Resources Top 5: Hawsons Iron turns up near-surface magnetite, while Auris digs deeper for gold

Hawsons Iron has announced successful near-surface magnetite results
Errawarra still flying on its lithium nearology narrative, thanks to Azure Minerals
Auris Minerals nails “significant” gold and base metals results

Here are the biggest small cap resources winners in early trade, Tuesday August 8.

HAWSONS IRON (ASX:HIO)

The iron ore explorer is focusing, along with a host of other juniors, on the magnetite end of the market. We’re talking Macarthur Minerals (ASX:MIO), Magnetite Mines (ASX:MGT) (it’s in the name) and CZR Resources (ASX:CZR) as prime examples.

And Hawsons has just announced its pursuit of the steel-manufacturing mineral has turned up some recent, successful results, namely, mineable intersections of near-surface magnetite mineralisation.

“Stage 2 resource analysis exploration drilling results have confirmed the presence of a prospective, near-surface zone hosting magnetite mineralisation at targeted grades,” announced the company this morning.

Further, the discovery supports a change in mining strategy that will allow the company to significantly ramp up to full production. That said, more exploratory drilling is still required to define the extent and tonnage of the targeted mineralisation.

The cost of the drilling campaign is currently being assessed and regulatory approvals are being sought.

Executive chairman Bryan Granzien said: “Combined with further physical and geophysical mapping, these results provide a clear basis for additional drilling to define the extent, tonnage and grade of this near-surface mineralisation, for even stronger enhancement of the Hawsons Iron Project’s economics.

“This also means we have more work to do, such as mapping visible outcropping, ground-based geophysical surveys and surface trenching before undertaking the additional drilling.”

ERRAWARRA RESOURCES (ASX:ERW)

(Up on no news)

Errawarra and its Andover West nickel project is one of a handful of mining companies banking on the lithium “nearology” narrative based around Azure Minerals (ASX:AZS)’s recent “monster” lithium hit.

And that’s because ERW’s operation in WA’s Pilbara region is a near neighbour of Azure’s Andover project.

Per a report from our very own Jessica Cummins on this very thing:

“From the company’s [Errawarra’s] point of view, the success of AZS and Greentech Metals provides it with confidence that the area remains prospective for lithium-bearing pegmatites.

“It is progressing its plans for further prospectivity after submitting rock chip samples to the lab for lithium assays.

“So far, a total of 80 samples have been collected from pegmatites that outcrop in the northwestern portion of the Andover West project tenement, which is within the Andover mafic intrusion and some 10km along trend from the lithium pegmatite discoveries reported by Azure Minerals.

“A subset of the samples representing 20% of the total samples taken reported geochemistry consistent with an affinity with LCT pegmatites.”

Thanks Jess.

WOOMERA MINING (ASX:WML)

(Up on no news)

The Adelaide-based small-capped commodities hunter (gold, PGE, plus the battery metals nickel, copper, cobalt and… yes, yes… lithium) is having a good day, although there’s no head-turning announcement to speak of – at least nothing that’s hit the ASX just yet.

The company, which has been going hard on lithium since about 2022, did deliver a positive June Quarterly Activities Report about a week ago, with the following highlights:

• Two strong lithium anomalies for drilling were identified at the Mt Cattlin Lithium Project in WA’s deep south.

• An EM survey has been completed over prospective targets at the Musgrave Project in SA.

• Field reconnaisance is completed and targets are defined for drilling at the Wyloo JV Project in WA.

One of those Mt Cattlin anomalies, by the way, is 1.5km long and open. A sampling program has been underway to fully define the extent of the find ahead of a full drilling campaign.

WML’s price bump today is a welcome boost for the 11.47m capped stock. The last time we wrote about it in this column, back in mid-May, it was sitting at $18m.

AURIS MINERALS (ASX:AUR)

Mining minnow Auris Minerals has returned “significant results” from its air core drilling of gold and base metals at the Morck Well project in the Bryah Basin, WA, specifically, for gold, at the Jacques East prospect.

Highlights? High-grade gold results: 15m at 4.11g/t gold from 35m including 4m at 12.8g/t gold from 38m; 10m at 1.49g/t gold from 45m; and high-grade, supergene gold mineralisation at Jacques East defined over 70m laterally on section, remaining open along strike to northeast and southwest for up to 400m.

Auris managing director Mike Hendriks said: “Significant results have been returned from drilling completed within the Morck Well Project including significant gold results at Jacques East and base metals and manganese results at McLean Well.

“Mineralisation at both prospects remain open along strike requiring further evaluation which is a great outcome and provides an exciting opportunity for the company.

“The company remains well funded, finishing the 2022/23 financial year with $2.5M. In addition to continuing to extract value from the Bryah Basin projects, the company continues to evaluate at new opportunities.”

METAL HAWK (ASX:MHK)

Metal Hawk, along with numerous mining notables (and Stockhead’s Reuben Adams and Josh Chiat), are at the Diggers and Dealers forum in Kalgoorlie this week.

There, the nickel and rare earths explorer delivered an investor presentation yesterday, highlighting its recent exploration success including high-grade nickel and REEs, plus outlining a “strong pipeline of activity” in general.

Per Stockhead’s Bevis Yeo late last week:

“Metal Hawk recently acquired the 282km2 Yarmany nickel-lithium project just 40km northwest of Coolgardie.

“Yarmany has a favourable geological setting with key similarities to major lithium deposits of the Kalgoorlie Terrane, including favourable host lithologies such as ultramafic rocks, multiphase granites and numerous pegmatites identified along the 50km strike length of the project.

“The company recently raised $1.2m to accelerate exploration at Yarmany and Fraser South projects with a focus on lithium and nickel exploration at the former.”

Yarmany is a largely unexplored belt-scale lithium and nickel sulphide project which complements MHK’s nickel-focused Goldfields portfolio. The company notes it has “excellent access and secure tenure”.