Resources Top 5: Big buys and dazzling discoveries top the charts
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Here’s your top ASX small cap resources winners in morning trade Tuesday, September 22.
Mont Royal Resources (ASX:MRZ) will earn up to 70 per cent of the Wapatik gold-copper project in Canada from TSX-listed Azimut Exploration.
The main targets here are shear-hosted gold, intrusion-related copper-gold and copper-gold-molybdenum porphyry systems, Mont Royal says.
In January, JV partner Azimut hit the motherlode at the nearby ‘Patwon’ discovery. Spectacular hits including 3.15 g/t gold over 102m sparked a 200 per cent increase in its share price and prompted numerous junior explorers to pick up ground in the region.
While we’re on the topic of big discoveries (and nearology), Chalice Gold Mines (ASX:CHN) has uncovered three new ‘anomalies’ at its Julimar nickel-copper-PGE project near Perth, WA.
These new anomalies – one of which is 6.5km long — highlight the district-scale potential of the ~26km long Julimar Complex, Chalice says.
Since then, the stock has climbed from 16c to 2.04c per share as it looks to complete a maiden resource drill out.
Like Patwon, the discovery at Julimar sparked a pegging rush.
One of these nearology hopefuls is former oil and gas/battery metals tiddler Enegex (ASX:ENX), which today jumped as high as ~15 per cent on no news.
Rio can earn up to 70 per cent in the project from Alderan by spending $US30m on exploration.
“We are highly encouraged by the results from this first hole drilled by [Rio subsidiary] KEX under the earn-in agreement, which is the best received to date in this prospect,” Alderan managing director Peter Williams says.
“We look forward to results from the other holes in the program which will provide further validation of the prospectivity of this and other prospects targeted.”
And rejuvenated gold producer Wiluna Mining (ASX:WMX) is hitting thick, high grade gold at its namesake +6.4moz project.
Highlights include 4m at 17.5g/t, as well as bulk intercepts like 40m at 3.09g/t which “demonstrate potential for a very large, lower grade mineralised system that could be bulk mined”.
A resource update is due late September.