Resources Top 5: Ballot win gives CGN new gold ground in multi-million-ounce region

• New CGR tenure package has all the hallmarks of a high-potential gold project
• E79 acquiring Cue Metals, which owns the rights to the Cue gold project
• $10m placement provides strong show of confidence in IVR’s silver strategy 

Your standout small cap resources stocks for Friday, October 3, 2025

CGN Resources (ASX:CGR)

Success in a tenement ballot has given CGN Resources (ASX:CGR) two new gold prospective tenements that are along strike from multiple multi-million-ounce gold deposits in the Leonora region of WA.

This ballot success builds the company’s momentum by expanding its Panhandle gold project and complementing the nearby Christmas Well project.

It resulted in CGR skyrocketing about 175% to a 12-month high of 14c and, since closing at 4.3c on September 24, shares have increased 226%. 

The two exploration licence applications – E37/1587 and E37/472 – are 20km south of Leonora and between the Gwalia and Ulysses gold operations held by Genesis Minerals (ASX:GMD).

Historical drilling has returned gold intercepts recorded in the GSWA WAMEX database, coincident with anomalous surface geochemistry, warranting further follow-up.

Large areas of this tenure conceal prospective stratigraphy beneath transported cover and have seen limited modern exploration.

The Panhandle and Christmas Well projects provide CGN Resources with a commanding ground position in a proven gold-rich corridor interpreted to contain highly prospective, gold-bearing stratigraphy, similar to the host rocks of the mines along strike such as Ulysses, Admiral and Orient Well.  

While the newly acquired Panhandle tenure is pending grant, the company has progressed key land access steps, including the negotiation of heritage agreements and other stakeholder engagement. The grant of Christmas Well tenure is also imminent.

Initial exploration across both projects is targeted later this quarter.

“This new tenure package has all the hallmarks of a high-potential gold project – highly prospective stratigraphy, demonstrated gold endowment, and excellent infrastructure just 25km from Leonora on the Goldfields Highway,” CGN’s MD Stan Wholley said.

“The proximity to multiple active mining and milling operations enhances the strategic value of the ground. 

“We’ve identified several compelling targets, including multiple +1g/t gold hits in historical drilling data and untested litho-structural features under shallow cover. 

“It’s remarkable how little modern exploration this area has seen, given the scale of gold endowment along strike.

“Assembling a tenure package of this quality in such a highly mineralised region is a direct result of the strength and capability of the Company’s geology team.” 

E79 Gold Mines (ASX:E79)

Entering an Australian gold discovery and M&A hotspot, the Murchison Province of WA, resulted in E79 Gold Mines (ASX:E79)  jumping 34.62% to 3.5c.

Entry into one of Australia’s best gold addresses has been facilitated by the company’s acquisition of Cue Metals, which owns the rights to the Cue gold project in the Day Dawn gold field.

This project is immediately south of Westgold’s high-grade Great Fingall gold mine with historical production of 1.2Moz at 19.2 g/t Au and is hosted in a similar geological setting.

Cue gold project is considered prospective for high-grade quartz reef-hosted gold deposits similar to those which the district is well known for such as Great Fingall, Golden Crown and Break of Day.

It is supported by excellent infrastructure and is in close proximity to third-party gold processing facilities.

E79 Gold plans to apply proven exploration techniques to unlock the high-grade gold potential at the project, which remains largely under-explored by modern exploration.

The company will focus on the significant potential undercover and along strike, initially following up on prospects defined by historical drilling, which returned results including:

• 13m at 2.2g/t Au from 112m to end of hole at Ada prospect;
• 2m at 4.8g/t Au from 90m at Chole prospect;
• 4m at 0.6g/t Au from 32m at Riptide prospect; and
• 4m at 4.4g/t Au from 36m at MBA23 prospect.  

To support the acquisition and exploration, E79 has raised $3m in a placement to sophisticated investors at 2.1c per share, excluding directors’ participation of $115,000, subject to shareholder approval.

Executive changes have also been made with geologist Glenn Martin, who was previously chief geologist for Musgrave Minerals and who led the team on the Break of Day discovery, to be appointed a technical consultant.

Matthew Bowles will be appointed to the E79 board as a non-executive director upon completion. He was previously MD of Alto Metals, which rapidly grew the Sandstone gold project to +1Moz before being acquired by Brightstar Resources (ASX:BTR).

Investigator Resources (ASX:IVR)

In a strong show of confidence in Investigator Resources (ASX:IVR) and its South Australian silver strategy, largest shareholder Jupiter Asset Management and several new and existing institutional investors have committed to a $10m placement.

The placement of ~238m shares at 4.2c each was made at an 8.6% premium to the 15-day VWAP of the company’s shares.

IVR will use the funds to move beyond its budgeted plans and accelerate multiple value-adding work streams.

This includes the exploration of near-mine targets at Paris project such as Perseus, Manto and Athena, follow-up on early drilling success and test the hub-and-spoke potential of Uno Morgans project and first-pass drilling of four undrilled targets at the Curnamona project.

Paris – one of Australia’s highest grade primary silver plays – is on the 15km-long Paris Silver Corridor in South Australia’s central Eyre Peninsula.

It hosts an inferred and indicated resource of 24Mt grading 73g/t silver and 0.41% lead for contained resources of 57Moz silver and 99,000t lead.

AuMega Metals (ASX:AAM)

An Airborne Time Domain Electromagnetic (EM) survey at the Cape Ray project in eastern Canada provides AuMega Metals (ASX:AAM) with confidence that the gold bounty of 420,000oz in indicated resources and 141,000oz in inferred resources will grow.

The recently completed survey identified a major, untested anomaly 500m southeast of the Central Zone deposits. This has never been drill tested despite a historical sample of 111.5g/t gold being collected nearby.

A fully funded drill program to test this anomaly is scheduled for the current quarter.

The survey also shows that the Central Zone, the largest gold deposit at Cape Ray project, exhibits extremely strong conductivity values that match gold-bearing host rocks.

Other conductive anomalies identified point to possible new gold-bearing trends in underexplored areas of the project, which is along the Cape Ray-Valentine Shear Zone in Newfoundland and Labrador.

“The EM survey delivered exactly what we wanted – clear confirmation that our approach effectively maps known gold mineralisation at Central Zone, while also uncovering multiple new high-quality anomalies,” MD and CEO Sam Pazuki said. 

Xenora Minerals (ASX:XRA)

Raising $2.1m in a strongly supported placement has resulted in Xenora Minerals (ASX:XRA), formerly Trinex Minerals (ASX:TX3), hitting a 12-month high of 22.5c, a lift of 36.4% on the previous close.

Binding commitments have been received from sophisticated investors to raise A$2.025m in a two tranche placement.

In addition, all three directors of the company have committed a further $75,000 with shares to be issued subject to shareholder approval.

The Issue price of 16c per share represents a discount of 3% to the last traded price of A$0.165.

Proceeds will be used to fund ongoing exploration on the company’s existing assets, including infill and expansion of the soil geochemical sampling and drilling at the Dudley lithium project in South Australia where XRA is earning in, for ongoing consideration of new opportunities and working capital.

Cannacord Genuity (Australia) acted as lead manager.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Investigator Resources is a Stockhead advertiser, it did not sponsor this article.