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Mining
Here are the biggest small cap resources winners in early trade, Thursday May 6.
A mammoth 170m hit of copper got investors opening their wallets this morning for Hillgrove Resources.
The stock was very close to doubling in early morning trade following news recent diamond drilling at the Kavanagh underground copper-gold deposits at the Kanmantoo project had returned an intercept of 170.65m at 1.01 per cent copper and 0.11 grams per tonne gold from 339m.
That intercept included thick higher-grade sections like 23m at 2.48 per cent copper and 0.24g/t gold from 385m.
Hillgrove said the one hole returned a peak copper grade of 13.25 per cent over 1.05m from 495.85m deep.
“The multiple high-grade copper-gold intersections in hole KTDD205 which aggregate to over 170m at 1.01 per cent are an exciting development which, coupled with the rising copper price, provide opportunities to consider lowering cut-off grades to expand the potential mining inventory and optimise the existing plant and tailings storage capacity at the Kanmantoo site,” CEO and managing director Lachlan Wallace said.
(Up on no news)
This tungsten and uranium explorer is presenting today at the three-day RIU Resources Round-Up in Sydney.
Thor has no news per se, but the junior has a number of reasons it may have piqued investors’ interest… copper, gold, uranium, vanadium, tungsten. It’s got all the high demand commodities covered.
Most recently it named its exploration manager, Nicole Galloway, as its new managing director. Mick Billing gave up his role of CEO but remained on with the company as executive chairman.
This personnel shift came close on the heels of tungsten resource boost at its Molyhil project in the Northern Territory, which Thor says is one of the world’s highest grade open pit tungsten projects.
The Molyhill project’s resource on a measured, indicated and inferred basis now totals 4.4 million tonnes at 0.27 per cent tungsten trioxide.
(Up on no news)
This is another small cap explorer that is also generating interest at RIU this week. (After all, if you’ve ever had the privilege of listening to a presentation by CEO Mike Young you will know what a colourful character he can be!)
Vimy released its presentation two days ago but will take the stage today.
The advanced uranium explorer wants its shovel-ready Mulga Rock project up and running to take advantage of the predicted uranium price surge.
And apparently the world has woken up to nuclear power… if U2 guitarist The Edge says it will solve the climate problem, what are we waiting for?
Woke demand aside, supply is falling well short of actual global demand. By 2030, there will not be enough uranium production to meet demand, even if every single idled mine and planned project goes into production.
(Up on no news)
Also in uranium, Alligator is witnessing a rising share price today too.
Alligator began early exploration at its newly acquired Samphire uranium project in South Australia in February this year.
A drilling program is due to kick off in July, primarily focused on upgrading the existing resource.
(Up on no news)
Copper explorer Helix also attended this week’s RIU Resources Round-Up, delivering its presentation on Tuesday.
The day before it presented, the company announced it had intersected 24m of copper sulphide mineralisation bang on target at its Canbelego joint venture with Aeris Resources (ASX:AIS) in NSW.
One diamond drill hole successfully extended copper mineralisation ~40m down-dip from the existing Canbelego mineralisation.
The advanced Canbelego copper project has a JORC 2004-compliant inferred resource of 1.5 million tonnes at 1.2 per cent copper.
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