Resources Top 5: Copper explorer CBE monsters ahead for the second time in a week
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Here are the biggest small cap resources winners in early trade, Monday August 1.
CBE made headlines last week with a significant, new copper discovery at the Ngami Project within the Kalahari Copper Belt of Botswana, resulting in a 100% share price rise in morning trade.
This morning, however, another new copper intersection has been identified in the second diamond drill-hole, which interested ‘abundant chalcoite mineralisation’.
This hole – NCP08 – was drilled 1km southwest of last week’s hole, NCP07, where copper mineralisation is occurring over a 25m interval downhole with a significant increase in chalcocite mineralisation over a 12m interval.
CBE executive chairman and managing director Martin Holland says the project is demonstrating “exceptional promise”.
“This has been a phenomenal start to our drilling program, which includes a total of 57 high-priority targets, and is only just the beginning,” he says.
The explorer is up 115% over the past month.
Shares in this ~$144.65m market cap explorer are up some 35% this morning after announcing its 100% acquisition of Malawi-based Rift Valley Resource Developments – the owner of the Kangankunde Rare Earths Project for a total US$30 million.
Kangankunde Project is a carbonatite-hosted system and a globally significant deposit with major potential in size and grade.
The granted mining licence, ML 0290, is located near infrastructure such as the Nacala corridor railway line, M1 highway and main power transmission line.
While project economics have not been independently updated since 2011, NdPr has become a highly strategic and critical product in permanent magnets for electric vehicles.
Historical estimates at the project have reported an inferred mineral resource of 107,000 tonnes of Rare Earths Oxide (REO) at an average grade of 4.24% TREO with the ratio of NdPr concentrate around 19%.
Lindian chairman Asimwe Kabunga says this is without a doubt an “outstanding development” for the company and delivers a huge value opportunity for shareholders.
“The potential of the Kangankunde Rare Earths Project is indeed significant, and it has been highly sought after by many parties over several decades.
“As this is already a granted mining concession, the scope of works can be much broader and the development timeline shorter,” he says.
“This binding transaction gives Lindian control of one of the world’s premier undeveloped rare earths deposits, at a time when global demand is universally forecast to accelerate materially in the years ahead.”
FXG is hunting gold deposits in the Fairbanks District in Alaska, home to multimillion ounce monsters like Kinross’s ‘Fort Knox’ and Freegold’s ‘Golden Summit’.
The district has produced more than 16Moz and is within 20 minutes of the infrastructure and mining services hub of Fairbanks City.
Today, this junior goldie has revealed multiple thick, near surface intersections at Treasure Creek with results up to 22.8m at 0.35g/t gold from 1.5m, 89.9m at 1.20g/t gold from 32m, and 33.5m at 1.63g/t gold from 1.5m, including 1.50m at 19.7g/t gold from 12.2m.
FXG chairman Ronnie Beevor describes the announcement as a “significant” day for the company in being the first realisation of the world-class potential that Fairbanks holds.
“These results demonstrate the existence of a thick, shallow body of gold mineralisation of robust open pit tenor at what is only the southern end of the NW Array prospect,” he says.
“It is these very systems, at scale, that the Fairbanks District holds and that we are seeking to delineate and commercialise.
(Up on no news)
BDG made its entry into Western Australian gold through the acquisition of both the Padbury Gold Project and Ivan Well Project in the highly prospective Yilgarn Craton area back in early July.
The acquisition is set for completion following the purchase of private company Marlee Gold and forming a key part of the company’s strategic growth plans.
BDG says it provides it with a quality exploration portfolio to complement its flagship Salave gold project in northern Spain.
Gabriel Chiappini, BDG’s current CEO, was appointed to the role back in March to drive its strategic focus, following previous experience as an advisor to to Cygnet Capital, assisting a number of transactions including that of fellow ASX lister, Black Rock Mining.
TYX’s short-term goal is to define drill targets with an intention to begin drilling as soon as possible after acquiring an 80% interest in Angola Minerals back in May.
Investors would be pleased to know Angolan Minerals has now wrapped up phase-1 exploration works at Nagimbe Lithium Project in Angola on time and on schedule.
These works included rock-chip sampling of pegmatites and a collection of a bulk sample for metallurgical testing and mapping.
A site visit was also carried out by a drilling contractor to investigate logistical factors associated with drilling at the project.
Along with the fieldwork, meetings were also held with key representatives of the Angolan government who are supportive of the project.
TYX director Joe Graziano says the company is encouraged by the extensive target areas mapped within the pegmatite field with multiple discovery opportunities present.
“We are committed to progressing the project as soon as all the regulatory approvals have been received,” he says.
TYX is a ~$42.5m market cap company and had ~$3.033m cash in the bank at the end of the June quarter.