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Resources Top 5: Investors anticipate re-rating events from these explorers
Mining
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- Underground sampling returns grades up to 1056g/t at Viking’s First Hit gold mine
- Maiden drilling at Sultan’s Tucklan project in the Lachlan Fold Belt of NSW looks promising
- Renascor a step closer to signing binding graphite offtake
Here’s your top ASX small cap resources winners in morning trade Thursday, February 11.
Underground sampling at the historic First Hit gold mine has returned exceptional grades up to 1056g/t.
Anything above 5g/t is generally considered high grade.
The gold distribution is typical of narrow high-grade laminated vein deposits found in the Eastern Goldfields, the company says — like the Raleigh deposit operated by Northern Star (ASX:NST).
Prior to closure due to depressed gold prices below $US320/oz, First Hit produced ~30koz ounces of gold at an average grade of ~7.7g/t gold.
No modern exploration activity has been conducted in the past 18 years.
In January, graphite play Renascor signed a non-binding deal with global top 10 battery anode company Zeto, which would buy 10,000tpa of Purified Spherical Graphite (PSG) over 10 years.
That deal is now a step closer to becoming a legally binding one.
Renascor has achieved first stage product qualification with Zeto, with the results enabling the two parties to progress towards binding offtake.
“The first stage qualification of Renascor’s purified spherical graphite with our offtake MOU partner Zeto is a further significant milestone in the pathway to achieving binding offtake and project financing for our integrated Siviour battery anode material project in South Australia,” Renascor managing director David Christensen says.
“We are delighted to be moving ahead with a global top ten anode producer such as Zeto whose clients include the likes of BYD, the world’s second largest manufacturer and retailer of electric vehicles.”
The battery metals stock is up +380 per cent over the past month.
Maiden drilling at Sultan’s Tucklan project in the Lachlan Fold Belt of NSW is looking very promising.
The first six holes of the program have pulled up “zones of veining, alteration and sulphide mineralisation up to 136m thick”.
The company identified multiple vein sets containing pyrite (gold), pyrrhotite (nickel), sphalerite (zinc), galena (lead) and chalcopyrite (copper).
The host rocks are considered to have potential to contain multiple styles of mineralisation including porphyry copper-gold, epithermal gold and McPhillamy’s-style bulk tonnage gold, the company says.
Assay results are expected end-March, Sultan says.
MINBOS RESOURCES (ASX:MNB)
Yesterday, aspiring fertiliser miner Minbos noted recent sharp increases in global phosphate fertiliser prices.
Today, Minbos announced it will adopt the global standard for Environmental, Social and Governance (ESG) reporting.
Good ESG makes good financial sense. Global sustainable investment now tops $30 trillion: up 68 per cent since 2014 and tenfold since 2004, the company says.
AUSTRALIAN PACIFIC COAL (ASX:AQC)
The company has been fighting to get its thermal Dartbrook coal mine in NSW approved in the face of local opposition.
Investors may be seeing light at the end of the tunnel.
