Resources Top 5: Green hydrogen deals and a mammoth zinc-lead discovery
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Here are the biggest small cap resources movers in morning trade, Monday April 19.
A major zinc-lead discovery has been confirmed by the Rumble-led Joint Venture (Rumble 75%, Zenith 25%) at ‘Chinook’, part of the Earaheedy project in WA.
With 26 drill holes out of 26 hitting visual zinc-lead mineralisation, Rumble fast-tracked a couple of holes through the lab.
These returned a highlight 34m at 4.22% zinc and lead from 66m, including a higher grade 14m ‘core’ grading 7.05% zinc and lead.
Assays for the remaining 24 drill holes – covering a 2km by 1.1km grid — are pending.
Of importance is the shallow nature of the mineralisation, which is amenable to large scale open cut mining scenarios, Rumble says.
“The results have highlighted the potential for a very large-scale (Tier 1) zinc-lead system as the Chinook prospect drilling has only tested 2km of the 45km of prospective mineralised strike underlining the potential to delineate multiple large tonnage, shallow (open pit) deposits throughout the Earaheedy project,” Rumble says.
Province will potentially partner with French power producer Total Eren to build an 8GW green hydrogen project in WA.
A definitive agreement could be signed within four months.
“Given the recent drive by state and federal governments to quickly develop and advance the green hydrogen industry in Australia, I am confident this project will be of strategic national importance,” Province managing director David Frances says.
“Province is excited to have a global renewable energy leader such as Total Eren as a partner with the technical and financial capability to help Province deliver this project as part of the backbone of the nation’s hydrogen strategy.”
The former vanadium explorer is up 800% since jumping on the hydrogen bandwagon earlier this year.
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This troubled gold-limestone project developer is engaged in a legal brawl with the Ghanian government over its Gbane gold project, which is in the same neighbourhood as the 5+ million ounce Namdini resource, previously owned by Cardinal Resources’ (ASX:CDV).
Cardinal was acquired at $1.075 per share – a 237.5% increase from the start of 2020 — after a frenetic bidding war between a couple of Chinese and Russian miners.
Cassius isn’t the only Aussie company to have trouble in Ghana of late, and says it is exploring litigation options.
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The dual-listed explorer’s main focus is ‘Trundle’, which sits in the same rocks as those from the mammoth 4.5Mt copper, 5.5Moz gold Northparkes operation.
Kincora’s first hole hit 51m at 1.17 g/t gold and 0.54 per cent copper from 39m, including a higher grade 20.5m section grading 1.94 g/t gold and 1.18% copper from 57.6m.
With $12m in the bank, the company plans to drill a minimum of 17,000m across three projects in the Lachlan Fold in the next 12 months as part of a much larger 34,000m drilling program.
Two rigs are currently spinning at Trundle, with assay results expected shortly.