Resources Top 5: Castile hits ‘stunning’ 30m at 35.6g/t gold in first drill hole
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Here’s your top ASX small cap resources winners in morning trade Wednesday, October 14.
The first drill hole in Castile Resources’ (ASX:CST) first ever drilling program at the ‘Rover 1’ prospect has pulled up a stunning intercept of 30.4 metres at 35.6 g/t gold, 506.5m from surface.
In February, Top 10 Aussie gold producer Westgold Resources (ASX:WGX) spun its Northern Territory gold-base metal assets into new IPO Castile Resources, which hit the bourse with a market cap of about $40m.
Castile’s high-grade – but pretty deep — Rover 1 iron oxide-copper-gold discovery had been gathering dust in the basement of Westgold’s portfolio for a number of years.
Today’s news sent Castile up ~20 per cent, giving it a market cap of about $86m.
“These are stunning results from Castile’s first drill hole into what is already a significant ore body,” Castile managing director Mark Hepburn says.
“It’s a great result for our shareholders that we are finally drilling at Rover 1 and returning these fantastic intercepts.”
Castile are still waiting the return of copper, cobalt and bismuth assays which coexist with the gold.
“Our program continues to progress well with the second hole now completed. Samples have been prepared and sent to the laboratory for processing,” Hepburn says.
“Drilling is well progressed on our third hole into the Western Deeps conceptual gold target.”
Cashed-up ~$5m market cap minnow Castle Minerals (ASX:CDT) is drilling its recently acquired Wanganui gold project in WA.
The 2,500m multi-target program will follow up recent high grade hits like 3m at 18.66g/t gold at the existing Main Lode North and South deposits.
The stock – which has a few other irons in the fire — was up ~20 per cent in early trade, paring back some of its losses over the past few months.
Fenix has now sold all proposed production from the Iron Ridge project after a new binding offtake was inked with China-owned Sinosteel.
Fenix also paid Sinosteel $1m for an iron ore storage shed, truck unloading and conveyor systems at the Geraldton Port.
Site development at Iron Ridge has already kicked off with first sales planned for early 2021, the company says.
Fenix is now up 250 per cent over the past six months.
In September, Renegade Exploration (ASX:RNX) announced the results of a moderately successful maiden RC drilling program at the Yandal East Gold project.
Significant intersections included 13m at 1.01 g/t gold from 58m, including 3m at 2.38 g/t.
A ‘gravity survey’ is now underway to help the explorer dial in on some new targets, which could be drilled prior to Christmas.