Resources Top 5: Cobre, Winsome soar as investors throw caution to the wind

Cobre discovers a high-grade copper zone at the Comet Target
Winsome reveals a 160m pegmatite intersection in early drill holes at Adina
Chase Mining’s newly acquired Green Critical Minerals identifies outcropping graphite at McIntosh

Here are the biggest small cap resources winners in early trade, Friday October 28.

COBRE (ASX:CBE)

Cobre is this morning’s biggest winner after “discovering a high-grade copper zone” at the Comet Target within the wider Ngami Copper Project in Botswana.

It is important to note these results were based on visual estimates supported by pXRF measurements, which is by no means a substitute for assay results when it comes to a major discovery.

As exploration legend Dr Jon Hronsky told Stockhead’s Josh Chiat, the problem with pXRF is that while assay results can give you the mineral properties of a whole sample, XRF is limited in its scope.

For a bit of context, CBE shares rose 435% across August — hitting an all time high of 61c — the month after it announced “significant copper mineralisation” in drill core from its Ngami prospect, which was based on visual estimates from hole NCP07, and confirmed by pXRF readings.

A number of similar follow up announcements came as drilling progressed. But when the first assay results landed on September 21, the market reacted coolly with a best hit in hole NCP08 of 10.7m at 1.3% Cu and 18g/t Ag and in hole NCP07 of 11.0m at 0.5% Cu and 16g/t Ag.

This morning, the company says “significant copper mineralisation, containing both grade and width, has been intersected in drill hole NCP20A from ongoing infill drilling.”

NCP20A intersected a 45m zone of visible copper mineralisation, consisting primarily of chalcocite with subordinate chrysocolla from 114 to 159m downhole.

“Based on visual estimates, supported by pXRF measurements, significant mineralisation was intersected in the lower 30m of the zone, increasing in abundance from approximately 0.6% to 1% chalcocite at the top of the zone to over 10% chalcocite at the base of the zone.”

WINSOME RESOURCES (ASX:WR1)

WR1 has announced a 160m pegmatite intersection below the recently discovered and well mineralised Jamar outcrop at the Adina Lithium Project in Quebec, Canada.

To date, four holes have been drilled into known pegmatite outcrops, totalling more than 770m.

“Rock chip assays from the Jamar outcrop showed exceptional grades up to 4.89% Li2O,” the company says.

“These early intersections, some of which appear to be significant pegmatite intervals, continue the positive stories developing at both Cancet and Adina,” managing director Chris Evans says.

While there is still a slight delay in the return of assay results, Evans adds turnaround times are expected to be six to seven weeks.

CHASE MINING (ASX:CML)

Shares in CML are on a tear.

The company entered into a binding agreement to acquire Green Critical Minerals (GCM) back in June – the owner of the McIntosh Graphite Project, Australia’s third largest ASX listed graphite project.

This morning, GCM has announced “extensive outcropping graphite mineralisation” across key target areas at the project following a field mapping and sampling program.

The Marlin West target has particularly extensive graphite outcrops, GCM says, of up to 21m wide which occur intermittently over a considerable strike length of 2.6km.

Several exploration works are in the pipeline including reviewing the results of graphite analysis when returned from the laboratory, reviewing the exploration target list to incorporate the findings from the field visit, as well as submitting samples for petrographical analysis to determine flake size of outcropping graphite mineralisation.

READ: These ASX battery metals stocks are bucking the bearish trend

ODIN METALS (ASX:ODM)

(Up on no news)

Earlier this month Odin raised $2.75m to accelerate drilling at the Koonenberry Copper Project in New South wales, about 80km east of major mining centre Broken Hill.

The company plans to use the funds to accelerate exploration activities across the project, starting with drilling at the Wertago Copper Prospect area which has “significant potential” to develop future copper resources.

Funds will also be used for drill testing of high priority new targets arising from recently completed geochemical surveys over Grasmere and Cymbric Vale EM anomalies.