• Pursuit locks in on a number of strong PGE-nickel-copper and gold anomalies
  • Encounter signs lucrative farm in deal over the ‘Elliot’ copper project in the NT with major miner BHP
  • Classic moves toward production at ‘Kat Gap’, part of the 403,000oz Forrestania gold project in WA

Here are the biggest small cap resources winners in early trade, Friday May 21.

 

PURSUIT MINERALS (ASX:PUR)

This former vanadium play has gained ~500% since moving in next door to Chalice Mining’s (ASX:CHN) world-class palladium-nickel-copper discovery at Julimar in WA.

Early stage soil sampling at the ‘Phil’s Hill’ prospect has locked in on a number of strong PGE-nickel-copper and gold anomalies associated with EM conductors.

EM surveys map sub-surface changes in electrical conductivity and are useful tools for finding nickel sulphides.

Good soils + EM conductors = promising stuff. The next major step is drilling the thing.

“These excellent soil results complement the highly prospective EM targets we have already identified,” managing director Mark Freeman says.

“As we complete each stage of exploration at Phil’s Hill, the targets look further compelling with the prospect extending over 1,600m in strike length.

“Our objective is to commence drilling testing of these quality targets in July subject to government and heritage approvals.”

 

ENCOUNTER RESOURCES (ASX:ENR)

A lucrative farm-in deal over the ‘Elliot’ copper project in the NT with major miner BHP (ASX:BHP) is now locked in.

BHP will spend $22m on exploration over the next decade to earn 75% of the project, which “represents a compelling exploration opportunity in the vastly under-explored Greater McArthur Superbasin”.

With BHP shelling out all the cash, this project becomes a low risk, high reward play for Encounter.

The prospect generator also has farm-in deals with miner IGO (ASX:IGO) worth $15m, plus a bunch of wholly owned projects.

 

CASTLE MINERALS (ASX:CDT)

(Up on no news)

The early stage gold, base metals and graphite explorer is still at the soil/rock sampling stage across most of its project portfolio, with no drilling planned for the current quarter.

Castle recently applied for ground near Rumble Resources’ (ASX:RTR) big zinc-lead discovery in the Earaheedy Basin. More nearology ftw.

It is also focussed on the “generation, appraisal and progress of new acquisition opportunities”.

 

BERKELEY ENERGIA (ASX:BKY)

(Up on no news)

Project developer Berkeley Energia (ASX:BKY) is battling through the approvals process to build its contentious Salamanca uranium mine in Spain.

“With more than 120 previously granted permits and favourable reports by the relevant authorities at the local, regional, federal and European Union levels, the Authorisation for Construction for the uranium concentrate plant as a radioactive facility (NSC II) is the only pending approval required for Berkeley to commence full construction of the Salamanca mine,” Berkeley said in April.

“The company is continuing to engage with the relevant authorities to advance the approvals process for the Salamanca mine and will keep the market fully informed of any developments.”

 

CLASSIC MINERALS (ASX:CLZ)

This tiddler is moving toward production at ‘Kat Gap’, part of the 403,000oz Forrestania gold project in WA.

The final program of deeper ‘infill’ drilling prior to first production – to help design the final pit — was recently completed.

Assay results are expected mid-June 2021. Classic intends to embark on additional ‘step-out’ exploration programs in the coming months.

The company is aiming for first gold pour through the Gekko processing plant and mine at full capacity by the end of August.

Featured Companies

You might be interested in