• Australia United, MinRex fly on Lachlan Fold exploration deal
  • African Energy pegs ground “prospective for large porphyry copper-gold deposits”
  • Miramar Resources  surges +150 per cent on ASX debut

Here’s your top ASX small cap resources winners in morning trade Thursday, October 22.

Sleepy explorers Australia United Mining (ASX:AYM) and MinRex Resources (ASX:MRR) surged after inking a joint venture agreement over a project in the popular Lachlan Fold Belt of NSW.

MinRex, which will pay Australia United an initial $1m in cash and shares, could then earn up to 80 per cent of the project by spending $2.25m on exploration.

MinRex also scooped up a number of other projects “in close proximity to majors and mid-caps Freeport McMoRan, Alkane Resources, Newcrest Mining, Evolution Mining, FMG Resources and Sandfire Resources”.

Australia United (ASX:AYM) and MinRex (ASX:MRR) share price charts


Gold explorer Miramar Resources (ASX:M2R) has surged +150 per cent on its ASX debut following a heavily oversubscribed IPO.

Miramar’s exec chairman Allan Kelly says it’s a great time to be a WA gold explorer.

“We have compiled a portfolio of under-explored but highly prospective exploration projects in two world class gold provinces and within close proximity to a number of existing gold mining and processing facilities,” he says.

“It’s fantastic to see that investors have enthusiastically embraced our strategy.”

Miramar (ASX:M2R) share price chart


African Energy Resources (ASX:AFR) was up +30 per cent after applying for exploration ground in WA “prospective for large porphyry copper-gold deposits and/or intrusion related orogenic gold deposits”.

Porphyry deposits are gigantic. They currently supply ~60 per cent of the world’s copper, most of its molybdenum, and significant amounts of gold and silver.

The explorer is diversifying away from its focus on coal and power projects in Botswana, and this application complements a recent investment in Caravel Minerals (ASX:CVV), which owns a large porphyry copper-molybdenum deposit in WA.

African Energy (ASX:AFR) share price chart


Up on no news:

Empire Resources (ASX:ERL) is planning a deeper drill program at its newly discovered ‘PF09’ gold prospect, which is a stone’s throw from Orminex’ (ASX:ONX) small (but high grade) Penny’s Find mine in WA.

Philippines-based explorer RTG Mining’s (ASX:RTG) main game is the development of the high grade Mabilo copper gold mine project.

But the junior is also eyeing the redevelopment of the Panguna mine, which has an incredible resource of 5.3 million tonnes copper and 19.3 million ounces of gold with an inground value in excess of $US60 billion.

Empire (ASX:ERL) and RTG (ASX:RTG) share price charts