Resources Top 5: Fresh floats, huge hits and dazzling discoveries

E2 make ‘genuine new high grade gold and silver discovery in Argentina, shares fly
Dampier Gold pulls up a speccy 4m at ~35g/t gold at the Zuleika project in WA
Copper explorer Coda is having a great first morning on the ASX

Here’s your top ASX small cap resources winners in morning trade Wednesday, October 28.

E2 Metals (ASX:E2M) has a made a “genuine new greenfields discovery” at the Conserrat project in Argentina, intersecting an incredible 18m at 47g/t gold and 208g/t silver.

‘Greenfields’ refers to areas which are un/underexplored.

The hit at the Mia prospect “compare with the best gold and silver epithermal vein systems globally with respect to the grades and thickness”, E2 managing director Todd Williams says.

“The depth to mineralisation provides further encouragement being only 50 vertical meters below the surface,” he says.

“This is a watershed moment for E2 Metals that confirms the outstanding potential of the Conserrat project, with many Mia-style vein targets still to test.”

The stock surged over 170 per cent to 61.5c per share in morning trade.

A spectacular hit of 24m at ~6g/t gold – including 4m at ~35g/t – in early stage drilling at the Zuleika project has sent WA explorer Dampier Gold (ASX:DAU) soaring to eight-year highs.

Zuleika a joint venture with fellow explorer Torian Resources (ASX:TNR), which nudged ~5 per cent higher on the news.

The new thick, high grade hit at ‘Paradigm East’ increases the gold zone’s footprint to over 700m, Dampier boss Annie Guo says.

“We have hit more high-grade mineralisation in previously untested areas,” Guo says.

“These results extend the known limits of mineralisation. This points to a larger mineralised envelope which in turn will give greater scale to the project.”

More than 40 advanced targets at Zuleika will be tested in coming months, Dampier says.

Fresh-faced copper explorer Coda Minerals (ASX:COD) is having a great first morning on the bourse, up +40 per cent in early trade.

The Gindalbie Metals spin-off has a copper-cobalt project in the same region as BHP’s (ASX:BHP) mammoth Olympic Dam mine.

Inca Minerals (ASX:ICG) has picked up rocks with visible copper at the newly acquired Jean Elson IOCG project in the Northern Territory.

Here’s what that looks like:

“IOCG stands for iron ore, copper and gold,” Inca managing director Ross Brow says.

“In historic data we knew copper and gold occurred with ironstone at two locations.

“As a result of our own recent work we have indications of even stronger copper and iron mineralisation over a far greater area.

“Assays will reveal if there is also gold in the eighty-one samples we took.”

Up on no news:

Gold-focussed Qx Resources (ASX:QXR) used to be Hipo Resources, a stock touting an experimental Ukrainian battery tech. It failed to deliver the goods.

In July, Qx picked up a 115sqkm project in the Central Queensland goldfields which includes two open pit historical gold mines and “multiple unexplored targets”.