• Assay results due from Emu’s ‘Monte Cristo’  (gold, tungsten) and Todd River’s ‘Berkshire Valley’ (nickel, copper, PGE) projects
  • Carnaby Resources hits more thick, shallow high-grade copper-gold at ‘Greater Duchess’ IOCG project

Here are the biggest small cap resources winners in early trade, Monday May 9.



(Up on no news)

The WA explorer has four main projects: ‘Badja’ (gold, tungsten), ‘Graceland’ (nickel, copper, PGEs), Viper (nickel, copper), and ‘Sunfire’ (nickel, copper).

In early April the company noted “the possibility of further and imminent discoveries” at Badja’s ‘Monte Cristo’ gold-tungsten target, where assay results from 24 drillholes are due any day now.

Meanwhile, 2,500m and 500m drilling campaigns are due to kick off on some nickel sulphide targets at ‘Graceland’ and ‘Viper’ respectively, with timing “depending on rig availability”.

The ~$12m market cap stock is down 20% year-to-date. It had $1.6m in the bank at the end of March.



(Up on no news)

A mid-2021 study found the economics of a standalone operation at MDI flagship ‘Sandstone’ gold project in WA was “marginal” at $2,500/oz. Ouch.

The stock was thumped. It subsequently sold Sandstone for just $12m and refocused on the ‘Barkly’ copper-gold IOCG project in the NT.

At Barkly’s ‘Crosswinds’ prospect, spot pXRF readings have picked up copper grades of between 24.8% and 76.2%, which is promising.

A survey was completed mid-April to dial in on the potential target at depth.

Meanwhile, an airborne geophysics survey totalling 40,000km is due to be completed this quarter to uncover more targets.

The ~$20m market cap stock is up 45% year-to-date. It had $6m in the bank at the end of March.



(Up on no news)

TRT has 5-6 projects, the most interesting right now being its copper-nickel-PGE ground near Chalice Mining’s (ASX:CHN)  Julimar called ‘Berkshire Valley’.

Early drill results have been mixed so far, but TRT reckons there is something big lurking. A bunch of drilling results are expected within the next month.

A new land access agreement also now paves the way “for drilling on the largest mafic ultramafic intrusion at Berkshire Valley to date”, called the ‘Havoc’ prospect.

Initial aircore drilling will be completed during the current quarter with RC drilling to immediately follow if warranted.

TRT is talent packed. Managing director Will Dix was part of the team that discovered the ‘Waterloo’ nickel mine and the 2Moz ‘Thunderbox’ gold project, which is probably where he met non exec director Mark Bennett, best known for his leadership of small cap success story Sirius Resources.

Also on the board is Stu Crow, non-exec chairman at white hot lithium stock Lake Resources (ASX:LKE).

The $28.5m market cap stock is down 33% in 2022. It had $5.5m in the bank at the end of March.



The CNB and DCX ‘Greater Duchess’ joint venture has announced another “stunning drill result” — this time 68m at 2.4% copper and 0.4g/t gold from 40m.

The 1,022sqkm project in QLD includes the recently announced ‘Nil Desperandum’ and ‘Lady Fanny’ IOCG discoveries, 3km apart.

Iron oxide copper gold ore (IOCG) deposits, like BHP’s (ASX:BHP) Olympic Dam, can be tremendously large, simple-to-process concentrations of copper, gold and other economic minerals. In FY21 Olympic Dam produced a record-breaking 205,000t of copper and 146,000oz gold.

This new hit from Lady Fanny includes a 42m-long section grading 3.6% copper, 0.5g/t gold from 63m.

The JV has now hit wide, high grade and very shallow copper gold over 300m length “which remains strongly open”, CNB says.

There’s more to come, with a new hole hitting 30m of very strong copper sulphides 60m away. Assays are pending.

“The Lady Fanny discovery is continuing to show exceptional potential for a large open pittable resource which continues to grow with ongoing drilling,” the company says.

At Nil Desperandum, drilling to date has defined high grade copper gold mineralisation over a down-plunge extent of over 600m.

This high-grade zone remains completely open at depth, CNB says.

Drilling across the project continues with two drill rigs.

“These stunning drill results clearly demonstrate the resource and development potential of the Greater Duchess Copper Gold Project,” CNB managing director Rob Watkins says.

“We are discovering and building a pipeline of exceptional and highly desirable copper gold deposits whose intrinsic value will only grow over time as we define and grow the maiden resource and move towards a development timetable.”

In December last year CNB announced a brand-new discovery at Nil Desperandum after hitting a 41m long intercept at 4.1% copper — which included a 9m chunk grading 10.3%.

The CNB share price is up ~350% since then. DCX (17.5% project interest) is up ~112%.