Resources Top 5: Big targets, bonanza gold, and some more Chalice nearology

Nex Metals, Metalicity gain on shallow, very high-grade gold hits at Kookynie project
PVW Resources expands into the red-hot West Yilgarn nickel-copper-PGE province
Tempest maps out extensive iron rich units — highly prospective for both gold and iron ore — at ‘Euro’ project

Here are the biggest small cap resources winners in early trade, Thursday July 8.

NEX METALS EXPLORATION (ASX:NME) and METALICITY (ASX:MCT)

Junior joint venture partners Nex and Metalicity gained on some shallow, very high-grade gold hits at the ‘McTavish’ prospect, part of the Kookynie project in WA.

Highlight drill results include:

1 metre @ 91.2g/t gold from 30 metres
4 metres @ 29.1 g/t from 20 metres, and
1 metre @ 52.8 g/t from 89 metres

Anything above 5g/t is generally considered high grade.

“With McTavish ‘open’ along strike and at depth — and the results to date from ‘Leipold’ — not only does this bode incredibly well for the pending Mineral Resource Estimate; it is also incredibly encouraging for the 2 kilometres of strike between McTavish and Leipold,” Metalicity chief exec Justin Barton says.

NME and MCT were up 80% and ~18% in early trade.

TEMPEST MINERALS (ASX:TEM)

The $6m market cap explorer has mapped out extensive iron rich units — highly prospective for both gold and iron ore — over multiple kilometres at the ‘Euro’ project in WA.

The geology is typical of other major deposits and operations in the region, the company says – like Karara (iron), Shine (iron), Mt Mulgine (gold/tungsten) and Rothsay (gold/copper).

TEM is now planning to drill several targets at Euro where historic drillholes intersected thick gold mineralisation such as 15m @ 2.3g/t from 15m.

ALICE QUEEN (ASX:AQX)

(Up on no news)

The gold-copper explorer continues to bounce off recent lows.

Last week, drilling confirmed a new 800m by 600m gold zone at the at ‘Horn Island’ which warrants additional follow up drilling, the company says.

High grade gold intersected at the ‘Tatooine’ anomaly at depth – including 5m at 4.4g/t from 128m – “remains open with an apparent near surface projection”.

Only three of 9 anomalies have been tested to date, AQX says.

LEFROY EXPLORATION (ASX:LEX)

(Up on no news)

The popular Kalgoorlie explorer is up 360% since making the ‘Burns’ copper-gold porphyry discovery in February this year.

First assays for a recently completed 3-hole program are due out very soon, the company says.

PVW RESOURCES (ASX:PVW)

The WA gold explorer is expanding into the red-hot West Yilgarn nickel-copper-PGE province of WA.

“Continued success by numerous explorers such as Chalice Mining, Pursuit Minerals, Caspin Resources, Todd River Resources and Desert Metals attest to exploration potential within the province,” the company says.

“Three new tenement applications have been accepted by the Department of Mines, Industry Regulation and Safety covering 950km2, a significant landholding in this sought-after region.”

Assessment of magnetic anomalies will kick off once the exploration tenure is granted.