Resources Top 5: High-flyin’ Azure reaps more exploration success at Andover
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Here’s your top ASX small cap resources winners in morning trade Friday, October 16.
This 809sqkm licence is also 7km from the +5 million ounce Stawell gold mine and 6km from Navarre Minerals’ (ASX:NML) Resolution Lode, which continues to deliver strong, consistent gold hits.
“This acquisition delivers the company gold prospects including high grade intercepts in historical drilling, untested workings and surface soil and rock sampling not far from the highly profitable Stawell mining operation,” Battery Minerals chairman David Flanaghan says.
“We also have a volcanic belt which is almost untouched by modern exploration that has delivered outstanding copper, nickel and gold exploration success on the adjoining tenements.”
The explorer has a field crew in Victoria ready to start work on the ground “immediately pending completion”, and subject to normal regulatory approvals.
The Andover nickel project in the Pilbara continues to impress, after a maiden drill hole sparked an immediate re rate of Azure Minerals’ (ASX:AZS) share price early this week.
A second drill hole has now extended the richly mineralised zone for +40m from the ‘discovery’ hole and validated Azure’s geological model in the process.
“This modelling indicates that the main conductor strengthens at depth and this target is currently being tested by hole ANDD0003,” managing director Tony Rovira says.
The stock is now up ~90 per cent since Monday.
Kimberley explorer Peako (ASX:PKO) has bought the remaining 40 per cent of a tenement from its private partner after early exploration revealed “latent gold potential” largely overlooked by past explorers.
Peako has already dialled in on a number of high priority targets.
Rock samples collected across these target areas recently have been submitted for assay and results are anticipated in early November.
The micro-cap stock is now up ~380 per cent over the past six months.
African phosphate play Minbos Resources (ASX:MNB) is knee-deep in an advanced development study for its Cabinda project in Angola.
And cashed up gold-copper explorer Cobre (ASX:CBE) has been industrious in its first year on the ASX, drilling aggressively and making multiple project acquisitions.