Resources Top 5: Belararox leads the way while manganese stocks turn up the heat

BRX gains on news of high-grade zinc, copper, lead, silver and gold hits at the Belara Mine
KAI discovers spodumene pegmatite samples during routine earthmoving activities next to the flagship Mt York gold deposit
E25 extends manganese mineralisation at Butcherbird

Here are the biggest small-cap resource winners in early trade, Tuesday July 12.

BELARAROX (ASX:BRX)

After IPOing in January with $6m at $0.20, BRX’s share price has surged 271.43%, and it’s now trading at over $0.50.

This makes it one of the best performing ASX IPOs for 2022.

The stock is up some 20% this morning after confirming high-grade massive sulphide in its third hole from phase-one reverse circulation drilling at the Belara Mine in the Lachlan Fold Belt of New South Wales.

Hits include 7m at 2.2% zinc, 2.54% copper, 0.63% lead, 36.87g/t silver and 0.67g/t gold from 78m, including 3m at 4.72% zinc, 5.85% copper, 1.30% lead, 82.60g/t silver and 1.5g/t gold.

Importantly, BRX managing director Arvind Misra says the assays have higher grades for all metals than in the historic model.

“We are now fast-tracking work on our maiden resource, which we hope to announce in this current quarter, and significant results like these bode well for it.”

BRX has a market cap of ~$13.6m.

Now read: Here are the best and worst performing IPOS of FY22

KAIROS MINERALS (ASX:KAI)

This Pilbara lithium explorer has discovered spodumene pegmatite samples during routine earthmoving activities next to the flagship Mt York gold deposit, less than 4km from Pilbara Minerals (ASX:PLS) Pilgangoora Lithium-Tantalum Mine.

The ~$51.8m market cap company says five samples from ‘Lucky Sump’ have been analysed and contain spodumene in association with beryl, garnet, and micas – all common plutonic igneous rocks.

Spodumene is a highly sought-after critical raw material used in the manufacture of rechargeable Electric Vehicle (EV) batteries and as Kairos’ managing director Peter Turner says, spodumene pegmatites are particularly rare in Australia.

“It appears that these samples may be part of a larger pegmatite dyke swarm that is largely under cover,” he says.

“This discovery indicates we are in a fertile lithium-caesium-tantalum (LCT) district with potentially significant upside.

“Whilst we wait for the chemical analysis from the laboratory for these samples, drilling activities at the Lucky Sump lithium discovery will be prioritised as part of the large programme planned for the Mt York Gold Project.”

ELEMENT 25 (ASX:E25)

Manganese play E25 has extended mineralisation at its Butcherbird Project after receiving assay results for a 34-hole exploration drilling program for 904m.

E25 says ‘commercially significant’ grades and widths of manganese in multiple holes have been confirmed and point to the potential for future discoveries.

This new information will also be included in the next resource model update for Butcherbird as more drill planning gets underway.

The company says it plans to infill and better define mineralisation extensions as well as evaluate further extensions to mineralisation trends.

Now read: Manganese makes its comeback as other commodities waver

ACCELERATE RESOURCES (ASX:AX8)

This former gold explorer is now all about battery metals.

Accelerate has kicked off manganese exploration drilling at its Woodie Woodie North Project in Western Australia’s Pilbara region, where seven priority areas have been identified over a continuous 33km corridor.

The company says it is targeting near-surface oxide manganese as a feed for battery grade as well as high-grade silicous manganese to supply the steel industry.

AX8 managing director Yaxi Zhan says this is an important milestone for Accelerate.

“We are the first company to consolidate the project area and create a continuous 33km corridor within the world-class manganese province,” he says.

“This is the first drilling campaign within the project area in a decade.”

The ~$8m market cap company had $2.28m cash in the bank at the end of the March quarter.

PERPETUAL RESOURCES (ASX:PEC)

(Up on news)

Surging this morning for no real reason is silica-sand play Perpetual Resources.

Earlier in July, the company announced its plans to begin reconnaissance auger drilling at the Beharra Project later this month.

The company said at the time a shallow auger drill program will be carried out on the northern end of the Beharra exploration licence, around 300km north of Perth and 96km south of the port town of Geraldton.

Previous exploration activities at Beharra by Perpetual have focused on the southern end of the tenement where an indicated mineral resource of 139Mt at 98.6% SiO2 has been reported.