Resources Top 5: How many $15m capped ASX stocks have a 3.3Moz and growing gold resource? Not many

Besra is drilling to grow substantial 3.3Moz ‘Bau’ gold project in Malaysia
Aircore (early stage) drilling of anomalies at Warrior nickel-copper-PGE project now complete, Pursuit says
Carbine (silica sand), Discovery Alaska (lithium), Resource Mining Corp (nickel) up on no news

Here are the biggest small cap resources winners in early trade, Friday May 20.

BESRA GOLD (ASX:BEZ)

(Up on no news)

BEZ’s substantial 3.3Moz ‘Bau’ gold project in Malaysia also includes an additional 4.9Moz – 9.3Moz exploration target. Converting a decent portion of that target into resources could turn Bau into a certified monster.

18 holes have now been successfully completed at the ‘Jugan’ prospect with assays for seven holes reported to date and a further 11 holes pending release.

These are anticipated “to be received progressively from the end of this week”, BEZ says.

Drilling has now moved to the 644,000oz ‘Bekajang’ prospect to grow the existing resource.

16 diamond holes will target extensions to the existing mineralisation, including evaluating the mineral potential associated with deeper geophysical anomalies situated beneath the existing resource.

“Expectations are running high as we await the results of the remaining four batches of holes from our Jugan Prospect’s drilling program and begin drilling at Bekajang, where our objectives are two-fold – deeper exploration drilling to investigate the source of geophysical anomalies located below the existing shallow Resource envelope and upgrading of the Resource inventory,” BEZ CEO Dr Ray Shaw says.

“The deep geophysical anomalies are similar to those recorded beneath the adjacent historic high grade open pit Tai Parit mine which produced 700,000 ounces at a remarkable 7.6 g/t Au.”

The $15m market cap stock is down 36% year-to-date. It had $2.8m in the bank at the end of March.

CARBINE RESOURCES (ASX:CRB)

(Up on no news)

The share price of this former shell has been bleeding out since it relisted with a silica sand focus in July last year.

While most demand comes from the booming construction sector, high-quality silica sand can also be used in glass, electric vehicles, and big batteries.

CRB’s flagship is ‘Muchea West’ — directly adjacent to near-term developer VRX Silica’s (ASX:VRX) ‘Muchea’ project in Perth – where a mineral resource estimation is pending.

Earlier this month, it acquired the advanced 5.7Mt at 95.8% SiO2 ‘Sandbox’ silica sand project in QLD for $8.8m in cash and shares.

This is an excellent opportunity to build a near-term low capex mine, CRB managing director Peter Batten says.

“It is rare to find a silica deposit that sits within a short distance of an export port with excess capacity in the middle of a resource boom,” he says.

“This acquisition complements the company’s existing strategy and fits well with its existing plans at its Muchea Project.

“The Sandbox project offers Carbine potential access to near term development whilst it continues to develop its exciting large-scale Muchea Project.

“Our goal through undertaking the Sandbox acquisition is to secure the potential for an earlier stage production and subsequent cashflow scenario with the object of self-funding the development of the Muchea Project.”

Previous owners have already completed a considerable amount of work, CRB says – establishing a mineral resource, commissioning processing studies, and entering negotiations with the port and landholder to secure access.

“[This will] greatly reduce the work and time Carbine will require before being in a position to evaluate a start-up feasibility study,” Batten says.

The $8m market cap stock is down 20% year-to-date. It had $3.1m in the bank at the end of March.

PURSUIT MINERALS (ASX:PUR)

This former vanadium play has a project near Chalice Mining’s (ASX:CHN) world-class palladium-nickel-copper discovery at Julimar in WA called ‘Warrior’.

Aircore (early stage) drilling of some anomalies at Warrior is now complete, PUR says, with assays expected late June.

“We are delighted our current Q2 field programs will be completed prior to cropping and we thank the many farmers who have been working with us to achieve this goal,” PUR managing director Bob Affleck says.

“The results from this work will give us a solid start to field work later this calendar year and we look forward to exploring the anomalies generated.

“Our technical team has done an outstanding job securing MLEM and drill crews at short notice, which has helped us immeasurably.”

The $21m market cap stock is down 23% year-to-date. It had $6.9m in the bank at the end of March.

DISCOVERY ALASKA (ASX:DAF)

(Up on no news)

DAF’s main game is the ‘Chulitna’ project in Alaska which “hosts numerous prospect areas identified from historical works, which are prospective for gold, silver, copper, tin and base metals”.

Also, lithium.

Earlier this week DAF uncovered widespread lithium mineralisation in old drill core from the ‘Coal Creek’ prospect.

The company believes lithium was never assayed at Coal Creek prospect, where multiple drill programs have been conducted over the past 40 years.

Most of the drill core from these campaigns – possibly over 5000m worth — is stored at the Alaska Geologic Materials Center warehouse, and available for the company to utilise. Bonus.

Re-analysis work of drill core is currently in progress, DAF says, with 12 drill holes selected as initial priority for lithium assessment works.

The $13m market cap stock is up 100% year-to-date. It had $1.7m in the bank at the end of March.

RESOURCE MINING CORP (ASX:RMI)

(Up on no news)

The traditionally quiet explorer has surged since announcing the acquisition of a portfolio of nickel projects in Tanzania from major shareholder and serial project vendor Asimwe Kabunga earlier this month.

The deal compliments its existing Kabulanywele nickel project, the company says.

The new ‘Kabanga North’ project is notably along strike from Kabanga Nickel’s ‘Kabanga Project’ which is host to a total mineral resource of 58mt @ 2.62% Ni.

Entrepreneur Asimwe Kabunga will score 75m shares in the deal and join the RMI as chairman.

The $46m market cap stock is up 290% year-to-date.