• White Cliff finds over an ounce per tonne of gold at Cracker Jack
  • Cannindah also uncovers high-grade gold at the Piccadilly project
  • Magnetite Mines raises $7m at a premium as iron ore hits $US200/t



Here are the biggest small cap resources winners in early trade, Friday May 7.



White Cliff Minerals got the market excited today with its discovery of over an ounce per tonne of gold from rock chip samples at its Cracker Jack project. You might say that’s a “cracker” of a project. Ha.

Or not.

Sixteen rock chip samples returned high grades between 18.7 grams per tonne (g/t) and 37.3g/t.

Ten of the samples taken over a strike length of 350m assayed above 1g/t gold, with quartz veining and stockwork traced for up to 700m, which White Cliff says requires additional sampling.

“The high-grade rock chip results with multiple assays over an ounce a ton of gold, over 350m gives a compelling basis for a maiden shallow-RC drill program at Cracker Jack, to test the mineralised quartz veins and stockwork at depth,” technical director Ed Mead said.



White Cliff Minerals (ASX:WCN) share price chart:





Also finding high-grade gold is Cannindah Resources, which reported today 1m trenching channel samples of 27.5g/t along with wider zones of 5m at 14g/t, including 1m at 29.34g/t; 4m at 10.14g/t; and 2m at 19.16g/t.

The samples came from the Piccadilly project in Queensland.

Cannindah said the goal of the program was to understand the distribution of surface gold within the central and eastern sections of the Piccadilly mining lease.

The company plans to start drilling in the coming weeks once it has all the results from the trenching program.



Cannindah Resources (ASX:CAE) share price chart:





(Up on no news)

Tin is another commodity garnering interest as a supply-demand crunch plays out.

Elementos didn’t have any news today but it did present at RIU Resources Round-Up in Sydney on Wednesday. And we saw yesterday what getting up on stage and talking your book can do for companies’ share prices.

For some time now it’s been known that tin is the commodity that will be most impacted by new technology and electrification because of the key role it plays in batteries and as an electrical contact.

And prices are on the rise, hitting 10-year highs of $US31,750 in late April, on the back of declining stockpiles and strong demand.

Elementos is developing the Oropesa tin project in Spain, which hosts a resource of 9.34 million tonnes at 0.55 per cent for 50,900 tonnes of contained tin.

The company says it is one of the world’s largest undeveloped, open-cut mineable tin deposits.

Elementos is about halfway through a resource definition program at Oropesa.



Elementos (ASX:ELT) share price chart:





(Up on no news)

This junior had no news to report today but it is on the hunt in the headline-grabbing Paterson Province of Western Australia.

The Paterson is one of Australia’s most highly endowed mineral provinces, hosting mines like the giant 32-million-oz Telfer gold project and the 2-million-tonne Nifty copper project.

Newer discoveries such as Rio Tinto’s (ASX:RIO) Winu project and the Havieron joint venture between Greatland Gold and Newcrest Mining (ASX:NCM) also sparked considerable interest in the region’s potential to host more world-class discoveries.

Avira Resources currently has two tenement packages within the Paterson. The company has undertaken an extensive sampling program, but results are yet to show a significant find.

So far, the company has only found “a strong component of aeolian sand”, which is believed to dilute the geochemical response of the bedrock across the majority of the tenements.

Avira says this is typical of the regolith in the Paterson Province, but it has influenced sample results despite the shallow cover and sub-outcrop in the tenements.



Avira Resources (ASX:AVW) share price chart:





Given the record high price of iron ore it’s probably not too surprising Magnetite Mines has been able to bag itself firm commitments to raise $7m at a premium to its share price.

The company said this morning these commitments came from sophisticated and institutional investors, including two new instos with “substantial expertise in the resource sector”.

Iron ore has hit a new all-time high of over $US200 ($256.85) a tonne. S&P Global Platts puts this down to May being “peak construction season” and steelmakers making big profits.

The sentiment appears to be that iron ore could go higher still.

Magnetite Mines is advancing the 4-billion-tonne Razorback iron ore project in South Australia and expects to release the results of a pre-feasibility study in the June quarter.



Magnetite Mines (ASX:MGT) share price chart: