Resources Top 5: Gibb River and Estrella multi-bag on major new gold, nickel discoveries
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Here’s your top ASX small cap resources winners in morning trade Thursday, October 8.
Gibb River Diamonds (ASX:GIB) might want to consider a name change after making a “major new high-grade” discovery at the Edjudina gold project in WA.
The stock spiked 333 per cent in early trade — from 4.5c to 19.5c per share — to +10 year highs.
Highlight intersections at the ‘Neta Lodes’ discovery, near the historic Neta mine, include 36m at 3.97 grams per tonne (g/t), just 4m from surface.
The mineralisation is open to the north, south and at depth, the company says.
Gibb only acquired an option to purchase this project in July this year.
“It is a credit to the team at GIB that from the time of the acquisition to announcing this major discovery is less than three months,” the company says.
A spectacular intersection at Estrella Resources’ (ASX:ESR) flagship Carr Boyd project could see it “joining an elite list of recent Western Australian nickel discoveries” like Julimar, Golden Swan and Mawson.
The stock shot up up +200 per cent in early trade.
Massive nickel-copper-PGE bearing sulphides were intercepted 300m south of the original T5 discovery zone at Carr Boyd.
“It was a bold move to drill deep holes well below the existing near surface drilling,” chief exec Chis Daws says.
“Our work has resulted in this thick intersection of primary magmatic nickel sulphides, and Carr Boyd can now join an elite list of recent Western Australian nickel discoveries including the Golden Swan, Julimar and Mawson discoveries.
“The company is still drilling our planned holes in the current program and our phase IV HPMLTEM survey is also underway. I look forward to seeing what we next uncover.”
Terrain Minerals (ASX:TMX) recently stumbled upon historic workings at the Smokebush gold project in WA, about ~500m from a maiden drilling program.
Rock chip sampling subsequently returned grades up to 100g/t gold, highlighting the potential for an “additional ~500m of untested strike extension along trend from the current drilling activity”.
Then there’s the recently completed drilling campaign itself. Results are pending, but drill samples were selectively sampled in the field by the onsite geologist, Terrain says.
Partial results have been received and the data has been merged with the historic drilling data set over the ‘Monza’ target – which includes hits like 2m at 11.3g/t gold from 70m.
“It was decided that all outstanding samples needed to be processed,” Terrain says.
“These samples where submitted on the 28th of September 2020 with laboratories currently experiencing high demand and sample turnover has been slower than normal.”
~$10m market cap Terrain is currently up ~200 per cent over the past six months.
Former $3m market cap minnow Tao Commodities (ASX:TAO) has continued to rise after inking an option to buy the ‘Titan’ titanium and zircon mineral sands project in the US. The stock is now up 208 per cent since the middle of September.
And American Rare Earths (ASX:ARR), which stands to benefit from Trump’s executive order on critical minerals supply, is now up 341 per cent over the past month.