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Resources Top 5: Has Lefroy made the first major gold discovery of 2021?
Mining
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- Lefroy hits mammoth 60m intersection grading at 5.22g/t gold near Kalgoorlie
- Helix launches copper-finding EM survey at Cobar
- Jadar (lithium, gold), Stellar (tin) and MRG Metals (mineral sands) up on no news
Here are the biggest resources winners in morning trade, Tuesday February 23.
This gold explorer has been methodically working its suite of Kalgoorlie projects for a few years now.
Today, the payoff arrived. Lefroy’s 22-hole drilling program, designed to test both strike and depth extensions to the ‘Burns’ system, now appears to have hit the motherlode.
The highlight intercept was:
- 60m at 5.22g/t gold and 0.38 per cent copper from 112m down-hole, including
- 20m at 12.2g/t gold, 0.87 per cent copper and 1.7g/t silver from 144m.
Huge. The hole also ended in mineralisation, which remains ‘open’ on all sides.
JADAR RESOURCES (ASX:JDR)
(Up on no news)
This diversified explorer has lithium, precious and base metals assets across the globe.
Drilling is currently underway at the Weinebene project in Austria, which surrounds European Lithium’s (ASX:EUR) Wolfsberg lithium deposit.
It also recently locked in a $10m financing facility to drill its Peru (gold, silver) and Mexico (gold, silver and base metals) projects.
Helix just kicked of a regional scale, detailed airborne electromagnetic (EM) survey on its Cobar copper projects.
EM surveys map sub-surface changes in electrical conductivity and are useful tools for finding mineral deposits.
Only 24km of the total 95km of prospective copper trends on Helix’s 1,500km2 ground position has had airborne EM coverage, it says.
Results and interpretations are expected next month.
(Up on no news)
Tin is going gangbusters — from $US17,500/t at the beginning of October 2020 to $US28,800/t on 15 February 2021 — and minnow Stellar is reaping the rewards.
The stock has just restarted exploration on “Australia’s highest grade undeveloped tin project”, called Heemskirk in Tasmania.
(Up on no news)
This mineral sand minnow is about it start drilling its Nhacutse prospect in Mozambique to establish a maiden resource.
“We are confident that the upcoming infill aircore drilling program at Nhacutse will result in MRG being able to deliver our second mineral resource estimate from our Corridor projects,” MRG chairman Andrew Van Der Zwan said last week.
“We are following the same infill program design that proved successful in defining our initial JORC resource at Koko Massava, which we announced in April 2020.
“With the rig due to be mobilised to site shortly, we are in a very enviable position for a small cap company in being able to declare two MREs covering separate areas of our portfolio in such a short space of time.”
