• Krakatoa picks up a bunch of high-grade rock chips – peak assay 4.3% Li2O – at King Tamba project
  • Drilling at Torque’s Paris gold camp near Kal returns bunch of thick, high-grade hits, including highlight 35m @ 14.12g/t
  • Kairos up 90% since emerging WA lithium producer Global Lithium (ASX:GLI) acquired a 10.5% stake

Here are the biggest small cap resources winners in early trade, Wednesday July 5.



KTA has picked up a bunch of high-grade rock chips – peak assay 4.3% Li2O – at Wilsons, part of the King Tamba project near Mount Magnet in WA.

The outcropping peggies at Wilsons (3-4m wide, +250m long) were historically drilled for tantalum but never assayed for lithium, KTA says.

Mineralogy is underway to determine which minerals — spodumene (ideal) or lepidolite (less ideal, but still okay) — are hosting the elevated lithium within these rock samples.

Drill planning is also underway.

King Tamba also includes a recently announced 5Mt at 0.14% rubidium resource.

Rubidium – which sells for US$1200/kg — is used in solar panels (photoelectric cells), motion sensor and night vision devices, and medical imaging devices.

The $21m capped critical minerals stock has bounced +100% on high volumes in early trade today for a 20% year-to-date gain. It had $1m in the bank at the end of March.



Drilling at TOR’s Paris gold camp near Kalgoorlie has returned a bunch of thick, high-grade hits, including a highlight 35m @ 14.12g/t Au from 157.85m.

Anything above 5g/t is generally considered high grade.

The diamond drilling at the Paris and Observation prospects hit high grade gold in all four holes, the company says.

A 100% success rate.

Now punters await the results of a completed RC drilling program, (6128m, 52-hole) at the Paris, HHH and Observation prospects, which are “imminent”, TOR says.

Results of a subsequent diamond drilling program, (322m, 3-hole) are also expected this quarter.

Meanwhile, more drilling is already being planned.

“Torque is well-funded to continue driving activities at the Paris gold camp and enhance the scale of this growing gold project in the Western Australian gold fields, situated just 12km southeast of Gold Fields Ltd [JSE:GFI] St. Ives Gold Mine, and 10km east of Karora Resources [TSX:KRR] Higginsville Gold Operation,” the company says.

“Torque has submitted a POW for the upcoming drilling phase and we anticipate resuming drilling operations as soon as feasible.”

Since listing on ASX in 2021, TOR has already undertaken six drilling campaigns at Paris. So far, TOR has defined a possible gold camp of at least 2.5km of length “having real potential to host a significant gold inventory”.

TOR has also successfully applied for new tenements near the Paris, and close to the large Bald Hill lithium mine, “with potential for battery minerals”.

The $16m capped stock is flat year to date. It had $2.5m in the bank following a recent placement.



Noted nugget finder ICL has identified a new +500m long gold target at the flagship 14 Mile Well project in WA, with rock chip sampling returning a highlight 57.6/t Au.

The target sits along the contact of the ‘Monument Granite’ which has similar prospectivity to nearby granite associated gold deposits like Puzzle, Puzzle North (Genesis Minerals) and Granny Smith (Gold Fields Australia), all within the Laverton-Leonora district.

ICL controls 25km of prospective Monument Granite contact, it says.

Fieldwork continues. ICL is also taking a closer look at a recently identified 10km long lithium target on its tenure.

The $19m capped stock is up 10% year-to-date. It had $2.1m in the bank at the end of March.



(Up on no news)

KAI is up 90% since emerging WA lithium producer Global Lithium (ASX:GLI) acquired a 10.5% stake in the junior via ~$4m placement.

The deal, first announced late June, was done at a 6% premium to KAI’s last closing price on June 26.


This will be followed by a $6.5m entitlement offer, leaving KAI cashed up to pursue exploration on its portfolio of gold and lithium projects across the state.

$420m capped GLI is particularly interested in KAI’s underexplored Roe Hills lithium project, which abuts GLI’s 32.7Mt Manna resource near Kalgoorlie.

An initial 5000m of RC drilling has been planned for the Black Cat, Crystal Palace and Blue Jay prospects at Roe Hills, the company says.

“We are rapidly generating a host of highly promising lithium targets at Roe Hills in the shadow of the Manna lithium deposit,” KAI boss Pete Turner said mid June.

“… the area has immense potential but has barely been explored for lithium and critical minerals.”

The $60m capped stock is up 60% year-to-date.



SBR’s focus is the Sherlock Bay project in the WA Pilbara, where it reckons there’s potential for a significant upgrade to the existing 110,000t  nickel equivalent sulphide resource.

A new drilling program – designed to expand/potentially upgrade the resource and provide a platform for pre-feasibility studies (PFS) – has unearthed an “extensive new sulphide zone”, says the company.

All four new diamond drill-holes which tested an EM conductor target intersected massive (high grade) sulphides within broader semi-massive to stringer sulphide zones.

The new discovery is at least 500m long and open in all directions.

Other “exceptionally strong” conductors are yet to be tested.

“Drilling to date has only tested 2km of the more than 15km strike length corridor of EM anomalies within the expanded tenement footprint, representing major potential for resource growth at Sherlock Bay,” SBR says.

A Scoping Study completed January 2022 highlighted “significant cash-flow potential” at a nickel price of US$10/lb (US$22,000t).

SBR is also fast-tracking a lithium targeting program at Sherlock Bay, which is down the road from Azure Minerals’ Andover nickel-lithium project.

The $10m capped stock is up 40% year-to-date. It had $5.1m in the bank at the end of March.