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Mining
Here are the biggest small cap resources winners in early trade, Thursday December 8.
Biggest small cap winner on the bourse today is ~$12.81m market cap minnow CZN, following the discovery of spodumene bearing pegmatite at the Miriam Nickel Sulphide Project.
There are few things as exciting right now as a surprise pegmatite, with lithium prices rising up to five times this year on the back of a major shortage of the electric vehicle battery ingredient.
A program of initial site reconnaissance spotted widespread indications of pegmatite throughout the project – along with an outcrop hosting “abundant large spodumene crystals”.
We’re not joking – you can see the large crystals for yourself here.
CZN says the spodumene was found in outcropping pegmatite in an old gold prospecting trench.
While the extent of the pegmatite is yet to be defined, the company plans to begin targeted and systematic on-ground exploration once its tenure has been approved by WA’s Mines Department.
Thick gold intersections continue at ODY’s Tuckanarra JV Project where the most eastern line of drilling has returned hits up to 21m at 3.3g/t gold from 65, including 11m at 5.5g/t gold from 66m, and 9m at 2.7g/t gold from 29m.
These results build upon the outstanding shallow results of 84m @ 2.5g/t gold and 43mat 8.3g/t gold received over the last few months – and even better, are located only 140m to the east of them.
This is the first stage of a 7,800m multiphase resource infill and extension RC drilling program planned to prove up thick oxide mineralisation and the high-grade shoot along 300m of strike.
The next RC drilling program is planned to test the eastern extensions of the structure.
(Up on no news)
Shares of ASX newcomer PMT are still enjoying yesterday’s huge run after making its debut on the bourse.
The stock doubled flying past the 100pc mark following having raised $4,200,000 at an issue price of $0.60 per CDI.
Patriot owns 214sqkm of prime spod exploration ground including the Corvette discovery, a 50km trend littered with spodumene outcrop it hopes could be the next major North American lithium discovery.
Among the leadership team is a modern lithium legend – Ken Brinsden, famed for not only helping turn Pilbara Minerals (ASX:PLS) into a $15 billion lithium giant, but also for driving the development of its Battery Material Exchange auction platform to uncover the true market value of Australian lithium concentrate.
(Up on no news)
At the end of November, Metals Australia confirmed petrography work on drill hole MND003 at the Manindi West prospect returned 25m at 0.47% V2O5, 24.0% TiO2 and 40.8% Fe – confirming that the titanium is contained in coarse ilmenite that can be separated from the magnetite.
This would more than double the vanadium content of the remaining magnetite concentrate product to more than 1% V2O5 and up to 60% Fe and indicates the possibility of producing a separate, saleable, titanium-rich ilmenite product.
“These petrographic results are quite a breakthrough for the company,” MLS chairman Mike Scivolo says.
“Being able to separate the high-grade titanium mineral, ilmenite, from the magnetite means that the company could produce several high-value products, including a high-grade vanadium bearing magnetite concentrate which is highly sought-after feedstock for vanadium pentoxide production.”
(Up on no news)
Killi kicked off reverse circulation drilling at the Ravenswood North gold-copper project in northern Queensland earlier this week focusing on the Rocky prospect where sampling returned 173g/t silver and 0.55% copper, 56.3g/t silver and 0.43% copper.
This drill program will be the first holes to test this anomaly and comprise around 2,000m with results expected in the new year.
According to CEO Kathryn Cutler, it is “by far” the best-looking geochemical anomaly she has ever drilled.
“We have been looking forward to getting the rig out there and completing the first holes into the target,” she says.
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