Resources Top 5 (ish): Supercharged lithium stocks and an enormous copper porphyry discovery
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Here are the biggest small cap resources winners in early trade, Thursday August 12.
The Sunstone management team is already credited with finding SolGold’s ‘Cascabel’ and Intrepid Mining’s ‘Tujuh Bukit’ deposits.
Both are undeniably world-class.
Sunstone’s focus is now the ‘Bramaderos’ and ‘El Palmar’ copper-gold exploration projects in Ecuador.
The cashed-up company has hit copper porphyry in its very first hole at El Palmar from surface, based on visual inspection.
The hole is currently at ~350m and will continue to a depth of at least 600m. Planning for follow-up drilling is already underway.
“We have achieved the first objective in our strategy to discover a large copper-bearing porphyry system,” managing director Malcolm Norris says.
“We are encouraged by what we see in this first drill hole, and we look forward to receiving the assays.”
Drilling at Bramaderos gold-copper is ongoing and further results and plans for H2 2021 will be released shortly.
“Our cash and equity investments remain strong at ~$23m, allowing us to significantly expand our exploration activities should results in the next couple of months justify (it),” Norris says.
Exploration success has pushed the $67m market cap stock up 190% so far in 2021.
(Up on no news)
GTE reckons it might be onto a DeGrussa analogue at ‘Thunder’, about 110km from Sandfire Resources’ (ASX:SFR) world-class VMS copper-gold camp in WA.
An EM survey identified a large 800m long, 100m deep anomaly at Thunder, adjacent to a 1.7km strike length copper-gold soil anomaly. Very promising.
Drill planning has now kicked off, the company said late July.
Its new ‘Lake Way’ potash project includes a continuation of the main channel developed by ~$280m market cap Salt Lake Potash (ASX: SO4), which is set to be the first to market in Australia’s burgeoning sulphate of potash industry.
(Up on no news)
Coal is booming again and Southern Africa is experiencing a major energy crisis, which is “driving strong interest” in the low‐cost baseload power that can be delivered by African Energy’s coal powered ‘Sese’ project, the company says.
The fully permitted Sese JV (African Energy 33%, Quantum Minerals 66.7%) is now talking with prospective financing and construction partners, the company says.
African Energy also has some early stage exploration ground in WA prospective for big copper-gold porphyry deposits and a significant holding in copper play Caravel Minerals (ASX:CVV).
ASX lithium explorers are going mental, with the momentum carrying through into the new week.
$22m market cap Charger Metals (ASX:CHR) is now up 250% on its IPO price of 20c per share.
Fieldwork has kicked off at Charger’s ‘Bynoe’ lithium project, near Darwin in the Northern Territory.
Bynoe is surrounded by Core Lithium’s (ASX:CXO) Finnis lithium project, which has a mineral resource inventory of 14.7Mt at 1.32% Li2O and is at a very advanced stage of development having had completed a definitive feasibility study.
The explorer has inked a JV with Green Technology Metals (GTM) to explore and potentially develop these non-core lithium assets in Ontario.
The stock is currently selling for ~ 70.5c – a 252% gain on its IPO price of 20c per share – making it one of July’s best performing listings.
Advanced project developer Sayona Mining (ASX:SYA) is now up 1,300% year to date.
In June, a Canadian court approved Sayona’s ~$107 million acquisition of the mothballed North American Lithium (NAL) operation, which will be integrated into the nearby Authier project to create a world scale lithium hub.