Resources Top 5: Investors swoop on ‘ultra-high grade’ rare earths, historic gold (re)discovery
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Here’s your top ASX small cap resources winners in morning trade Wednesday, September 30.
Trek Metals (ASX:TKM) has stumbled upon a bunch of historic undrilled gold shafts and workings at a recently acquired Pilbara project.
An initial site visit by a geologist to the Jimblebar gold project led to the (re)discovery of a 300m-long area of extensive gold shafts and workings on an expired mining lease.
Follow-up rock samples confirmed the prospectivity of the area named ‘Stu’s Find’, presumably after the geologist responsible.
This will be a priority focus for upcoming programs, Trek says.
RareX (ASX:REE) has uncovered “ultra-high grade” rare earths up to 25.1 per cent at the Cummins Range project in WA.
The first batch of assays from a recently completed drilling program, designed to increase confidence in the current resource, returned a highlight 36m at 4.6 per cent TREO from surface, including 3m at 25.1 per cent from 15m.
To put that in context, the current inferred resource for Cummins Range is 13 million tonnes at 1.13 per cent TREO.
Oh, and appreciable silver and and “favourable geology for other precious metals” was also encountered during the program.
As a result, additional assaying for gold and PGEs will also be undertaken, RareX says.
Diversified South Aussie copper-cobalt-gold-iron ore-rare earths explorer Havilah Resources (ASX:HAV) spiked +30 per cent on big volumes in early trade.
Battery facing explorer Euro Manganese (ASX:EMN) is now at 16-month highs.
The stock previously noted that Elon Musk’s new battery design is expected to result in a material increase in demand for high-purity manganese.
This might also explain why fellow manganese play Byrah Resources (ASX:BYH) was up ~18 per cent this morning.