• Desert Metals is pumping on the back of its West African gold and lithium projects acquisition, and an oversubscribed share funding placement to boot
  • EV Resources also has funding news to the tune of $2m to further its Peruvian copper hunt
  • SRI, NNL and HRN also having a decent day on the bourse so far

Here are the biggest resources winners in early trade, Wednesday December 6.

 

Desert Metals (ASX:DM1)

Lithium spot prices may be in the toilet right now but there is still a lot of simmering below the surface in the world of battery metal hunting, especially on the ASX, and especially regarding lithium.

And that brings us to Desert Metals, which is currently leading the daily ressie gainers with a very decent +60% pump on the back of an oversubscribed $3.75m funding placement to help support the company’s gold and lithium acquisition in Côte d’Ivoire – CDI Resources Limited.

Okay, we’ve got lithium on the brain lately, so we’d best mention the prominent gold factor here, too, as well as the fact the funding will also help further the company’s WA exploration focus, which has a strong yellow metal, nickel, copper, gold and zinc bent.

CDI Resources, through subsidiaries CDI Minerals and CDI Lithium, holds interests in seven gold and lithium projects (with a combo of granted permits and permit applications) in West Africa, covering a total area of more than 2.76km2.

These projects include: the Tengrela South gold project; Adzope gold project; Agboville lithium project; the Vavoua and Vavoua West gold projects; and the Kounahiri and Kounahiri West gold projects.

DM1 notes that it’s received commitments of $3.75 million (for a 12-month funding budget) through a ‘heavily over-subscribed’ conditional placement, with bids over $6 million.

It’s talking sophisticated and professional investors – no riff-raff here, thanks – at $0.0325 (3.25c) per share. Not a bad premium, that, given DM1 is currently trading for $0.053.

And for this, CPS Capital Group has been appointed as the lead manager, broker and corporate advisor to Desert Metals.

Desert Metal managing director Robert Stuart noted that: “CDI has an impressive portfolio of highly prospective gold and lithium projects in Côte d’Ivoire, including, in particular, the Tengrela South project in the multi-million-ounce Syama-Boundiali greenstone belt.”

DM1 share price

 

EV Resources (ASX:EVR)

Global copper ‘n’ battery-metals-hunting small cap EV Resources is moving along nicely today, although its latest news of note came a couple of days ago.

That regarded funding of $2m to help further the company’s prime focus at present – the exploration for copper in the Americas, specifically at the Don Enrique copper-silver project in Peru, where EV is itching to get a 2,000m diamond-drilling campaign underway.

The funds will also go towards general “working capital” and will help complete final drill permitting at the high-grade Parag copper-molybdenum project, also in Peru.

Those good ol’ sophisticated investors are at it again, offering some firm commitments to EVR. Here’s the tweet…

EVR share price

 

SIPA Resources (ASX:SRI)

(Up on no news)

Down 21% YTD but up about 25% for the month (and about 20% over the past 24 hours) Sipa Resources is a junior Aussie gold, base metals and REE explorer sniffing around various WA locations.

We’re not seeing much that’s spurring its positive price action pivot, so we’ll revert to its most recent announcement of note, which regarded the company’s AGM presso on the back of a quarterly activities and cashflow report.

And from that, we can tell you:

• The Paterson North copper-gold Project saw a diamond drill program completed and core assaying was underway.

• The Skeleton Rocks project in WA’s Goldfields had aircore drilling of Ni-Cu and pegmatite targets completed with assays confirming and extending existing nickel anomalism.

• The Murchison project (Goldfields) was sold to Ora Gold (ASX:OAU) for $1.4M with 50% of the shares voluntarily escrowed for 12 months.

• At the end of the September quarter, SRI had $2.9m in its coffers.

More, here…

SRI share price

 

Nordic Nickel (ASX:NNL)

(Up on no news)

Nordic Nickel, as its name might suggest, is on the hunt in beautiful Finland – a country where we’d quite like to be.

Does it have news today that’s pushing its share price up roughly 18%. Ei. (That’s Finnish for no, not really.)

But… it did have some head-turning news not so long ago, roughly about the time Australia was in the midst of spectacularly winning its sixth men’s cricket World Cup, and England wasn’t.

Mid November, the company reported positive assay results from its drilling operations at the Pulju nickel project, in northern Finland, within the Central Lapland Greenstone Belt.

We’re talking impressively high grade here, too – up to 2.4% nickel intersected in addition to multiple disseminated nickel sulphide intersections of up to 195m.

Here’s a tweet…

NNL share price

 

Horizon Gold (ASX:HRN)

(Up on no news)

This $48m market capped goldie is also double digits up at time of key tapping on no fresh announcements.

Horizon’s main game is the ‘Gum Creek’ gold project in WA’s Mid West, which historically produced more than 1 million ounces (Moz) of gold from 37 open pits and three underground mines.

Some highlights per the company’s last quarterly activities and cashflow report, for the quarter ending in September:

• A scoping study at Gum Creek (near surface open pittable gold resources) commenced and is scheduled for completion in Q1 2024.

• The study will assess the potential to recommence production through a processing plant located at the previously permitted Gidgee mill site using the free milling portion of the current gold resource (32.97Mt at 1.22g/t Au for 1.30Moz) which represents 61% of the total gold resource estimate.

• The study is based on current free milling Whittle optimised in-pit gold resources and is considering 2Mt to 3Mt per annum processing throughputs.

• The company also made an acquisition of 60.8 million shares in Alto Metals (ASX:AME), which represents 8.5% of AME’s issued capital.

• A Rights Issue was announced to raise up to $7.5 million with funds planned for the Gum Creek gold project scoping study, further resource drilling, repayment of debt, and general working capital.

HRN share price

 

At Stockhead we tell it like it is. While Nordic Nickel is a Stockhead advertiser, it did not sponsor this article. 

Read MoreGoldLithium

Featured Companies

You might be interested in