• Cannindah dusts off impressive historic copper-gold intersections at namesake project
  • Near term gold miner Sihayo intersects 9m at 8.4g/t gold and 9.3g/t silver in Indonesia
  • Miramar is back drilling potential new gold discovery near Kalgoorlie

Here are the biggest small cap resources winners in morning trade, Wednesday March 17.



This gold-copper minnow looks to be waking from an extended +2 year coma – even its share price chart is starting to look like a heart rate monitor:


That last spike on March 2 was caused by its historic, high grade Piccadilly gold project in Queensland, where early stage rock chip sampling has recovered high grade gold up to 15g/t at surface in an area called ‘The Bend’ .

Today, it’s all about its namesake Mt Cannindah project — also in Queensland — where a review of old drilling and sampling work from major miners like Mt Isa Mines and Newcrest returned significant hits like 82m at 2.32 per cent copper 0.88 g/t gold and 42.1 g/t silver from 28m.

The explorer re-estimates non-JORC resources to be ~90,000t of copper, 60,000oz of gold and 2.5moz of silver.

“The prices today for gold, copper, and silver which are all major commodities at the Mt Cannindah project are significantly higher than when the previous explorers were drilling,” the company says.

“This timely review identifies the potential contained within existing mining leases at Mt Cannindah along with areas that have been underexplored.

“CAE now has the opportunity to take advantage of all this previous high-quality work to develop these 100% owned assets, at a time of high demand for the metals contained in them.”

There was no mention of an upcoming exploration program by the company, which was up +180% in early trade.



Near-term miner Sihayo hit 9m at 8.4g/t gold and 9.3g/t silver from 8m in early drilling at the ‘Hutabargot Julu’ gold prospect in Indonesia.

That’s thick, shallow and high grade.

“These latest results clearly demonstrate the presence of a large mineralised system at Hutabargot Julu that appears to strengthen to the west in near surface drilling,” exec chairman Colin Moorhead says.

“As our understanding of the geology at the prospect continues to improve, we have identified follow up targets and we will commence drilling these imminently.”

This regional exploration program is running concurrently with Sihayos’ 635,000oz ‘Starter Project’, where construction is expected to begin in the second half of this year.



Miramar — which IPO’ed in October last year with ex-Doray Minerals founder Allan Kelly at the helm — has a bunch of gold and base metals projects in WA.

Drilling has kicked off at the Gigji project near Kalgoorlie, where a maiden program in Feb identified several new targets including a potential new discovery at ‘Marylebone’.

Marylebone – where this maiden drilling intersected 2m @ 7.7g/t Au in an oxidised (probs shallow) quartz vein — shows “a number of apparent similarities” to the multimillion ounce Paddington gold deposit, about 10km away.

The new drilling campaign will take about four weeks to complete.



(Up on no news)

Iron ore explorer Admiralty has enjoyed a nice +250% run over the past six months.

In February, the iron ore explorer signed a deal to hopefully commercialise its Mariposa project in Chile.

Under the contract, Chinese company Hainan fully funds mining and construction “with all capital contributions, security, legal costs, risks and potential losses borne by Hainan solely”.

The deal covers the first 2 million tonnes of iron ore.

Admiralty will get a ‘laddered’ royalty rate up to 7 per cent per tonne of iron ore produced if the price stays above US90/t.

The benchmark price is currently ~$US168/t.



(Up on no news)

Explorer Wildcat – formerly Fraser Range Metals — has gold projects in a couple of red-hot Aussie jurisdictions: ‘Mt Adrah’ in the Lachlan Fold Belt of NSW, and ‘Bolt Cutter’ in the Mallina province of WA.

It recently appointed new chief exec Sam Elkins, an experienced geo who previously held senior roles at major miners Gold Fields and Evolution Mining (ASX:EVN).

“The company is in a strong cash position and has an experienced, engaged and supportive board,” Elkins said on March 8.

“I’m excited by the opportunity to lead the company towards a transformational resource discovery.”