Resources Top 5: Have these explorers discovered the next Olympic Dam?

Coda and Torrens hit ~50m of copper sulphides at the ‘Elizabeth Creek’ project in South Australia
Lethargic exploration company Zeus is finally coming out of its shell
Renegade will sell its ‘Yandal East’ project JV interest to gold explorer Strickland

Here are the biggest small cap resources movers in early trade, Wednesday June 9.

CODA MINERALS (ASX:COD) & TORRENS MINING (ASX:TRN)

The junior joint venture partners hit 200m of “intense IOCG alteration”, including ~50m of copper sulphides at the ‘Elizabeth Creek’ project in South Australia.

Iron oxide copper gold ore deposits (IOCG) — like BHP’s Olympic Dam mine or more recent Oak Dam discovery — can be tremendously large, and simple-to-process concentrations of copper, gold and other economic minerals.

“We have long known we are exploring in elephant country – a view backed up not only by the world class projects which surround us, but also by historical and geophysical evidence of an IOCG system in the northern part of our tenure,” Coda chairman Keith Jones says.

“Given that we knew the enormous potential of our tenure, it is still tremendously exciting for our first deep exploration hole at Elizabeth Creek to have intersected evidence of a major IOCG system existing on our ground.

“This is the first drill-backed evidence obtained by Coda to support our IOCG exploration model. We are looking forward to exploring the significant potential of this mineralised system.”

$47m market cap Coda is up ~133% since listing on the ASX in October last year.

Torrens is up ~15% on its January listing price of 20c per share.

Coda Minerals and Torrens Mining share price charts

ZEUS RESOURCES (ASX:ZEU)

This lethargic, Chinese-backed exploration company is finally coming out of its shell.

The company will raise ~$810,000 at 3c per share plus sign a deal with Singapore company Cloud Securities “that specialises in assisting mining and exploration companies with their business development”.

Cloud has agreed to bring to Zeus a minimum of three new mining projects for their perusal within 12 months of executing the agreement.

The ~$12m market cap stock is up 200% year to date.

Zeus share price chart

RENEGADE EXPLORATION (ASX:RNX) & STRICKLAND METALS (ASX:STK)

Renegade will sell its ‘Yandal East’ project JV interest to fellow gold explorer Strickland for $800,000 cash, 40m shares and a 0.5% net smelter royalty on any future production.

For Strickland, this acquisition represents a major extension to its flagship ‘Horse Well project, ~30km from Northern Star’s (ASX:NST) 10moz Jundee operation.

“Since securing Silver Lake’s interest in Horse Well, we set out to expand our footprint in the region,” Strickland chief exec Andrew Bray says.

“After concluding the transaction with Renegade, we will have consolidated a tremendous tenure position with outstanding exploration upside.

“Planning is well underway for a major systematic drilling program across this highly prospective gold system. We are scheduling to commence drilling early in the September Quarter 2021.”