• New World Resources was Tuesday’s champion, gaining on its Antler project announcement
  • Scandivanadium climbs as it develops its Skane vanadium project in Sweden
  • Australian Mines said its Sconi project in Queensland can generate $5bn of cashflow


Here’s your top ASX small cap resources winners in morning trade Tuesday, November 10.


Shares in New World Resources (ASX:NWC) leapt 20 per cent Tuesday with the company announcing a new, thick zone of mineralisation at its Antler copper deposit in the US state of Arizona.

Measuring 22m in thickness, the new mineralisation includes 7.8m of massive and semi-massive sulphides, and was intersected in the first drill hole in the southern extension of the Antler deposit.

“Intersecting a thick zone of sulphide-rich mineralisation in our first drill hole outside the area we have been drilling recently is a fantastic result,” managing director, Michael Haynes, said.

“Our ongoing exploration success should continue to enhance the economic viability of recommencing mining operations at the project,” he said.

The intersected high-grade mineralisation at the Antler deposit remains open at depth and has outcrops of more than 750m of strike.



Scandivanadium (ASX:SVD) climbed just over 7 per cent in Tuesday ASX trade without any news released to the market.

The exploration company has a project for vanadium, a metal critical to the transition to a carbon-free economy.

Vanadium is used in batteries that can smooth supply peaks in renewable energy production by providing an energy storage solution.

Scandivanadium’s Skane project in southern Sweden has a JORC indicated and inferred mineral resource of 117 million tonnes at 0.39 per cent vanadium.

Drilling is underway for 10 drill holes at the Skane project, said the company in its September quarter update.

In addition, the company has its Pascalle gold project in WA’s Paterson province, and its Gnama nickel project in WA’s Fraser Range.



Alicanto Minerals’ (ASX:AQI) shares rose after it provided a positive update on its Greater Falun project in Sweden.

The company has intersected a high-grade copper skarn in drilling at its Heden East target within the project.

Alicanto is convinced its Greater Falun project is a district-scale opportunity, with historical high-grade and large-tonnage production from Falun mine.

“The pieces of the puzzle are coming together well, and we now have the best possible indicators to allow us to close in on the proximal part of the copper-gold skarn at Heden,” said managing director, Peter George.



Nickel-cobalt-scandium company Australian Mines (ASX:AUZ) jumped around 7 per cent in morning trade on an update.

In his chairman’s address to the company’s AGM, Tuesday, Michael Ramsden said its Sconi nickel-cobalt-scandium project in Queensland will generate $5bn of free cashflow over its 30-year lifespan.

The company said in a presentation it is able to produce precursor chemicals for all nickel-based batteries, including for Tesla and General Motors.

Australian Mines can also meet the EV industry’s standard for nickel-cobalt-manganese (NCM) batteries.

The company is undertaking research into an industry-changing 400+ watt-hour per kilogram battery.

Ramsden said looming supply constraints around battery-grade nickel and cobalt from 2023 are likely to lead to shortages.



Saturn Metals (ASX:STN) had an uptick in its shares as it announced strong intersections at its Apollo Hill gold project.

“Drilling continues to expand the Apollo Hill gold system and the mineralised picture is growing with every new batch of results,” managing director, Ian Bamborough, said.

Assay results are pending for a further 55 drill holes, and the company is planning to publish an upgraded resource by year end.

The Apollo Hill gold project is 60km south-east of Leonora in WA, and has a current mineral resource of 781,000 ounces.