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Resources Top 5: IPO impresses investors as another nickel discovery is confirmed
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There has been a tsunami of new ASX listings recently and most of them are performing exceptionally well.
Today, fresh WA goldie Aurumin (ASX:AUN) hit the bourse and immediately gained 70 per cent.
The explorer has two main projects with a history of high-grade gold production.
Mt Dimer produced 123,000 ounces of gold at an ore grade of 6.4g/t, while Mt Palmer produced 158,000oz at an average grade of 15.9g/t.
The company has already started exploring the projects and expects to be able to share initial drilling results prior to Christmas.
You can officially add Toro Energy (ASX:TOE) to the stupidly long list of ‘WA explorers celebrating nickel discoveries in the last 12 months’.
Toro confirms that high grade nickel sulphides were hit during October drilling at the Dusty discovery, part of the Yandal gold project.
Average nickel grades are also better than expected, it says.
The entire 9m sulphide zone has an average nickel grade of 2.07 per cent nickel and cumulatively, the 4.5m of massive nickel sulphides grade at 3.91 per cent nickel, 0.34 per cent copper, 0.13 per cent cobalt and 0.45 g/t platinum and palladium. And it looks like these grades increase with depth.
“These are all strong indicators that Dusty’s potential, as well as the potential of Toro’s other nickel targets, is uncapped,” exec chairman Richard Homsany says.
“As a consequence of our increasing confidence, we are delighted to announce the extension of Toro’s diamond drilling programme.
“Toro is well poised to hit the ground running with justified optimism in 2021.”
Up on no news:
Something is cooking at rejuvenated explorer Greenvale Mining (ASX:GRV).
Over the past month the minnow has spiked, dipped, and now spiked again for a total gain of ~115 per cent.
The fact the company is now run by the same guys that took Pilbara Minerals (ASX:PLS) from sub-$10m shell to +$1bn lithium miner in ~5 years might have something to do with it.
Iron ore explorers are in the spotlight as prices for the steel making ingredient hit eight-year highs. In September, iron ore hopeful Flinders Mines (ASX:FMS) finalised a joint venture to develop its massive flagship Pilbara Iron Ore Project (PIOP) in WA.
The deal with BBIG means Flinders ostensibly won’t have to pay anything right up until production to retain a 40 per cent interest in the project.
Fellow iron ore hopeful Strike Resources (ASX:SRK) also gained in morning trade.
