Resources Top 5: Billionaire prospector Mark Creasy buys stake in gold lithium explorer
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Here are the biggest small cap resources winners in early trade, Tuesday February 15.
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One of a handful of very popular exploration IPOs in 2022, BRX is now up 114% on its late Jan listing price of 20c per share.
Its focus is the ‘Belara’ project in NSW, which includes two historical copper-zinc mines: Belara and Native Bee.
~5,600m of drilling will kick off towards the end of February ahead of a resource update mid-year.
Non-executive chairman Neil Warburton says this resource will be “sizeable”.
“… it’s not grassroots exploration, we know at Belara that these resources actually outcrop and historically have been mined for copper and zinc, going back around about 90 years ago,” he told Stockhead.
“It’s been drilled by various parties, so it’s really an advanced exploration project and we expect to extend the current mineralisation.”
A company controlled by billionaire prospector Mark Creasy has scooped up a 9.6% stake in gold-lithium explorer PGD for $2.25m.
Creasy’s Yandal Investments has subscribed for 4.5m shares at 50c each, plus 1.8m options exercisable at 75c each before 2025.
In January, Yandal paid $3m for a stake in Kalgoorlie gold explorer Zuleika Gold (ASX:ZAG).
Cashed-up PGD now has ~$5.5m to accelerate exploration on its portfolio of gold and lithium projects, which has rapidly expanded since listing in March 2021.
Upcoming exploration includes the drilling of four gold targets mid-year at the Pilbara gold project, which is right next door to Capricorn Metal’s (ASX:CMM) Karlawinda gold mine.
Field activities on PGD’s new lithium project adjacent to Pilbara Minerals’ (ASX:PLS) Pilgangoora operations, will also “commence as soon as possible”.
The $23m market cap stock is up 53% year-to-date.
TKL is raising a relatively modest $800,000 to fund exploration at the ‘Mt Cattlin’ gold-copper project in WA and “the generation of new projects”.
Some drill assay results are still pending for drilling completed in December at Mt Cattlin, the company said yesterday.
The 4,895m program tested seven targets, all considered part of a single, large porphyry intrusive complex.
Promising results to date highlight a 1km long mineralised trend between the ‘Plantagenet’ and ‘Revival’ prospects, “indicating compelling potential for the delineation of a large tonnage, near-surface resource”.
Highlights from drilling at Plantagenet announced January 10 included 4m @ 15.07g/t gold, 1.28g/t silver and 0.10% copper from 61m.
The $6.5m market cap stock is up 40% year-to-date.
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The failed software stock formerly known as Transcendence Technologies was suspended by the ASX in September 2019.
In December 2021 it emerged from ASX purgatory as WA gold explorer Redcastle Resources.
Gold was originally discovered at RC1’s historical namesake project in 1897.
RC1 has already identified priority target areas based on its review of historical exploration results, including drilling programs by previous owners.
The company has appointed storied mining entrepreneur Trevor Dixon as technical director.
Dixon was a founding vendor to listed companies including Jubilee Mines, Terrain Minerals, Regal Resources and Kin Mining where he also served as founding managing director and former chairman.
RC1 is well funded, having raised $4.5m under its re-compliance prospectus. The $5.7m market cap stock is up 5% year-to-date.
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This small gold-lithium-rare earths explorer has received a couple of price and volume queries from the ASX over the past few months (which happens when there is an unexplained increase/decrease in the share price, or volumes traded).
It is now up 80% year-to-date, which isn’t surprising. Lithium is hot, and so are rare earths. Gold isn’t doing so bad either.
On February 7, WCN completed a shallow 74 hole, ~4,440m drilling campaign at the ‘Cracker Jack’ and ‘McCaskill Hill’ gold prospects, part of the 42,400oz (and hopefully growing) Reedy South project in WA.
Results are expected mid-to-late March.
WCN is also ‘boots on the ground’ at its early-stage lithium and rare earths project portfolio.
In late January a rock/soil sampling kicked off at the 136sqkm ‘Hines Hill’ REE project. Reedy South is also being assessed for lithium and REE potential.
The $21m market cap stock had $1.6m in the bank at the end of December.