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Mining
Here’s your top ASX small cap resources winners in morning trade Tuesday, February 2.
The explorer picked up rocks containing up to 37 g/t gold and 1590 g/t silver at Humboldt Range Project in Nevada.
These are high grades but remember: surface sampling is just one ‘tool’ that points to a potential economic deposit.
The company won’t know anything for certain until it drills some holes.
The early signs are positive though. Humboldt Range sits between two large active precious metal mining operations: the Florida Canyon mine (+5moz gold) and the Rochester mine (+400moz silver, +3moz gold) and contains numerous small-scale historical mine workings which have been dormant since 1927.
BANNERMAN RESOURCES (ASX:BMN) & ALLIGATOR ENERGY (ASX:AGE)
Bank of America analysis predicts that delayed power plant closures could boost global uranium demand by 26Mlbs, “unleashing a meltup in uranium stocks”, according to ZeroHedge.
A number of Aussie uranium stocks jumped in early trade, led by Bannerman Resources and Alligator Energy.
Bannerman’s Etango-8 project in Namibia has been ‘reimagined’ as smaller scale mine initially, but with the ability to ramp up production as demand improves.
Yesterday, Alligator kicked off exploration at its newly acquired Samphire uranium project in South Australia.
“The Samphire project represents an exciting opportunity for Alligator within an improving uranium market for a timely potential future development,” chief exec Greg Hall says.
Other early risers include Lotus Resources (ASX:LOT) +20 per cent, GTI Resources (ASX:GTR) +17 per cent, Vimy Resources (ASX:VMY) +10 per cent and Paladin Energy (ASX:PDN) +11 per cent.
GREAT WESTERN EXPLORATION (ASX:GTE)
The explorer has uncovered a large gold target 2.5km long and 1.5km wide called ‘Golden Bullock’ at the Atley North project.
This is exciting stuff, the company says. It had planned to drill Atley North late in the June quarter, but will now bring it forward to ASAP.
“We will also continue the preliminary field work to prove up more targets to go on and drill test during what will be a very active 2021 field work program,” the company says.
The minnow punched two holes into a 7sqkm ‘blind’ target called Great Eastern, about 6km from the Eidsvold goldfield in Queensland.
Results pointed to the potential presence of a large copper-gold system.
“These first two drill holes are highly encouraging and establish that two main intrusion systems are in play,” Metal Bank chair Inés Scotland says.
“The one we want to target is at a depth which is feasible, and an additional drill hole is planned to directly test this updated target area.”
Exciting times.
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