- Sweden-based battery anode project progress report drives Talga Group forward
- Australian Vanadium shares responded well as drilling starts at Gabanintha project
- Aldoro Resources said Narndee project host to number of nickel sulphide discoveries
Here are your top ASX small cap resources winners in morning trade Tuesday, November 24.
Talga Group (ASX:TLG) was a strong performer as it announced further progress in its battery anode project in northern Sweden.
The company has secured ABB for the construction of its Vittangi anode production facility and integrated graphite mine.
“ABB is at the forefront of industrial automation and electrification, and we are very pleased to have their support as we continue to execute on our plan to build Europe’s largest li-ion battery anode production facility for more sustainable batteries,” managing director, Mark Thompson, said.
The project will use 100 per cent renewable energy to supply ultra-low emission coated anode for lithium-ion batteries from 2023.
ABB is also providing engineering support for the Vittangi project’s definitive feasibility study due for completion next year.
The Swiss-Swedish global technology company specialises in electrification, robotics, automation and related engineering services.
Talga Group has received financial support from the UK government for its proposed battery anode production plant in the country.
The start of drilling at Australian Vanadium’s (ASX:AVL) Gabanintha project in central WA sent the company’s share price nearly 10 per cent higher.
The drilling in the southern part of the project is designed to provide data for metallurgical and geotechnical studies required for a feasibility study.
A program of eight drill holes for nearly 900m is planned at Gabanintha, one of the world’s highest-grade projects for vanadium.
Gabanintha currently has a resource of 208 million tonnes at 0.74 per cent vanadium pentoxide which has application in steel production through to energy storage.
Annual global consumption of vanadium is forecast to grow to 135,000 tonnes by 2025 from around 104,000 tonnes currently.
The ASX company recently sold its first standalone vanadium battery to a residential customer in WA.
The share price of Prodigy Gold (ASX:PRX) took off in morning trading, as the explorer kicked off drilling at its Reynolds Range project in the Northern Territory.
Rock sampling at the gold project has confirmed the presence of a high-grade gold, copper, silver and lead anomalism that extends over a distance of 3km at its Scimitar target.
Among the best sample results for Scimitar are 7.5 grams per tonne (g/t) gold, 783 g/t sliver and 5.4 per cent copper.
The company is benefitting from some funding from the Northern Territory government’s Resourcing the Territory initiative.
“The initial drilling is designed to intersect the most conductive areas of the modelled electromagnetic anomaly,” managing director, Matt Briggs, said.
Kingston Resources’ (ASX:KSN) shares restarted trading in earnest after going into a pause Friday ahead of a company announcement.
The company said Tuesday it had confirmed the potential for a “long-life, low-cost gold mine with 1.35 million-ounce reserve” for its Misima gold project in Papua New Guinea.
This follows a pre-feasibility study that contained a forecast for gold production of ~130,000 ounces per year at an all-in sustaining cost of production of $1,159 per ounce.
The project would deliver a pre-tax net present value cashflow of $1.28bn at a prevailing gold price of $US1,900 per ounce.
The mine would cost $283m to build, meaning the payback period would be around 2.75 years at $US1,900 per ounce for gold.
Managing director, Andrew Corbett, said the PFS results highlight Misima as “one of the best undeveloped projects in the Asia-Pacific region”.
Another stock to gain momentum Tuesday was Aldoro Resources (ASX:ARN) which has identified 16 major targets at its Narndee project near Mount Magnet in WA.
The type of layered mafic-ultramafic geology present in Narndee is host to a number of nickel sulphide discoveries similar to Chalice Gold Mines’ (ASX:CHN) Julimar discovery, said the company.
The new major exploration targets at Narndee were discovered in an airborne electromagnetic survey over the Narndee igneous complex in WA.
“I am excited by a number of the anomalies which clearly look like type one bedrock conductors, associated with magnetic features,” survey consultant geophysicist, Russell Mortimer, said.
At Stockhead, we tell it like it is. While Talga Group, Australian Vanadium and Kingston Resources are Stockhead advertisers, they did not sponsor this article.