• Flynn Gold hits 12.3m at 16.8 g/t gold and 27.6 g/t silver at the Trafalgar prospect
  • Matsa to raise more than $4m
  • Jameson Resources, Miramar Resources and Athena Resources up on no news

Here are the biggest small cap resources winners in early trade, Monday December 12.



FG1 hit the boards last year with a focus on under-explored northeast Tassie, where the company believes there are ‘Fosterville-style’ gold deposits to be found.

The company went on to hit pay dirt with the very first drillhole into the Trafalgar prospect, part of the Golden Ridge project in northeast Tasmania.

This morning, FG1 has delivered another “very exciting” high-grade gold intersection at Trafalgar of 12.3m at 16.8 g/t gold and 27.6 g/t silver from 108.7m.

The stock hit its highest point since April on bigger-than-usual volumes.

“This result demonstrates to us that we have made a significant new gold discovery,” FG1 CEO Neil Marston says.

“The most pleasing aspect of this latest result is that we now have high-grade gold mineralisation confirmed in at least two vein zones over a strike length exceeding 200 metres in a generally east-west corridor.

“High-grade silver was also detected in this intercept which is new for this system and something we will pursue further.”

Marston adds the company will undertake further drilling to test for extensions to the high-grade gold veins identified.



(Up on no news)

Last month Nathan Tinkler bounced back from an unsuccessful takeover attempt of Australian Pacific Coal (ASX:AQC) by snapping up $10m in JAL shares at a 70% premium to the 15-day VWAP.

Tinkler, via his companies Oceltip Coal 1 and 2, will hold 19.92% of the $30m market cap met coal project developer.

JAL’s main game is the Crown Mountain steelmaking coal project in Canada, which is currently advancing through the environmental approvals and permitting process.

A 2020 BFS envisaged a “compelling high quality hard coking coal development opportunity” at production cash costs of US$93.17/t and pre-production capital US$351m.

Tinkler says there is a distinct lack of quality steelmaking coal projects that are being developed to meet long term demand.



Matsa has received commitments from Linden Gold Alliance to raise in excess of $4m and has also been notified that Linden will proceed with the $3.9m prepayment as required under the profit-sharing joint venture agreement (JVA) at the Devon Gold Pit in WA.

The profit share JVA is a 50/50 split joint venture with production for the Devon Pit gold mine planned to begin in 2024.

Funds are expected to be received by MAT from Linden within five business days and will allow for the planning and final permitting of the Devon Mine.

Both companies will share the profits of what is expected to be a very successful mining operation, Matsa says.

This in turn allows MAT to focus on its Fortitude North project and progress the greater Lake Carey Gold project while Linden advances the Devon project towards production.

A scoping study for the Devon Pit completed by Matsa in April 2021, demonstrated a cumulative cash surplus of $40M could be achieved producing 40,000 oz based on a gold price of A$2,250/oz.



(Up on no news)

Last week Miramar intersected further gold mineralisation in the deepest diamond hole yet at Glandore East in Western Australia’s Eastern Goldfields region.

So far, exploration has outlined multiple parallel NE-trending structures cross cutting the granodiorite/mafic contact and has confirmed the presence of high-grade bedrock gold mineralisation over a strike length of roughly 240m and to a vertical depth of 180m.

Whilst narrow, the new bedrock gold intersections confirm the presence of primary mineralisation within the multiple northeast trending structures.

“Our aim now, is to follow these structures to areas where the gold mineralisation might increase in volume and/or grade, potentially as a result of a change in rock type,” M2R executive chairman Allan Kelly says.



AHN is focused on the ‘Byro’ project in WA, which includes iron ore, copper, PGE, and graphite targets.

In late May, resource drilling kicked off to upgrade the old ‘FE1’ magnetite iron ore resource to JORC 2012 standards – a must-have for ASX listed explorers.

At the end of November, the second and final batch of preliminary results were received – the stand out result hit 60m at 70.3Fe (DTR) including magnetite in concentrate of up to 99.19%.

A pre-feasibility study is now in progress as the company awaits the drilling results.

The $8.70m market cap stock – which relisted on the ASX November last year following a period in bourse purgatory — is up 20% in 2022.