Resources Top 5: Could this be WA’s next major gold discovery?
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Here are the biggest small cap resources winners in early trade, Tuesday May 11.
This quiet but industrious explorer was rerated in early trade by a monster gold intercept at the 100,000oz ‘Bulgera’ project – 16m at 7g/t from 120m, to be exact.
That intercept is probably bigger, because the hole ended in 18.5g/t mineralisation.
The historic Bulgera project in WA remains underexplored, both along strike and at depth.
That’s important, because drilling by neighbouring explorer Vango Mining (ASX:VAN) indicates that the highest gold grades are located below 100m.
“The continuity of these relatively shallow, wide, high-grade drill intersections demonstrates Bulgera’s significant potential, especially with one of the holes ending in very-high grade mineralisation at only 210 metres,” managing director Charles Schaus says.
“We are very keen to recommence drilling to test for downdip extensions of this gold-rich zone.”
(Up on no news)
The Tim Goyder-backed explorer is working ground in some of Australia’s most prospective exploration regions: the Julimar pallidum-nickel-copper complex in WA, the Lachlan Fold in NSW, and the Alligator River uranium province in the Northern Territory.
An expanded aircore drilling program at the ‘Sovereign’ nickel-copper-PGE project near Julimar is planned for June.
This will be followed by ground-based EM and potentially RC and diamond drilling.
Drilling has also kicked off the Junee porphyry copper-gold project (NSW), while planning is underway to drill test a priority 150m long x 250m deep off-hole conductor at the ‘Wilga Downs’ gold-base metals project (also NSW).
Today marked an early nearology win for explorer Blaze, which has acquired ground next door to the mammoth Rumble Resources (ASX:RTR) — Zenith Minerals (ASX:ZNC) lead-zinc discovery at ‘Earaheedy’ in WA.
Three of the tenement applications were lodged last year prior to the RTR discovery, so Blaze aren’t picking at scraps here.
“The tenements subject to acquisition by Blaze have been carefully and geologically targeted on the most prospective units within the Earaheedy Basin,” Blaze’s Simon Coxhell says.
“The opportunity to explore and develop these highly prospective areas represents a wonderful addition to the Blaze tenement portfolio.”
(Up on no news)
Explorer Reedy Lagoon wants to move up the iron ore value chain by producing net zero emission ‘pig iron’ in WA. Ambitious.
To produce this Green High Purity Pig Iron (HPPI), RLC would use ‘HIsmelt’ tech to replace all the coal in the smelt process with biochar (produced from biomass).
Investors liked the news, even though RLC admits it will take at least 5 to 10 years to establish a sufficient supply of biomass to replace coal in the smelt process.
Another big gold hit – this time from West African mine developer Tietto Minerals.
The company pulled up a “project best” gold intercept at the 3.02Moz Abujar gold project of 5m at 109g/t (including 1m at 532g/t).
Tietto’s fleet of six diamond rigs are drilling ~11,000m a month to drive a resource upgrade at Abujar, now due by the end of the June quarter.
A detailed project study is due in Q3, positioning Abujar as “West Africa’s next gold miner”, says managing director Caigen Wang.