• Gladiator buys projects in Tanzania with a focus on uranium, rare earths, phosphate, and gold
  • Fieldwork kicks off at Charger’s ‘Bynoe’ lithium project, Essential raises $5m for lithium exploration
  • Ethiopia focused Megado pulls up 11m at 2.88g/t gold in drilling

Here are the biggest small cap resources winners in morning trade, Wednesday August 11.



(Up on no news)

The newly listed WA goldfields explorer kicked off drilling at the Mt Monger gold project earlier this week.

Mt Monger, which includes a number of old brownfields targets, is just 5km from Lefroy Exploration’s (ASX:”LEX) company changing ‘Burns’ discovery.

The company is also hunting multimillion ounce ‘Tropicana or Gruyere’ style gold deposits, as well as rare earths, at the ‘East Laverton’ project.



This $5m market cap explorer is securing exploration projects in Tanzania, East Africa, with a focus on uranium, rare earths, phosphate, and gold.

Tanzania, while mineral rich, can be an unstable jurisdiction for Aussie companies to operate in.

Gladiator has assessed African exploration opportunities in the past and approached this acquisition knowing the risks, Gladiator Resources chairman Ian Hastings says.

“This transaction represents an opportunity to acquire well known and well documented Uranium tenements which are also prospective for gold,” he says.

“All three prospects have the potential of being transformative and Gladiator believes it has secured some of the best uranium ground in East Africa which may deliver shareholders great value over time.”

Gladiator aims to raise up to $1 million from sophisticated and high-net worth investors (at a 25% discount to the 15-day VWAP) to progress these projects.



A couple of countries over in Ethiopia, recently listed Megado has pulled up a significant 11m at 2.88g/t gold in drilling at the ‘Chakata’ project.

“Megado is thrilled with the Chakata gold project’s maiden drilling results from the GT Prospect,” MEG boss Michael Gumbley says.

“The results confirm Megado’s belief that Chakata has the potential to host significant gold deposits and, importantly, support its thesis that previous work at the site misinterpreted the tenement’s geology.”

Follow-up drilling is planned for September 2021.



Fieldwork has kicked off at Charger’s ‘Bynoe’ lithium project, near Darwin in the Northern Territory.

Bynoe is surrounded by Core Lithium’s (ASX:CXO) Finnis lithium project, which has a mineral resource inventory of 14.7Mt at 1.32% Li2O and is at a very advanced stage of development having had completed a definitive feasibility study.

“Charger Metal’s programs of mapping, geochemistry and aero-magnetics now underway at the Bynoe Lithium Project are designed to refine the 5-kilometre-long cluster of lithium targets to a point where a substantial drilling programme can be planned,” CHR managing director David Crook says.

The $16m market cap stock is up 150% on its IPO price of 20c per share.



The emerging lithium explorer received firm commitments from institutional and sophisticated investors to raise $5 million earlier this month.

ESS directors will tip in $150,000, subject to shareholder approval.

Funds will be used to advance the ‘Pioneer Dome’ lithium project, 150km south of Kalgoorlie in WA, over the coming financial year.

Feasibility studies will kick off once resources (currently 11.2Mt @ 1.21% lithium (Li2O)) are of sufficient size, the company says.

The $36m market cap stock is up 125% year-to-date.