• Meteoric Resources will sell its 387,000oz Juruena gold project for up to ~$30m
  • Southern Cross Gold up 240% on its May 12 listing price
  • Horseshoe Metals (copper gold) Firebird Metals (manganese), and Resource Mining Corp (nickel) up on no news

Here are top resources winners in early trade, Friday June 3.



MEI will sell its 387,000oz ‘Juruena’ gold project in Brazil for up to ~$30m in staged payments, cashing it up to tackle the flagship ‘Palm Springs’ project in WA.

Completion (and receipt of the initial US$2.5m) is anticipated to occur before the end of August 2022.

It represents a nice profit for MEI which acquired the Juruena and Novo Astro gold projects for $3m in cash and shares from Big River Gold (ASX:BRV) in 2019.

It came with an existing resource of 261,000 ounces of gold grading at 6.3 grams per tonne.

MEI was able to add another +120,000oz to that total.

In mid 2020 it acquired the historical Palm Springs in WA, which soon became the focus. A maiden resource of 357,000oz (ore grade 2g/t) was established in mid 2021, with early-stage mining studies now underway.

“The sale price of up to US$22,000,000 means Meteoric is fully funded to accelerate its exploration programs at the Palm Springs Gold Project in WA, whilst having a substantial cash balance to actively seek complimentary investments and acquisitions,” outgoing managing director Andrew Tunks says.

The $36m market cap stock is down 15% year-to-date.



(Up on no news)

This spinout of TSX-listed Mawson Gold explorer is enjoying the dream start to life on the ASX.

SXG is currently up 240% on its May 12 listing price of 20c per share, thanks to a speccy 119m at 3.9g/t gold equivalent drill hit at the ‘Sunday Creek’ project in Victoria.

This hit in hole SDDSC033 included a bunch of higher-grade zones like:

  • 1m @ 17.7g/t Au and 1.6% antimony (20.3g/t AuEq) from 160.5m
  • 3m @ 26.2g/t Au and 3.7% antimony (32g/t AuEq) from 180m, and
  • 2m @ 14.7g/t Au and 4.8% antimony (22.3g/t AuEq) from 189.9m

Antimony is alloyed with lead and tin for use in products like bullets, batteries, and semiconductors.

This latest result — drilled to test a 120m gap between three mineralised shoots — is “unprecedented”, managing director Michael Hudson says.  This sort of width of high-grade mineralisation is rarely, if ever, seen in the Victorian goldfields.

“A result of 119.2m @ 3.9g/t AuEq places the Sunday Creek project into a new realm and builds on what was already a remarkably successful drill program,” he says.

“Continuity, with great width and grades, is now evident down to 335m vertical depth in the Apollo Shoot that remains open to depth, while multiple adjacent shoots remain to be drilled out.

“With the freehold land secured, industry-leading drill results, strong local relationships, a team of ore discoverers in place and the drill rig continuing to target extensions to mineralisation found in SDDSC033, we highly anticipate further results.”

Priority drilling is now underway to target wide and high-grade extensions to mineralisation found in SDDSC033.

Beyond that, there is a 10km mineralised trend at Sunday Creek that has yet to receive any exploration drilling and offers potential future upside, SXG says.



(Up on no news)

It’s probably lucky HOR didn’t end up selling its flagship, fairly advanced ‘Horseshoe Lights’ copper-gold project in WA a couple of years ago, because punters seem to like it.

The stock is now up 85% on its Feb pre-relisting placement price of 2c per share.

Horseshoe Lights is ~ 60 km west of Sandfire’s (ASX:SFR) company making ‘DeGrussa’ copper mine.

Past production from Horseshoe Lights includes around 316,000oz gold and 55,000t copper metal in two phases of mining. The deposit contains a current resource 128,000t copper metal at 1% (ore grade) and 36,000 oz Au.

There are also a bunch of stockpiles ready to be processed.

Last month it completed a bunch of extensional drilling at ‘Motters’ as well as 70 holes for 778m at various legacy stockpiles. Assays are pending.

Further drilling is planned to test a 300m southern extension of the Motters zone, where wide-spaced historic drilling has intersected significant copper mineralisation, HOR says.

The $22m market cap stock had $3.3m in the bank at the end of March.



(Up on no news)

A manganese stock featuring prominently in Tolga Kumova’s portfolio.

Spun out of Firefly Resources — the gold explorer that secured a memorable and strange merger with Gascoyne Resources (ASX:GCY) last year — FRB recently announced a “game changing” resource upgrade at its Oakover manganese project in the Pilbara.

The company plans to start scoping studies shortly with a manganese ore study due this quarter and a sulphate study in the September quarter after posting a 170% increase from the project’s historical resource to 172Mt at 9.9% manganese.

Manganese is a key ingredient used to strengthen steel but is also finding favour as a component in lithium-ion batteries.

Firebird’s aim is to develop a “significant manganese production hub” with an operating life of over 20 years.

The $18m market cap stock is down 13% year-to-date, and well off highs of 76c per share in March last year. It had ~$1.1m in the bank at the end of March.



(Up on no news)

This tightly held small cap is up an impressive 290% in 2022.

It recently inked an all-share deal to buy a bunch of projects from major shareholder, director, and serial project vendor Asimwe Kabunga earlier this month.

The new ‘Kabanga North’ project is notably along strike from Kabanga Nickel’s ‘Kabanga Project’ which is host to a total mineral resource of 58mt @ 2.62% Ni.

The deal complements its existing Kabulanywele nickel project, the company says.

A maiden 18 hole, 1,000m drilling program testing a 2km long high grade nickel-cobalt target at Kabulwanyele is anticipated to kick off in two weeks, RMI says.