• Besra Gold now up more than 90% for the month
  • Kuniko spears an “outstanding” intersection of visible cobalt mineralisation at Skuterud
  • Sky Metals, Panoramic Resources, and Miramar Resources up on no news

Here are the biggest small cap resources winners in morning trade, Thursday March 23.



(Up on no news)

Besra Gold shares shot up this morning on no news, but a sign positive sentiment is still swirling about the stock following its announcement on Tuesday of a US$300 million offtake funding facility with major shareholder, Quantum Metal Recovery.

Shares in the $29.65 million market cap company are now up more than 90% for the month as it focuses on getting all its ducks in a row to update the 2013 feasibility study and begin pilot production later this year.



This explorer has speared an outstanding intersection of visible cobalt mineralisation in a new mineralised horizon at the Middagshville drill target at the Skuterud cobalt project in Norway.

A total of five drill holes returned visble cobalt intersections while another four returned shallow, near surface mineralisation.

The priority of the drill programme has been around the Middagshvile target where previous drilling by Kuniko delivered cobalt mineralisation in 8 of 8 drill holes and defined a mineralised zone of 450 metres, open along strike and at depth.

“This is a superb result from our drilling so far at Skuterud which signals the potential for further exploration upside that remains to be unlocked at the project,” KNI CEO Antony Beckmand says.

“This follows the recent drilling success at the nearby Ertelien nickel project where we had multiple intersects of massive sulphides. With progress to date, 2023 is shaping up to be a defining year of significant advancement and value generation across our project portfolio.”



(Up on no news)

This explorer is focused on the Tallebung and Doradilla projects in New South Wales with exposure to commodities such as gold, copper, and tin.

SKY revealed a maiden JORC Inferred mineral resource estimate for Tallebung on Wednesday estimated at 10.2Mt at 0.18% tin for 18.4kt of contained tin for a 0.10% cut-off grade.

An exploration target of roughly 16–21Mt at a grade ranging between 0.16–0.20% tin was also defined from drilling completed to date, demonstrating the opportunity for potential growth.

“This maiden mineral resource estimate and exploration target, in combination with the more than tripling of grade achieved with the upfront TOMRA XRT ore sorting, combine to show what an excellent opportunity SKY is developing at Tallebung,” SKY CEO Oliver Davies says.

“SKY has also shown the tin mineralisation is very amenable to simple and cost-effective gravity concentration to a saleable +60% tin concentrate.”

The company aims grow the resource even further with additional drilling over the coming months.



(Up on no news)

Panoramic updated its life of mine plan for the Savannah Nickel Project, paving a path for at least 12 years of strong production through to the end of FY35.

Key outcomes include average annual production from FY24 to the end of FY35 of 9,402t nickel, 5,046t copper and 714t cobalt metal in concentrate.

Attractive Base Case financial outcomes consist of pre-tax cash flow of A$1,426 million and NPV of A$844 million.



(Up on no news)

Miramar received firm commitments from new and existing sophisticated investors to raise around $600,000 to conduct exploration programs across its Gascoyne projects by way of a placement.

Immediate work will include the first bedrock drill testing of a large iron oxide copper gold (IOCG) target at the Whaleshark project near Onslow.

“Over the last two years, we have advanced the Whaleshark project from an interesting magnetic anomaly to a highly prospective bedrock drill target with similarities to several large and valuable IOCG deposits elsewhere in Australia,” M2R executive chairman Allan Kelly says.

“This capital raising will allow us to drill test the Whaleshark IOCG target for the first time as well as allowing us to advance other projects in the Gascoyne prospective for Ni-Cu-PGEs and REEs.”

At Stockhead we tell it like it is. While Besra Gold and Miramar Resources Stockhead advertisers, they did not sponsor this article.