Resources Top 5: Imminent drilling results, high grade copper and a popular lithium play

Caeneus expects first assay results from 16,000m drilling program at ‘Roberts Hill’ project in second half of November
Global Lithium shoots up ~18% before going into pause, pending a further announcement regarding a cap raise
Mamba picks up rocks containing up to 34.3% copper and 230/t silver at historical ‘Copper Flats ‘project

Here are the biggest small cap resources winners in early trade, Thursday October 28.

CAENEUS MINERALS (ASX:CAD)

A huge backlog of drill core in Aussie labs means CAD won’t get first assay results from a 16,000m drilling program at the ‘Roberts Hill’ gold project until the second half of November.

Investors seems to appreciate the update, with the $74m market cap stock gaining 21% to erase recent losses.

Roberts Hill is in the Mallina Basin, home to De Grey’s (ASX:DEG) Hemi discovery.

CAD also has lithium assets gathering dust in the recesses of its portfolio. It’s two lithium brine projects in Nevada are in good standing, with the company recently making its final milestone payment on the ‘Columbus Marsh’ asset to confirm 100% ownership.

GLOBAL LITHIUM RESOURCES (ASX:GL1)

(Up on no news)

The Pilbara based lithium explorer shot up ~18% in early trade before going into pause, pending a further announcement regarding a proposed cap raise.

GL1’s main game is the ~240sqkm Marble Bar lithium project (MBLP) in WA’s Pilbara, a region which also hosts Pilbara Minerals’ (ASX:PLS) Pilgangoora operation and the Albemarle and Mineral Resources’ (ASX:MIN) Wodgina joint venture.

It’s flagship 10.5 million tonne ‘Archer’ deposit, a swarm of spodumene-bearing pegmatites over a 3km by 1km zone, remains ‘open’ in all directions.

In September, the company kicked off a 10,000m drilling program – its third program in four months — to follow up on new and existing lithium targets, as well as follow up drilling at the ‘Twin Veins’ gold prospect.

$44m market cap GL1 is well funded, with $7.3m in the bank at the end of September.

MAMBA EXPLORATION (ASX:M24)

M24 has picked up rocks containing up to 34.3% copper and 230/t silver in the explorer’s first reconnaissance field trip to the historical ‘Copper Flats ‘project in WA.

M24 managing director Mike Dunbar is a proven mine finder and builder. He was involved in the discovery and development of the +2moz Thunderbox gold mine, the delineation and development of the +1Moz Dalgaranga gold mine, and the discovery and delineation of the +1Moz Glenburgh gold deposit.

“It is not often that grades up to 34% copper are identified from surface sampling,” Mike Dunbar says.

“To also have highly elevated silver grading up to 230 g/t at the same time is a great outcome. We believe this validates our belief that the Copper Flats Project has significant potential, the scale of which is not yet fully appreciated.”

The sampling confirmed the high grades from known prospects, identified new areas of mineralisation, and highlighted several structural and stratigraphic targets, Dunbar says.

Additional tenements have been lodged with the mines department, more than doubling the size of the project to ~2,320sqkm.

Airborne geophysical surveys for the project are expected to be undertaken early in the 2022 field season.

The $8m market cap stock is up 15% over the past month.

CANNON RESOURCES (ASX:CNR)

(Up on no news)

Earlier this month the Rox Resources (ASX:RXL) spinout hit thick nickel sulphides in its first 3 holes at ‘Musket’, part of the flagship Fisher East project in WA.

Results include:

14.94m @ 1.90% nickel from 366.15m in hole MFED083
4.94m @ 1.79% nickel from 559.77m in hole MFED084
5.81m @ 2.29% nickel from 584.35m in hole MFED088

The combined resource at the Musket, Camelwood, and Cannonball prospects – 78,000t of nickel — is about to get a whole lot bigger, the company says.

Assays are pending for ‘Camelwood’ and ‘Sabre’.

On October 25, $32m market cap CNR completed a $4m cap raise at 40c per share — a 16% premium to the volume weighted average price (VWAP) since listing on 12 August.

RED MOUNTAIN MINING (ASX:RMX)

(Up on no news)

A 1,200m RC drilling program – due to kick off later this week — will test several rare earth element (REE), cobalt and nickel-copper-cobalt-PGE targets at the explorer’s flagship Mt Mansbridge project in WA.

An RC drilling contractor has been secured and is set to commence once earthworks have been completed, RMX says.

The $16m market cap stock had $1.7m in the bank at the end of the June quarter.