Resources Top 5: High grade nickel hits and a big PGM deposit goes deeper

Lunnon Metals intersects 8.72m at 3.54% nickel at Warren
Podium Minerals confirms continuity of Parks Reef PGM mineralisation at depth
Carnaby Resources, M3 Mining, and Minrex Resources up on no news

LUNNON METALS (ASX:LM8)

This small cap junior has hit 8.72m at 3.54% nickel in diamond drill hole WRN21DD_003 at the Warren target, part of the Kambalda nickel project in WA.

A further 0.73m at 1.02% nickel and 0.43m at 3.07% nickel was recorded in the Lunnon Basalt below the intersections, with elevated platinum and palladium assays also recorded for the same 8.72m intersection – 0.64g/t platinum and 1.43 g/t palladium respectively.

Managing director Ed Ainscough said: “We made a decision to focus our more recent sample dispatch on just the mineralised zones within each drill hole, and its starting to pay off with much quicker turnaround times for the high priority programs.

“The tenor of these results at Warren is excellent whilst the DHTEM plate gives us great encouragement for the follow up drilling.”

Ainscough added that the company is starting to build momentum now at Warren, along with the recent success at Baker.

The work programs will look to infill the gaps in historic drill spacing at Warren as quickly as possible so the current 6,400t nickel mineral resource can be updated.

LM8 listed on the ASX in June last year, raising $15m and has a market cap of ~$40m.

PODIUM MINERALS (ASX:POD)

Up this morning is platinum group metals and gold-base metals explorer POD with an announcement confirming continuity of Parks Reef to a depth of around 500m.

The company says two of the three deep diamond drill holes proposed to test Parks Reef were completed prior to Christmas.

Core has now arrived in Perth for assaying with preliminary lithological logging completed.

The company says visual analysis of the two holes suggests the geology of the interpreted reef zone is consistent with Parks Reef near surface geology.

CEO Sam Rodda says: “We intend to pursue an aggressive exploration strategy aimed at growing our resource base and also testing our orebody for rhodium and iridium to include the full 5E PGM2 suite of minerals in future resource estimate updates.”

CARNABY RESOURCES (ASX:CNB)

(Up on no news)

At the end of December gold-copper-lithium focused CNB made a “MAJOR COPPER DISCOVERY” (emphasis theirs), pulling in a whopping 41m at 4.1% copper, including 9m at 10.3% copper.

These intersections were made at its Nil Desperandum prospect within the Great Duchess Copper Gold Project in Mt Isa, Queensland.

Drill hole NLDD044 was the first drill hole to test the NLIP4 induced polarisation (IP) chargeability inversion anomaly, which the company believes is “almost certainly attributed to copper sulphide mineralisation.”

The high-grade copper intersection in NLDD044 remains completely open at depth and along strike to the southwest where the plunge of the mineralisation appears to be flattening.

Managing director Rob Watkins said Nil Desperandum is shaping up as a major iron oxide copper gold discovery, which is “rapidly getting bigger and better at depth.”

“We look forward to 2022 as being an incredible ride for Carnaby shareholders as we escalate the exploration at the Greater Duchess Copper Gold Project to a whole new level.”

M3 MINING (ASX:M3M)

(Up on no news)

M3M is awaiting the results of a maiden reverse circulation drill program at its Victoria Bore copper project in WA.

The company completed the 1,200m program on December 16, which was designed to better define surface EM anomalies and to test for off-hole conductors representing potential base metal sulphide mineralisation.

It targeted both existing historical workings as well as untested FLEM geophysical targets.

Executive director Simon Eley said the company expects the results in Q1, 2022.

MINREX RESOURCES (ASX:MRR)

(Up on no news)

Also up on no news this morning is ~$37m market cap junior MRR.

The company raised $3m through a private placement to various sophisticated and professional investors on December 15.

Funds will be spent towards exploration on its new Pilbara lithium projects as well as to continue exploration programs on existing WA and NSW gold-silver-base metal projects.