA says it has received improved cobalt and copper recovery results from the ongoing metallurgical work program at its Opuwo Cobalt Project in Namibia.
Preliminary roasting and tank leach test work results show recoveries up to 95% for cobalt and 98% for copper for this processing step.
This is an improvement from the 2018 autoclave leaching test results with historical recoveries of 72.6% cobalt and 74.1% copper and demonstrates that Opuwo is amenable for simple roasting and tank leach downstream processing.
Celsius is undertaking further test work to delineate the roasting and tank leach parameters which may further improve cobalt recovery.
The company is also continuing to progress the test work for a hydrometallurgical downstream processing method with samples for testing dispatched to Australia so that test work can begin.
It is anticipated that initial test results could be available by September 2022.
A manganese stock featuring prominently in Tolga Kumova’s portfolio.
Spun out of Firefly Resources — the gold explorer that secured a memorable and strange merger with Gascoyne Resources (ASX:GCY) last year — FRB announced a “game changing” resource upgrade at its Oakover manganese project in the Pilbara back in March.
This morning, FRB says it has raised $3.5m via a strongly supported placement to sophisticated and professional investors to accelerate development and exploration at Oakover.
Under the placement, Firebird will issue 17.5 million new fully paid ordinary shares in the company at an issue price of $0.20 per share, together with one free attaching option for every two shares issued.
Since listing last year, FRB has been focused on rapidly growing our advanced portfolio, led by Oakover, towards the development phase.
“We have delivered on this objective, culminating in the completion of the highly impressive Oakover scoping Study, which clearly showed the excellent, long-term potential of the Project,” FRB MD Peter Allen said.
“We are now focused on delivering the next 12 months, with a key focus on extending Life-of-Mine at Oakover, commencing and completing key development studies, advancing ESG objectives and adding to our Manganese inventory through targeted exploration across our other projects, starting with Hill 616.”
(Up on no news)
Towards the end of May DAF revealed evaluation works at its Coal Creek prospect, part of the Chulitna Project in Alaska, confirmed lithium minerals from historical drill core.
The company conducted a detailed preliminary work program of the lithium occurrences at Coal Creek via scanning works on an initial twelve priority drill holes, using a SciAps Z-901 LIBS handheld analyser to determine rudimentary lithium content throughout the entirety of each drill hole.
The scanner detected the presence of lithium across broad zones in all twelve drill holes.
Next stage works include laboratory analysis testing of the prospective core identified from the scanned priority drill holes.
(Up on no news)
MCM gained 96% for the month of July.
This tiny South African coal miner and project developer recently entered into a coal sales and marketing agreement with a company called Overlooked.
This will see coal exported from MCM’s small Uitkomst operation “ensuring the colliery benefits from the prevailing international coal prices”.
That means potentially bigger profits going forward.
It has also completed a Bankable Feasibility Study – the most advanced of all project studies – on its flagship 296Mt ‘Makhado’ hard coking coal project in South Africa (68% interest).
The BFS envisages a production of 13.7Mt (coking) and 11.9Mt (thermal) over a 22-year mine life. Post-tax IIR and NPV were estimated at 38.2% and $268m, respectively.
The project would use existing infrastructure to minimise upfront costs, which have been estimated at $41m.
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