• Enova Mining is expanding its REE hunt with another prospect in Brazil
  • Drilling at Cygnus’ Pegasus prospect in James Bay, Canada, reveals good visuals
  • 29M, AMI and CBE all also having a strong day on the ASX


Here are some of the biggest resources winners in early trade, Monday February 26.


Enova Mining (ASX:ENV)

Critical minerals hunter Enova has entered into a binding option agreement with a private individual – one Rodrigo de Brito Mello – to acquire 100% of the huge, 153.3km2 CODA prospect. 

Located in the mining heavy state of Minas Gerais in Brazil, CODA is viewed by Enova as a potential world class “district sized” ionic clay rare earths project.

So far, 11 shallow auger holes have been drilled within the CODA prospect, with the most significant results revealing the following:

• 10.5m at 2,567 ppm TREO including 4.5m at 4,157 ppm TREO
• 10m at 3,218 ppm TREO including 6m at 3,608 ppm TREO
• 10m at 2,414 ppm TREO including 4m at 4,401 ppm TREO

The highest assaying drill intercepts were recorded at end of hole: 0.5m at 5,697 ppm TREO and 1m at 5,078 ppm TREO.

Enova reports that mineralisation remains open in all directions at CODA with grades significantly increasing at depth.

What next? A 30-day due diligence period, subject to shareholder approvals. But once that’s all in place, CODA is all ready for the company to get the drills spinning as soon as it can mobilise an on-ground team.

Importantly, Enova notes its cash balance is in a “fully funded” position to be able to carry out Phase 1 exploration and drilling at CODA and at its Poços de Caldas REE and Lithium Valley tenements in Brazil, too.

“This opportunity has emerged as a result of Enova’s recent exploration activity in the highly prospective mineral rich state of Minas Gerais,” noted Enova’s MD.

“The tenements under consideration offer Enova access to a new region of IAC potential.”

ENV share price

Cygnus Metals (ASX:CY5)

Goldie turned diversified minerals hunter Cygnus has some white gold news today.

First drilling has taken place at the Pegasus prospect within its high-priority Auclair lithium project in James Bay, Quebec in Canada.

And it’s reporting some “strong visual results”, revealing, it says, numerous thick and shallow spodumene-bearing pegmatite intersections up to 77m wide, with an average width of 38m.

The best mineralised section of the drill core appears to be 43.7m of pegmatite with average 10-12% estimated spodumene mineralisation from 46.4m. That includes 3.3m with 60-70% estimated spodumene mineralisation from 83.5m.

Assays are pending, of course, and those are expected in Q2.

Auclair is regarded by the company as fertile lithium terrain but one of the least explored in the James Bay region, with less than a season of exploration by Cygnus bringing three discoveries so far – Auriga, Lyra and Pegasus.

The Pegasus pegmatite forms one large continuous dyke with a shallow dip towards the north-west and remains open.

Rock chip results so far have revealed high-grade lithium with results of 6.6% Li2O, 5.5% Li2O, 5.3% Li2O, and 4.6% Li2O.

Source: Cygnus Metals

Cygnus MD David Southam said: “This is an outstanding start to our maiden drilling program at Pegasus.

“To hit such thick spodumene-bearing pegmatites with estimated mineralisation up to 70% in places highlights the significant upside.”

CY5 share price


29Metals (ASX:29M)

(Up on no news)

Copper miner 29M is having a much-needed good day. A stonking seven days, actually, being up more than 86% over the past week at the time of writing.

No fresh news today for the company. It did, however, release its full year 2023 financial results last week, revealing a large but expected loss at its Australian copper assets, reporting a NLAT of $440m, blown out from a $47m loss in 2022.

As our Josh Chiat reported on Friday, this came after flooding prompted the months long closure of its Capricorn mine in Queensland, with copper output down to boot from 40,800t in 2022 to 24,200t last year and zinc production off from 57,600t to 51,500t.

“The EMR Capital backed miner saw revenue fall from $721m to $450m, with EBITDA swinging from +$152m to -$21m as cashflows dropped from $156m to a $37 outflow,” wrote Josh.

However, there are positive spins a’spinning, and here’s one:

Outgoing MD and CEO Peter Albert said the company had improved development rates at its Xantho Extended ore body at the Golden Grove polymetallic mine in WA, with cost management leading to $20m in savings.

“The enablers are now firmly in place to deliver improved productivity and support progressively higher metal production at Golden Grove,” he said.

A caveat? Albert noted that 29M would need the continued support from the Queensland government to fully recover mining operations at Capricorn, which received prescribed project status in November after Glencore announced the 2025 closure of its nearby Mt Isa mine.

Nevertheless, that whole Chiat article is recommended reading for copper fanciers because there’s hopium to consume, with this at least part of the crux, with some supply challenges lurking as an added consideration:

Shaw and Partners says 2024 shapes as a “strong year for copper equities” after ratcheting its price forecasts by up to 20% over the next three years.

“The copper market is also set to experience a significant surge in demand over the next decade due to an acceleration in the adoption of renewable energy, electric vehicles, and associated infrastructure,” Shaw’s analysts led by Peter Kormendy said.

29M share price


Aurelia Metals (ASX:AMI)

Aussie gold and base metals mining and exploration company AMI is having a pretty good day, week, month and YTD – double digits up over all. It’s +18% over the past 12 months, too. Solid.

The $219m market capper has no needle-moving news today, but notes its latest half-yearly results will be let lodged and let loose into the ASX wilds midweek.

The company owns and operates three underground mines and processing facilities in New South Wales (around Cobar and Nymagee/Federation), including the Peak Mine (gold, lead, zinc, copper and silver), the Hera Mine (gold, lead, zinc and silver) and the Dargues Mine (gold).

Last week, the company shared results from its successful four-hole exploration program at its Nymagee deposit, north of Hera.

Results included the highest zinc assays recorded at the deposit (37.9% Zn) and some of the highest copper (13.4% Cu) and silver (254g/t Ag) assay results since drilling started in 1905.

The company’s chief development and technical officer, Andrew Graham, said: “These excellent results are clear evidence of why we are back drilling Nymagee.

“The grade in the lead-zinc zone was exceptional, but it’s the multiple lenses of thick, high-grade copper that are the real standout.”

AMI share price


Cobre (ASX:CBE)

Copper explorer Cobre is not an absolute belter share price-wise so far today, however, it’s still up roughly 8% and makes the cut in our Top 5 because it at least has some news of note.

On the hunt in Botswana, as well as WA, it’s the African operation that’s giving off some good vibes today.

First phase of hydrogeological test work on the Ngami Copper Project (NCP) in the Kalahari Copper Belt (KCB) is now complete.

It’s designed to provide Cobre with the info the junior needs to demonstrate
the viability of an in-situ copper recovery (ISCR) process for extraction of copper-silver from the significant strike of mineralisation at the NCP.

That strike has an estimated scale of between 103 and 166Mt at 0.38 to 0.46% Cu.

Cobre notes that tests have verified the presence of an “enhanced permeability zone” within a representative portion of the copper mineralised target.

“This zone is bounded by low permeability footwall and hanging wall competent ‘seal’ rocks.”

Additionally, production well PW001, has drilled down and intersected (open-ended) 78m at 0.59% Cu from 187 to 265m, which shows the continuity and depth extent of copper at the target.

The Kalahari is regarded as one of the most prospective areas globally for copper exploration, home to Sandfire Resources’ 55,000tpa Motheo mine and the potential 130,000tpa Khoemacau deposit, with Cobre is operating across roughly 5,348km2 of tenements within the region.

CBE share price