• Minnow Cannindah picks up high grade gold in rock chips at Piccadilly project in QLD
  • Eclipse uncovers rare earths mineralisation at recently acquired Ivittuut multi-mineral project in Greenland
  • WA explorers Yandal, Liontown announce market-moving gold hits

Here are the biggest small cap resources winners in morning trade, Tuesday March 2.

 

CANNINDAH RESOURCES (ASX:CAE)

Gold-copper explorer Cannindah has dabbled — or thought about dabbling – in almost every hot sector you can think of.

The minnow looked at infant formula at the peak of the craze in 2017, but decided against it. In late 2018 it briefly diversified into hemp.

Meanwhile, the company was chugging away at its historic, high grade Piccadilly gold project in Queensland.

Piccadilly is the reason Cannindah is up +200 per cent in morning trade.

Early stage rock chip sampling has recovered high grade gold up to 15g/t at surface in an area called ‘The Bend’ when old mines abruptly change direction to follow a ‘fold’ in the gold-rich rock.

“Such a fold axis and bend is a prime candidate to produce space during the mineralising phase, and a channel way for gold bearing hydrothermal fluid to exploit,” the company says.

“The targets we have in mind are high-grade gold shoots controlled by the potential mineralising pathway created by the major fold structure in the host rocks.”

An upcoming trench sampling program will dial in on some targets for drilling, Cannindah says.


ECLIPSE METALS (ASX:EPM)

In January, this NT uranium play changed focus – and location — buying “the world’s largest and only” (lol) cryolite mine in Greenland.

Cryolite is a rare mineral proven to reduce energy consumption in aluminium production, Eclipse says.

But there’s more. Now the company has found rare earths elements (REE) at surface — something that was “not recognised during historical mining”.

The Ivittuut project continues to show the hallmarks of containing world-class mineral deposits, Eclipse exec chairman Carl Popal says.

“These REE results show high europium values amongst other REE, which are in extremely short supply around the world,” he says.

“The REE prospectivity fits well with our mission to excel in the commercialisation of metals and minerals demanded in the production of green energy and required by the industry to reduce pollutants.

“Historical exploration records indicate the potential for rapid development and production of cryolite, fluorite, quartz, REE, carbonate, zinc and siderite.”

 

AFRICAN GOLD (ASX:A1G)

(Up on no news)

In January, high profile investor Tolga said A1G was worth a closer look.

The West African gold minnow recently brought in the expertise of proven mine finders Peter Williams and Simon Bolster.

Credits to their name include Papillon Resources’ Fekola gold discovery in Mali – purchased by B2 Gold for $570 million in 2014 – and Gryphon Minerals’ Banfora gold discovery which led to an $84 million takeover by Teranga Gold in 2016.

“They see multi-million-ounce potential on the licences we just acquired at A1G, and I believe in their ability to do what they’ve done before, again,” Kumova said.

 

YANDAL RESOURCES (ASX:YRL)

Tightly held WA gold explorer Yandal listed on the ASX in early 2019 at 20c per share.

Multiple thin but super high grade and shallow intercepts from the ‘Sims Find’ prospect – like 1m 129g/t gold – have sent the stock to ~50c per share.

“It is really quite astounding that we have been able to generate these high-grade intercepts and improve the prospectivity at Sims Find and the immediate adjacent areas with our first drill program,” Yandal managing director Lorry Hughes says.

“The area has seen fractured ownership in the past which has hampered effective exploration.

“We have an incredible opportunity to take a big picture view with our consolidated ownership of the area and leverage off a number of highly anomalous historic intercepts to explore for major deposits along strike and at depth.”

 

LIONTOWN RESOURCES (ASX:LTR)

WA based Liontown is one of those blue chip exploration stocks that seems to find success wherever it goes.

It was one of the few lithium stocks that wasn’t decimated by poor battery metals sentiment during 2019. The flagship ‘Kathleen Valley’ project is now one of the more advanced projects hoping to supply into a lithium-hungry electric vehicle market.

But this current share price move is all about Moora, a nickel-copper PGE project 95km from Chalice’s Julimar discovery near Perth.

Liontown just pulled up an “outstanding intercept” of 44m at 1.6g/t in the very first reverse circulation drill hole. This includes a high grade 4m section grading 10g/t gold from 220m.

“It’s obviously still early days, but the data suggests the potential for a large mineralising system at Angepena that will require intensive drill testing,” managing director David Richards says.

“The fact that the shallow anomalism we have been seeing in auger and air-core drilling is directly related to primary bedrock mineralisation is a vital breakthrough that confirms that we have an emerging discovery opportunity at Moora.”