There aren’t many ASX stocks avoiding the carnage today. Here are five explorers and miners floating above a sea of red.


Explorer AIC has discovered a large-scale mineralised zone its Lamil copper-gold project — a JV with Rumble Resources (ASX:RTR) — in the Paterson Province of WA.

The Paterson Province is home to some mammoth gold and copper discoveries, like Rio Tinto’s ‘Winu’ and Newcrest’s ‘Haverion’ JV with London-listed Greatland Gold.

A maiden drilling program at Lamil intercepted primary copper with low grade gold and multi-element pathfinder anomalism in two holes 800m apart — “a key feature of many of the known gold-copper deposits in the Paterson Province, including the world class Telfer deposit”, AIC says.

“The results are highly encouraging, particularly given the wide spacing of the drilling program,” it says.

“This ‘alteration cell’ can now be traced for at least 2 kilometres along strike on the central eastern flank of the Lamil Main Dome.”

Follow-up drilling and testing a number of newly identified targets is expected to kick off in April.



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Earlier this week Great Boulder hit a shallow, 4m-long intersection grading 17.71g/t gold from 32m at the ‘Mulga Bill’ target in WA.

As a rule of thumb, anything above 5g/t is considered high grade.

“This is the highest-grade air-core intersection recorded to date at [the 3.7km long] Mulga Bill,” managing director Andrew Paterson says.

“It’s always encouraging to see such high grades relatively close to surface. I’m also pleased to see that this drilling is adding confidence to our primary target zones at depth.”



Has struggling gold miner Medusa turned the corner?

It’s been almost all downhill for Medusa over the past nine years as its share price plunged from $8.35 to recent lows of 40c in March last year, due to ongoing issues at its Co-O mine in the Philippines.

The stock is currently at 95c, giving it a market cap of about $200m.

The latest half year result was pretty positive for the company. It recorded a net profit of US$US40.1 million — up 64 per cent on $US24.4 million from the prior corresponding period.

This strong performance was underpinned by an increased head grade of 7.34 g/t gold.

Medusa maintained its FY2021 production guidance of 90,000 to 95,000 ounces at an all in sustaining cost (AISC) of between $US1,200 to $US1,250 per ounce.



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Chinese magnesium prices are expected to increase further in the coming days “because of low inventories, higher feedstock costs and buoyant demand”, according to market participants.

Argus says expected recovery in the country’s car industry is also expected to lend support to prices of automotive parts and their feedstock light metals and battery metals, including magnesium, silicon, cobalt, lithium, nickel, graphite and manganese.

Victorian-based magnesium project developer Latrobe expects to start construction of 3,000tpa pilot plant (a smaller version of the real thing) in March 2021 and be in production by Q2 2022.



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Apollo is focused on a large-scale, near-surface Kroussou zinc-lead project in the African nation of Gabon.

Earlier this month, ex Resolution Mining head John Welborn joined the board as non-exec director.

Welborn was also a world-class rugby player who represented the Wallabies between 1996-99.

His five-year stint at gold miner Resolute (ASX:RSG) saw the company’s market cap grow from less than $200 million to more than $1 billion.