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Mining
Here are the biggest small cap resources winners in early trade Friday, July 8.
TNG is up biiiiig time this morning, like some 40-something per cent after receiving $300m in debt funding for its flagship Mount Peak Vanadium Titanium Iron Project in the Northern Territory.
The Mount Peake Project is one of only 15 Australian critical minerals projects identified by the Australian Government in its critical mineral’s priority road map.
The Australian Government’s Export Credit Agency – Export Finance Australia – issued the conditional and non-binding letter of support, highlighting the broad alignment of Mount Peak with objectives of the Australian Government’s critical minerals strategy.
Its strategy aims to diversify global critical minerals supply and capture more value from the critical minerals value chain.
TNG managing director and CEO Paul Burton says the company is ‘delighted’.
“This non-binding Letter of Support lays a solid foundation for TNG to secure the debt financing package for the development of its Mount Peake Project.
EFE was once an iron ore junior but is now all-in on lithium and shares in the company are rocketing this morning on news of some ‘outstanding’ lithium assays at the Trigg Hill Project in WA’s East Pilbara.
The company has been conducting field work at the project since March, which has included mapping, rock chip sampling of outcropping pegmatites and soil sampling.
Assay results from the first 124 rock chip samples have confirmed visual observations of highly anomalous levels of lithium as well as caesium, tantalum, and tin confirming the presence of fractionated LCT pegmatites.
Of the samples collected from the large East Curlew pegmatite swarm, at least 80% were from LCT pegmatites.
We’re talking results of up to 2.28% lithium, 1.23% rubidium, 1,552ppm caesium, 514ppm tantalum and 2,921ppm tin.
Results of 231 soil samples from the Curlew East area are pending analysis, and subject to the results, the soil sampling may be extended to other areas.
The ~$38mn market cap company had $4.85mn cash in the bank at the end of the March quarter.
(Up on no news)
KZR kicked off a 5,000m maiden RC drilling program across its Pilbara lithium projects on Wednesday, comprising an initial 4,000m RC program at Marble Mar and a 1,000m program at the nearby DOM’s Hill Lithium Project.
These projects are part of the company’s JV with Chilean lithium producer Sociedad Química y Minera de Chile S.A. (NYSE: SQM).
The Marble Bar project is considered highly prospective for lithium-caesium-tantalum (LCT) mineralisation – not to mention the Archer Lithium Deposit owned by Global Lithium Resources (ASX: GL1) with a reported maiden Inferred Resource of 10.5Mt @ 1.0% Li2O is just 25km to the north.
Kalamazoo thinks DOM’s Hill is highly prospective for LCT-mineralised pegmatite dykes given the project contains a similar geological setting and host rocks strongly analogous to that of the nearby Pilgangoora and Wodgina pegmatite-hosted lithium deposits.
KZR is a ~$33.4m market cap company with ~$4.27m cash in the bank at the end of the March quarter.
(Up on no news)
Back in 2019, Metminco merged with Andes Resources to form Loss Cerros, resulting in a dominant position within the Andes and Quinchia regions of the Mid-Cauca Gold Belt of Columbia.
The company recently released a maiden 1.3Moz resource for the Tesorito Gold Porphyry, taking the wider Quinchia project to a total combined resource of 2.6Moz at 1.02g/t.
On Thursday, LCL confirmed the resource is ‘amenable to a conventional grind/leach/adsorption circuit’ following metallurgical test work where gold recoveries of around 87% were received.
LCL managing director Jason Stirbinskis said these encouraging met test results add to confidence and are an important step to building a PEA (Preliminary Economic Assessment) around the Quinchia Gold Project’s potential production scenarios.
The ~$22.8 market cap company had $17.46m cash in the bank at the end of the March quarter.
(Up on no news)
S3N owns a portfolio of wholly-owned and joint ventured precious and battery metals assets in advanced and emerging exploration regions of Western Australia.
SensOre differentiates itself by combining AI technology, big data and geo-scientific expertise.
The company is making waves this morning, for no real reason, but earlier this week it revealed that it would be expanding its AI geophysics capacity through the acquisition of Intrepid Geophyics.
Intrepid Geophysics’ advanced automated geophysical software and geoscience expertise complement SensOre’s existing suite of machine learning and AI mineral exploration software products and technology offerings.
While the company works with bigger players like BHP (ASX:BHP) and 29Metals (ASX:29M), they also use their technology to pursue their own exploration projects.
Read more about how S3N’s AI-enhanced tech can increase the potential for mineral discovery here.
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