Resources Top 5: Building gold ounces and smashing records

PNX is hunting big gold deposits in the Northern Territory
Red River smashes copper production record by 51%
Nova’s 3.3 million oz gold resource at Estelle could get a lot bigger

Here’s your top ASX small cap resources winners in morning trade Friday, October 9.

PNX Metals (ASX:PNX) has identified multiple “high priority” gold targets at the Burnside project in the Northern Territory

PNX is hunting for new gold deposits to boost operations at the advanced Fountain Head mining operation, which could be up-and-running by the end of 2021.

Field work is underway to assess four priority prospects ahead of drilling, PNX says.

“The Burnside project area has a substantial gold endowment with a long history of prospecting and mining dating back to the late 1800s,” managing director James Fox says.

“Historic gold exploration relied heavily on surface prospecting and as a result, large areas with limited outcrop in close proximity to existing mineralisation remain essentially untested.

“Of the 36,000 holes drilled by previous explorers at Burnside, 70 per cent have a depth of 10 metres or less.

“We believe there is considerable potential for discovery of significant gold resources.”

PNX Metals (ASX:PNX) share price chart

Small cap producer Red River Resources (ASX:RVR) has smashed its copper production record by 51 per cent, sending the stock up +15 per cent in early trade.

The Thalanga operations in Queensland produced 4,073 tonnes of copper concentrate — up from 2,696 tonnes in Q4 FY20 — to set a new quarterly production record.

Thalanga also produced 7,026 tonnes of zinc concentrate and 1,947 tonnes of lead concentrate.

The stock has been running hot on solid news flow, up almost 50 per cent since late September to surpass early 2020 highs.

Red River (ASX:RVR) share price chart

Nova Minerals’ (ASX:NVA) recently updated resources to 3.3 million oz of gold at the Korbel prospect, part of its Estelle project in Alaska.

But that’s just the start, the company says.

This resource is based on drilling at Korbel Blocks A and B, which are 1,500m long and remain ‘open’ in multiple directions.

“Encouraging” mineralisation has now opened up new areas at Blocks C and D, the company says.

“The Korbel deposit continues to grow as we now unlock Block D and C with our expanded drilling program as we seek to find further feeder systems within the Korbel prospect,” chief exec Christopher Gerteisen says.

“As we have repeatedly stated, our next corporate goal was to add significant tonnes and ounces in this current drill program and we strongly believe this will be achieved and eclipsed during the rest of 2020 and into 2021.”

Nova Minerals (ASX:NVA) share price chart

Up on no news:

This year Malachite Resources (ASX:MAR) acquired a couple of direct shipping ore nickel laterite projects in the Solomon Islands.

It is envisaged that mining could potentially kick off within two years, the company says.

eMetals (ASX:EMT) jumped on an update from iron ore project developer and major shareholder GWR Group (ASX:GWR).

Embattled junior shell company New Energy Minerals (ASX:NXE) plans to buy a new project by the end of the year.

“We have already reviewed numerous project acquisition opportunities and expect to be in a position to make a relevant announcement in the very near future,” Chairman Ian Daymond said in the company’s annual report.