AusQuest shares are stacking up following impressive hits at the Cangallo prospect in southern Peru. Pic: Getty Images
Resources Top 5: Investors pile in on AusQuest as it confirms copper-gold discovery
Mining
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- AusQuest confirms large-scale discovery at Cangallo
- Resouro jumps on infill drilling results at Tiros
- Three other companies up on no news
Your standout small-cap resources stocks for Thursday, February 6, 2025.
AusQuest (ASX:AQD)
The top resources gainer for 2025 has got off to a rapid start after confirming the large-scale porphyry copper-gold discovery at the Cangallo prospect in Peru.
The latest round of drilling results from a very small fraction of the prospective target area returned 304m at 0.30% copper from 34m, 154m at 0.37% copper and 226m at 0.22% copper from 230m.
This follows on the heels of the discovery made last month after an intersection of 348m at 0.26% copper and 0.06ppm gold from surface, which powered the long-time ASX battler to a major monthly run and boosted the stock to a 388% rise.
AQD managing director Graeme Drew said the results exceeded expectations and have only just scratched the surface with exploratory drilling to continue searching for more near-surface copper and deeper sulphide mineralisation.
Planning is already underway for a follow-up program and will be finalised over the coming weeks.
“We believe there is significant upside potential at Cangallo,” Drew said.
“The final batch of assays has confirmed Cangallo as a significant new greenfields porphyry copper-gold discovery in Peru and we look forward to updating our shareholders on the next steps.”
OzAurum Resources (ASX:OZM)
(Up on no news)
Monday’s winner is still up on a high after reporting visible gold yesterday from the top composite assay of 4m at 14.17g/t at the Mulgabbie North project.
The asset, one of two advanced projects owned by OZM in Western Australia, is home to 8km of strike with multiple deposits and is part of the 3.5Moz Carosue Dam gold camp.
Up to 50% quartz was also observed in multiple high-grade intervals, a hallmark of significant gold systems.
The company expects a reverse circulation rig to arrive onsite late next week to conduct follow-up drilling while assays of more detailed 1m samples are also expected next week.
Resouro Strategic Minerals (ASX:RAU)
Resouro put on the pounds today after first-stage results from infill drilling at its Tiros titanium and rare earths project in Minas Gerais, Brazil, returned strong assay results.
Notable intersections from the first 12 of 39 holes drilled at the project include 7m at 24.5% titanium dioxide and 11,000ppm total rare earth oxide from 39m and 40m at 11.2% TiO2 and 4100ppm TREO.
The high-grade zone with double the grade for both TiO2 and TREO compared with the mineralised zone was identified in eight of the infill holes.
“These drill hole assays are exceptional on a global scale while remaining characteristic of Tiros mineralisation,” chief executive officer Alistair Stephens said.
“Beyond the impressive tenor of mineralisation, the lateral continuity over widths of 30m to 50m further underscores the project’s significance.”
Further assays from the infill drilling are expected progressively this month.
Kalgoorlie Gold Mining (ASX:KAL)
(Up on no news)
KAL is technically up on no news today BUT is in trading pending assays from its most recent drilling program at Kirgella West, part of the Pinjin gold project northeast of Kalgoorlie-Boulder in WA.
Pinjin covers substantial portion of the southern part of the prolific LTZ, which hosts some of the Eastern Goldfields’ largest gold mines and deposits.
The project is strategically located next door to Ramelius Resources’ (ASX:RMS) Rebecca asset, where a recent pre-feasibility study (PFS) estimated gold production to begin in 2027.
During the December quarter, KAL completed four phases of aircore drilling at three priority prospects (Wessex, Providence South and Kirgella West/East) ahead of reverse circulation drilling.
Marquee Resources (ASX:MQR)
(Up on no news)
While Marquee had no news out today, the company had reported on Monday that rock chip sampling at its Mt Clement project had discovered multiple antimony zones.
Remaining rock chip samples from its November 2024 field work highlighted the strong potential to delineate extensions to the Eastern Hills antimony-lead deposit.
Meanwhile, geological mapping and rock chip sampling focused along strike of the Taipan structural trend has identified multiple, prospective structures after returning results of up to 9140ppm antimony and 2.34% lead.
Assays from 1155 soil samples have also been received, allowing the company to define prospective target areas.
MQR is also well advanced in drill planning with heritage surveys to begin in Q1 2025.
At Stockhead we tell it like it is. While Resouro Strategic Minerals is a Stockhead advertiser, it did not sponsor this article.
