Resources Top 5: Did someone say sulphide?
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• Caspin Resources identifies sulphide mineralisation in drilling near Chalice’s Julimar discovery
• Metalicity strikes 52g/t at McTavish prospect in the Goldfields
• Infinity Lithium bounces back after disappointing permitting news last week
Here are the biggest small cap resources winners in early trade, Monday May 24.
Another day, another move for a PGE hopeful near Chalice Mining’s (ASX:CHN) world-class palladium-nickel-copper discovery at Julimar in WA.
This time it’s Chalice-backed Caspin, looking for Julimar-style targets 40km north around the historic town of New Norcia – a place best known for its baked goods and community of Benedictine monks.
Drill core from the Yarabrook Hill prospect have delivered “exactly what we wanted to see”, according to CEO Greg Miles — chunky widths of visible sulphides.
“The holes are 1.25km apart, so the scale of the opportunity is significant. Now we wait with anticipation for the assay results,” Miles says.
“In the meantime, we are already planning the next work program. We are extremely grateful to have received a co-funded drilling grant through the WA Government Exploration Incentive.
“This is going to allow us to drill the deepest hole at Yarabrook Hill to date which will give us a huge amount of new geological information as well as another opportunity for discovery.”
Gold explorer Metalicity was up on exploration results from its McTavish prospect in the ‘Kookynie’ gold project.
The company reported grades of up to 52.8g/t in shallow reverse circulation drilling, within a broader strike of 3m at 19.1g/t from 88m downhole.
That comes on top of previous intercepts containing gold assays of as high as 80.17g/t over a 1m interval (within 5m at 17.9g/t).
“With our continued exploration efforts at McTavish, we appear to have defined two distinct zones of mineralisation at McTavish that have a significant high-grade component or domain to them,” said MD Jason Livingstone.
“This is exciting with McTRC0044 confirming the significant down plunge extent of this very high-grade zone.”
With the exploration sector in WA’s Goldfields working overtime to service demand from cashed-up precious metals explorers, a backlog of assays means another 85 holes are outstanding.
A maiden JORC-compliant resource estimate is under way at Kookynie.
There are changes at the top for Metalicity as well, with Jason Livingstone planning to step into a technical director role and finance director Justin Barton stepping up to the CEO’s position.
European lithium aspirant Infinity suffered a shellacking last Monday off the back of news local government authorities had cancelled a research permit application at its 75 per cent owned ‘San Jose’ lithium Project in Spain.
Happier news this week from company boss Ryan Parkin, who has been sidling up to key stakeholders in Spain this week to reinforce support for the lithium sector, including Maros Sefcovic, Vice President of the European Commission.
Infinity told the market Spanish President Pedro Sanchez “recognises the critical importance of geostrategic raw materials for the EU and the existence in Spain of one of the EU’s largest lithium deposits.”
An appeal to the permit decision by the local Junta is in the works.
(Up on no news)
The lithium sector has been on the up and its newest player is currently leading that charge.
The Strike Resources (ASX:SRK) spinout has released no news since listing almost a week ago at 20 cents but has enjoyed a more than doubling of its share price.
It was up 10.6 per cent to 52c in early trade this morning.
Good news for the Pilbara iron ore hopeful, which holds 43 per cent of LEL on its books after the $9 million float.
Lithium Energy owns the ‘Solaroz’ lithium brine project in Argentina’s vaunted “lithium triangle”, immediately next door to Orocobre’s world-class ‘Olaroz’ lithium project, as well as the ‘Burke’ graphite project in Queensland.
Both were taken on by Strike during iron ore’s dip in the mid-2010s.
(Up on no news)
Buxton Resources has battery metals miner IGO (ASX:IGO) on board to firm up the promise of its Merlin project in the West Kimberley region of WA.
IGO earned up to an 80 per cent interest in the West Kimberley JV earlier this year after hitting expenditure targets.
With IGO stumping up the cash for 100 per cent of the exploration costs, Buxton is free-carried until an investment decision.
Buxton has also been conducting RAB drilling at its 100 per cent owned ‘Goldmember’ Project.