• Flynn Gold strikes it bonanza big with a shallow, high-grade hit in north-east Tasmania
  • It’s Terra Uranium that’s well and truly out in front, leading the resources pack today, though 

Here are the biggest small cap resources winners in early trade, Thursday September 14.

 

Flynn Gold (ASX:FG1)

This small-capped goldie is shining on the bourse today after announcing an exceptionally high-grade bonanza hit at the historic Golden Ridge project in north-east Tasmania.

It’s talking 4m at 23.7g/t gold – including 0.5m at 170g/t – from ~20m. And as Stockhead resources guru Reubs noted earlier (in a moment reminiscent of Patrick Bateman’s business card commentary in American Psycho), “that’s high grade”.

And that’s a particularly shallow depth, too.

Managing Director and CEO, Neil Marston said: “Within this intersection we have recorded the highest gold grade interval seen to date at Golden Ridge.

“This drill hole was sited to test beneath a recently discovered historical adit and has produced an exciting intercept as we grow the scale of the deposit beyond a 400m strike length.

“There is no drilling down dip or along strike east of this very high-grade intersection, presenting an excellent opportunity to follow-up.”

The company notes it has now paused drilling at the prospect to allow its technical team to assess further assay results and plan the next stage of operations.

FG1 share price

 

Terra Uranium (ASX:T92)

(Up on no news)

At the time of writing, this Aussie uranium explorer is leading the daily resources pack with a roughly 28% gain. 

Terra is focused on exploring the energy-tastic heavy metal in Canada’s Athabasca Basin and it’s been particularly encouraged by the results from its first hole drilled at its Parker Lake project where it recently turned up a peak grade of 32.5 parts per million over 0.2 metres in diamond drilling. 

Terra Uranium Executive Chairman, Andrew Vigar commented on this about a week ago with:

“The presence of anomalous uranium and pathfinders in our first drill hole at Parker is very encouraging and bears similarities to that recently reported from IsoEnergy’s Hawk Project on the Cable Bay Shear Zone 40km to the north east.

“We have only just begun to orientate ourselves on this fertile structure, having brought all the scientific data up to modern standards suitable for targeting of a major uranium discovery in this new domain”.

Meanwhile, another of our top-tier resources experts, Josh Chiat has a good read for you here on the bullish case for uranium, noting that:

• demand could surge as governments in North America, Asia and Europe back an expansion of nuclear energy

• US mining investors Goehring and Rozencwajg predict ‘chaotic’ move to the upside for uranium prices

• Yellowcake spot price has steadily increased across 2023, hitting year high of US$62.13/lb yesterday

T92 share price

 

Legacy Minerals Holdings (ASX:LGM)

(Up on no news)

Legacy Minerals is also up on no operational activity of note today.

Earlier this month, though the gold, copper and nickel explorer announced positive results from rock-chip sampling at the Bauloora Epithermal Gold Project in the Lachlan Fold Belt, NSW.

The company also noted that recent results at the Breccia Sinter Prospect, one of several high priority targets at the Bauloora Project, have defined a “compelling drill target” for testing later this year: 500m long x 250m wide soil anomaly >20ppb Au, with rock chips up to 32.2g/t Au.

Also, in partnership with San Francisco-based metals explorer Earth AI, Legacy has developed several drill targets at its Fontenoy project northwest of Wagga Wagga.

There, with around 3,600 metres of drilling the company will be gunning for nickel-copper-platinum group elements.

LGM share price

 

Bastion Minerals (ASX:BMO)

(Up on no news)

This lithium-and-REE-pivoting junior is up today on nothing overly fresh in the past 24 hours, although there was this, from the other day…

Included in its half-yearly report, a couple of recent points of note for Bastion stand out, as follows:

• The company this week announced it has successfully raised $546,000 to continue its exploration and growth opportunities.

This was conducted at a price of $0.02 per share via a placement to sophisticated and institutional investors with the funds to be used “for working capital and to continue exploration on the company’s tenement packages in Canada and Sweden”.

• And the explorer also recently announced it’s signed a binding Letter of Intent (LOI) with ASX listed Hot Chili (ASX:HCH) for an option for HCH to acquire the Cometa copper project in Chile for up to US$3.3 million in cash.

Bastion says the divestment will enable it to focus on its highly prospective Canadian lithium projects and its Swedish Rare Earth Element (REE) project.

Shareholder approval is not required for the divestment of the Chilean copper project.

BMO share price

 

Torque Metals (ASX:TOR)

This WA goldie was the…  torque of the town (I’m sorry) last week after it cranked its way up the price charts on the back of news that it’s all set to buy up a collection of gold, nickel and lithium-rich tenements.

The project has been renamed Penzance, and is located near Torque’s Paris gold camp in the Tier-1 Goldfields mining jurisdiction of WA.

This includes New Dawn, an untapped lithium and tantalum occurrence on granted mining leases, 600m along strike of the established Bald Hill lithium-tantalum operation.

Well, now Torque is preparing to get its lithium exploration at New Dawn underway, with drilling locked in to begin this month, targeting outcropping spodumen-bearing pegmatites within the project – identified with rock samples grading up to 6% Li2O.

Also, the New Dawn project occupies two pre-Native Title, granted mining licences, which enable potential discoveries to be pushed quickly into development.

Torque’s managing director Cristian Moreno has been in Melbourne, spreading the word at the New World Metal Conference (see tweet below).

He’s jumped on a plane and is due to speak in Sydney later today.

“The WA Goldfields reigns supreme on the global stage for minerals exploration and Torque is ecstatic to strengthen its presence in this renowned jurisdiction,” said Moreno last week.

“Our footprint now spans over 500km², bolstered by 12 mining, 4 prospecting and 12 exploration licences.”

TOR share price

 

At Stockhead we tell it like it is. While Torque Metals is a Stockhead advertiser at the time of writing, it did not sponsor this article. 

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