Resources Top 5: Investors are taking a good soak in hot lithium riches
Here are the biggest small-cap resource winners in early trade, Thursday August 11.
Up 100pc in the past year, this ~$17.06m market cap lithium explorer acquired the early stage Northern Territory Lithium Project back in May.
Today, initial desktop review works have confirmed high-grade lithium prospectivity across the site with rock chip samples returning 5.46% Li20, 2.27g/t gold, and 4.59g/t gold.
From the identified outcropping pegmatite bodies, the true extent of many of the pegmatites is significant – spanning several kilometres in length, with potential for a significant discovery.
Ragusa has completed planning of its initial drilling program to test the main known outcropping pegmatite bodies.
“The company’s strategic and highly prospective NT Lithium Project, with high grade historical and confirmatory lithium sample results, four granted tenements, approved MMP and upcoming commencement of our maiden drilling program is very exciting and puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district,” Zuvela says.
LPM announced its 10,000m drilling program at the flagship ‘Bynroe’ lithium project, which shares a border with Core Lithium’s (ASX:CXO) ‘Finniss’ mine development back in June.
The company focused on the ‘Lei’ and ‘Cai’ prospects where there is “strong potential to delineate a maiden high-grade resource”, LPM said at the time.
Today, a thick interval of 43m of pegmatite from 191.9m has been intersected, where the initial phase-1 hole was positioned to target down-dip expression of lithium mineralisation around 50m below the discovery RC hole.
The second diamond drill hole at Lei is underway.
“We are pleased with the samples from our maiden diamond hole at the Lei Prospect, which have visibly validated the historical spodumene-bearing pegmatite system at depth and provide us confidence that we may have a significant lithium discovery at Bynoe,” executive chairman Bin Guo says.
This lithium stock was producer Altura Mining before it went into administration in 2020.
This morning shares are up some 20% on news of a second Nevada lithium project acquisition where an agreement has been reached with US-based Lithium Corporation to earn a 60% interest in the North Big Smoky Project (NBS), with options to acquire 100%.
The project is located in Nye County, about 110km to the north of the regional centre of Tonopah and 240km southeast of the major centre of Reno – Tesla’s Nevada Gigafactory is located 37km east of Reno.
The NBS Project area consists of 178 claims covering roughly 1,376ha in a well-known, highly prospective lithium region.
1MC says the project straddles structural features that can be traced on the surface and have been assessed to be a potential conduit for lithium mineralisation in sediments and brines.
ASQ has acquired exploration ground from a private investor group in the highly prospective Koolyanobbing Greenstone Belt to be renamed ‘Koolyanobbing Metals Project’ (KMP) north of Southern Cross in Western Australia.
The company believes the project is under-explored and prospective for lithium, gold, nickel, and copper.
ASQ says it was initially attracted to the area for the high purity quartz potential on E77/2684, which will remain a focus for the company at the Lake Seabrook Quartz Project targeting a high-grade feedstock for a processing technology ASQ is researching and developing.
Previous explorers have mapped an extensive swarm of outcropping pegmatites over a strike length of 6.5km within the KMP on a peninsula of land extending into Lake Seabrook adjacent to the Koolyanobbing Shear Zone and within a coherent rubidium soil anomaly.
(Up on no news)
CZL made its pivot into lithium in May when it locked in a deal to buy WA-based Westoz Lithium for $740,000 in cash and shares.
Global Lithium Resources’ (ASX:GL1) Marble Bar Lithium Project (MBLP) is also nearby.
The company recently undertook some changes to its board and management – Andrew Richards retired as chairman and managing director Brad Marwood was appointed to executive chairman, effective from September 1.