• Patriot Battery Metals hits 156.9m at 2.12% Li2O from 176m — including 25m of 5.04% Li2O
  • Minbos says development activities at Cabinda phosphate project ramping up ahead of first production H2 2023
  • Aruma, Lachlan Star, Discovery Alaska up on no news

Here are the biggest small cap resources winners in early trade, Thursday January 19.



PMT has drilled an incredible 156.9m-long interval grading 2.12% Li2O from 176m — including 25m of 5.04% Li2O – at the CV5 Pegmatite, part of the Corvette property in Canada.

The ore grade of most hard rock lithium mines around the world ranges between 0.8% and 1.5% Li2O.

“It is hard to find words to adequately describe the impressive nature of the lithium mineralisation in drill hole CV22-083,” says Darren Smith, Vice President of Exploration.

“Visual estimates of spodumene abundance may give you a sense, but assays are the true measure and have certainly astounded with this hole.”

It is the widest, highest grade lithium drill intercept returned to date at the CV5 Pegmatite, where mineralisation has been traced over a strike length of at least 2.2km, so far.

This includes a large, high-grade zone at least 250m long. Mineralisation remains open along at both ends and to depth along most of the pegmatite’s length, PMT says.

Assay results for 24 drill holes from the 2022 drill campaign remain to be reported.

Smith says a recently commenced winter drill program will continue to probe and delineate this area ahead of an initial mineral resource estimate planned for the first half of 2023.

“Drill hole CV22-083 has raised the bar ever higher with respect to the considerable potential at CV5 as we continue to delineate it, and by extension, the rest of the CV lithium district held by the company that has yet to be drill tested,” he says.

PMT dual-listed on the ASX late last year, raising $4,200,000 at an issue price of $0.60 per CDI.

It spiked hard on debut, thanks in part to the magic touch of modern lithium legend Ken Brinsden.

Brinsden, who sits on the board as non-exec chair and director, helped turn Pilbara Minerals (ASX:PLS) from a penny dreadful into a $15 billion lithium giant.

READ: Industry legend and ex-Pilbara Minerals boss Ken Brinsden is singing ‘O Canada’ in return to ASX lithium market



Near term miner MNB says fertiliser plant and equipment are now en route to its Cabinda phosphate project in Angola, with development activities ramping up in anticipation of first production H2 2023.

Initial construction activities at Cabinda are on target and within budget, the company says.

A recent definitive feasibility study (DFS) on the 85%-owned project delivered “compelling economics”, including a post-tax net present value (NPV) of $US471m and an internal rate of return (IRR) of 66% (100% basis).

Plant capacity is ~187,500tpa in a ‘one plant’ scenario, which will then expand to two plants across a 20-year project life.

This could deliver project gross revenues over US$1.4bn, MNB says.

But Cabinda is just the start of the journey for MNB in Angola, CEO Lindsay Reed said October last year.

“The company [is] now making numerous investments across its Green Ammonia Project, soil carbon sequestration and other innovations in the fertiliser space,” he says.

“Work carried out over the past 24 months has Minbos strongly positioned to capitalise on the fertiliser opportunities in new markets regionally, as well as new commodities and mining explosives.”

The $100m market cap stock is up 40% year-to- date.

READ: As the fertiliser bottleneck hits food supplies, these ASX small caps are racing into production



(Up on no news)

Earlier in January, AAJ spiked on decent volume after drilling into high-grade lithium-rubidium at the Mt Deans project in WA.

Results included a highlight 8m at 1.89% Li2O+RB2O from 26m.

Overall, the program returned lithium-rubidium grades of more than 2%, with a total of 12 intersections with grades in excess of 1.5% lithium-rubidium of varying widths.

Based on the continuing positive results from its drilling and exploration activities at Mt Deans, AAJ says it may look to concentrate the ore using simple froth flotation/gravity circuits to produce a saleable lithium-potassium concentrate, with valuable rubidium and caesium by-products (with possible tin and tantalum gravity concentrates).

AAJ also has a couple of WA gold projects on the go, including Melrose (near the Paulsen’s gold mine owned by Black Cat Syndicate (ASX:BC8) and Salmon Gums.

The $15m capped stock is up 88% in 2023.



(Up on no news)

In June 2020 the former shell paid ~$350,000 for 75% of the ‘Koolan’ project near Chalice Gold Mines’ (ASX:CHN) regionally defining Julimar nickel-copper-PGE discovery near Perth in WA.

It was a good move. Liontown (ASX:LTRspin-out Minerals 260 (ASX:MI6) has since farmed into Koolan, recently earning an initial 30% interest by spending $1.5m on exploration.

MI6 can acquire 51% in Koojan by spending $4 million on exploration within five years.

On 21 November 2022, MI6 announced a ~15,000m drilling program across the KJV and adjacent Moora project held by MI6.

In December, MI6 advised that 32 holes for 5,146m had been drilled in the current program. Drilling was then paused for the Christmas/New Year period before recommencing in early January 2023.

Initial assays are expected in late January/early February 2023, the company says.

$22m market cap LSA is up 40% year-to-date.



(Up on no news)

This gold minnow enjoyed a solid rerate after converting to the Church of Lithium in 2022, before giving back much of those gains in the latter half of the year.

DAF is busy proving up the lithium potential of its ‘Coal Creek’ prospect – part of the Chulitna Project in Alaska – after finding widespread lithium mineralisation in old drill core.

A maiden resource is now in the works.

Chulitna is also prospective for a bunch of other metals, including gold, silver, tin, and copper.

The $6m market cap stock is flat year-to-date.