• Metalsgrove Mining defines multiple “high priority” carbonatite and REE bearing drill targets
  • Delta Lithium nearologists Dalaroo Metals, Reach Resources up on no news
  • Gibb River says gold resource due soon for Neta discovery

Here are the biggest small cap resources winners in early trade, Wednesday June 3.

 

METALSGROVE MINING (ASX:MGA)

Early-stage surface sampling has defined multiple “high priority” carbonatite and REE bearing drill targets for upcoming maiden drilling at Bruce, part of the Arunta project in remote NT.

Carbonatites are rocks which can contain high concentrations of REEs.

At Bruce, outcropping carbonatites and anomalous REEs (average 200-300ppm) extend more than 9km long and 600m wide with multiple parallel mineralised lodes identified.

Drilling will kick off this quarter, MGA says.

The recently listed minnow is flat year to date. It had $3.8m in the bank at the end of March.


 

DALAROO METALS (ASX:DAL)

Up on outsized volumes today was DAL, which owns the 703sqkm Lyons River REE-lithium-gold project near  Delta Lithium’s (ASX:DLI) high profile Yinnetharra project in WA.

Lyons River includes a 9km by 6km pegmatite cluster with lithium potential at the View Hill prospect, DAL says.

Anomalous first-pass rock chip assays indicate the peggies are fertile with rare metals, with results up to 114pm Li, 1638ppm Rb, 187ppm Nb and 182ppm Sn.

A bunch of REE carbonatite targets were also identified.

Follow up geochemical sampling is now underway to define drill targets.

The $2.5m capped stock is down 24% year-to-date. It recently raised $1.1m at 5c per share.


 

REACH RESOURCES (ASX:RR1)

(Up on no news)

The minnow is picking high grade lithium, REEs, copper and niobium in rock chips all over the joint.

Rock chip and soil sampling is an early-stage exploration technique used to dial in on targets for drilling. While high grades don’t necessarily reflect what lies beneath, they are promising.

In mid-May it picked up rock chips grading ~2.3% lithium right under the armpit of Delta Lithium’s (ASX:DLI) potentially large discovery at Yinnetharra in WA.

This is promising, the company says, especially as it only had time to target a small percentage of the total outcropping pegmatites across its project area (rock that can contain lithium).

On 1 June, eluvial samples near Yinnetharra unsurfaced an astonishing 14.3% niobium pentoxide (Nb2O5) 6.7% tantalum (Ta2O5) 3689 parts per million (ppm) total rare earth oxides (TREO) with 70.3% heavy rare earth oxides (HREO).

RR1 will get the drills spinning on key targets during Q3 this year.

The minnow is up 400% on outsized volumes over the past month. It had ~$1.68m in the bank at the end of March.

 

ELEMENTOS (ASX:ELT)

Tin is about to be a very hot commodity, with one forecaster upping its prediction for the spice(y) metal  a whopping 25% for 2023.

ELT is one of the most advanced project developers on the ASX, with a DFS on its Oropesa project in Spain due this year.

“Oropesa remains one of the few globally significant tin projects that is development ready to deliver tin into significant forecast deficits in the 2020s,” MD Joe David said in April.

“The forecast gap between tin supply and demand continues to widen, with forecast growth due to the increasing consumption of electronic equipment being met with a weak supply pipeline, Elementos is focussed on bringing this project into operations as soon as feasible.”

The $31m capped stock is down 43% year-to-date but has bounced back on big volumes over the past few days. It had $2.7m in the bank at the end of March.


 

GIBB RIVER DIAMONDS (ASX:GIB)

GIB has completed a short resource drilling program at the historical Neta prospect, part of the Edjudina gold project near Kalgoorlie in WA.

A resource is due soon from Neta, which the company discovered in 2020 after pulling up 36m at 4g/t Au from 4m.

Numerous high grade intersection have been reported since then including 18m at 3.10g/t from 28m and 1m at 35.0g/t from  7m.

GIB has also applied for a mining lease over the 160m-long and counting orebody.

GIB is a proverbial stone’s throw from M3 Mining (ASX:M3M), which today reported a highlight 20m at 5.7g/t Au from 24m in scout drilling at El Capitan, part of its own (confusingly named) Edjudina project.

$9m capped GIB is down 30% year-to-date. It had $990,000 in the bank at the end of March.

 

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