• Carnaby Resources uncovers two big targets near Nil Desperandum, Lady Fanny IOCG discoveries
  • Drilling to start soon at “one of the most highly prospective undrilled copper gold projects in South-East Asia”
  • Lithium mineralisation dominantly spodumene at Dart Mining’s Dorchap Range project

Here are the biggest small cap resources winners in early trade, Thursday June 23.



IP surveying has lit up two big targets in the 3km corridor between the ‘Nil Desperandum’ and ‘Lady Fanny’ IOCG discoveries, CNB says.

“The undrilled 3km corridor between Nil Desperandum and Lady Fanny now has two excellent deposit scale drill targets following the identification of these highly significant IP anomalies,” managing director Rob Watkins says.

“IP has proven to be a fantastic targeting tool being responsible for the original high grade discovery hole at Nil Desperandum.

“These new IP anomalies are both of similar strength and magnitude and are being fast-tracked to first pass drill testing.”

In December last year CNB announced a brand new discovery at Nil Desperandum – part of the ‘Greater Duchess’ project in QLD — after hitting a 41m long intercept at 4.1% copper, which included a 9m chunk grading 10.3%.

The CNB share price is up ~180% since then.



X-Ray Diffraction (XRD) analysis of 74 samples demonstrate that lithium mineralisation is dominantly spodumene at DTM’s ‘Dorchap Range’ project in Victoria.

This is a good thing, as spodumene is the primary ore mineral mined globally for hard-rock lithium deposits.

Notable concentrations of spodumene and petalite lie within a large 20×12km zone at Dorchap, DTM says.

XRD uses x-ray beams to reveal an average bulk mineralogical composition.

“Confirmation of spodumene as the primary mineralisation style, with subsidiary petalite in pegmatites, further underscores the importance of Dart’s Dorchap lithium project,” chairman James Chirnside says.

“These latest XRD analyses across the project demonstrates the effectiveness of geochemical mapping for pin-pointing the main target area for lithium prospectivity.”

Dart Mining geologists first identified lithium prospectivity at Dorchap Range in 2016 and set about acquiring exploration leases across the region.

These are the first recorded lithium pegmatites identified in Victoria, it says.

The $8m market cap stock is down 28% year-to-date. It had ~$1.4m in the bank following a recent placement.



In March, explorer TEM spiked hard on a potentially very large copper discovery. We say ‘potentially’ because assays for the maiden holes are still pending.

The first 709m-long hole of a two-hole diamond drilling program at ‘Orion’, part of the flagship ‘Meleya’ project in WA, pulled up three mineralised copper sections. The second, 1,021m-long hole hit more of the same.

Yesterday it ran again, this time on no news.

In response to a price query from the ASX, it said that “assays for key zones should be available within two weeks and complete assays of both holes should be available within 8-10 weeks”.

The company also received strong interest from “many parties” at the recent Prospectors & Developers Association of Canada (PDAC) convention in Toronto, it says.

And there could also be an acquisition in the pipeline, with TEM saying recently that it was looking at several gold mining and exploration projects in Australasia and North America.

“Any such opportunities are in very early stage and as such the Company has no material information which can be disclosed at this time,” it says.

The $31m market cap stock has softened over the past few months but remains +240% year-to-date.

It had $8.1m in the bank following a recent raise.



(Up on no news)

ODE, one of only three diamond companies on the ASX, relisted in January after raising $6 million IPO at 2c a share.

Odessa has a bunch of WA projects located between the historic Argyle and Ellendale diamond mines including ‘Aries’, which it calls “the largest and most diamondiferous kimberlite in WA”.

In May, a close spaced drill program was being designed to test the true surface size of the Aries complex.

“There has been no significant exploration at Aries in nearly two decades and the diamond market has changed significantly in recent years making Aries a very attractive development project today,” ODE CEO Alistair Stephens says.

“Aries will now be assessed with the detail needed to determine its true size and its capacity to supply high-value, gem-quality diamonds.

“This kick-off drilling and sampling program will for the first time define the accurate surface outline of the greater kimberlite complex at Aries, diamond grade potential, and gem qualities.

“With the amount of work planned for 2022, we expect an exciting year for Odessa shareholders.”

In April, it also branched out into lithium and rare earths, acquiring the 606sqkm ‘Lyndon’ project near Carnarvon in WA.

The project includes numerous clusters of pegmatites prospective for lithium, and several features similar to those associated with Dreadnought’s (ASX:DRE) nearby rare earth discoveries.

There is also nickel and copper potential, ODE says, and a uranium project next door.

The ~$4m market cap stock is down 30% year-to-date It had $5.4m in the bank at the end of March.



Listed in March this year, FEG boasts a 1.15Moz and growing gold resource at the ‘Wonogiri’ project in Indonesia.

There’s also ‘Trenggalek’, where more than 17,700m of drilling has been carried out to date, and ‘Woyla’, a project previously held by Barrick Gold and Newcrest.

FEG recently got environmental permission to drill Woyla – “one of the most highly prospective undrilled copper gold projects in South-East Asia” — for the first time in the project’s history.

A contact has now been signed for 10 holes totalling ~1,400m of diamond core drilling at Woyla’s ‘Anak Perak’ prospect.

The $41m market cap stock is up 65% on its IPO price of 20c per share.