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Mining
Here are the biggest small cap resources winners in early trade, Monday July 25.
~$25m market cap gold explorer ODY is this morning’s winner after returning an ‘outstanding’ high-grade result of 4m at 53.9g/t gold from the Maybelle deposit in Western Australia.
The Maybelle deposit is part of the Tuckanarra Project in the Murchison Goldfields where five shallow pits were mined back in the 1990s producing 101.1koz at an average grade of 3.9g/t gold.
ODY managing director Matt Briggs says this hit in hole MBSRC0098 is the highest gram metre result ever drilled at Maybelle and not only confirms but extends the interpreted high-grade shoots below the Maybelle Pit.
“This latest high-grade intersection is very encouraging and demonstrates the clear potential to establish a quality resource footprint at Maybelle,” he says.
“Historic mining has barely scratched the surface with mineralisation now continuous from the base of the 30m deep pit to 100m below surface.
“The high-grade shoot remains open for 150m to the north of this hole.”
More RC drilling is planned up plunge and to the north of MBSRC0098, with additional drilling likely to extend the high-grade mineralisation to be included in a future resource estimate.
(Up on no news)
This ~$18m market cap stock was one of the presenters at this year’s Noosa Mining Conference, focused on gold and copper development projects in Queensland.
The company recently commenced its first drilling campaign in over 50 years at the Bank copper-gold-silver-molybdenum prospect within the Ravenswood West Project, where all five reconnaissance RC holes hit broad zones of disseminated and vein-hosted sulphides.
Investors are keenly awaiting the results as mapping at the Bank prospect back in the 1960s identified a porphyritic intrusive with a coincident >700ppm copper anomaly.
Assays are expected towards the end of July/beginning of August.
(Up on no news)
NIS shares are on a high trajectory this morning for no real reason but just last week the ~$7.8m market cap minnow appointed a couple high calibre additions to its technical and management team.
These include exploration manager Andy Pearce and financial and commercial manager Tanya Newby while chief financial officer Peter Evans stepped down from his role to pursue a career as non-executive director.
NIS managing director Nicole Duncan said at the time these two appointments placed the company in good stead to further its nickel sulphide exploration strategy at the Carlingup Project.
“With a major greenfield exploration campaign in planning at four of our 11 high-priority targets, and refinement of the drilling targets now well progressed, we are incredibly excited by the added capability this well credentialed team will bring to the project.”
Shares in this ~$7.7m market cap are up so high it’s made the top 5 twice in ONE WEEK.
Phase 1 drilling at the Webbs Consol Silver-Nickel Project has delivered thick sulphide intersections and is transforming the company’s understanding of its prospectivity.
Two mineralised lodes have now been extended at depth via latest drilling, demonstrating previously unrecognised, significant vertical potential of the Webbs Consol mineral system.
Drill Hole WCS028 at the Main Shaft prospect has intersected 42m of sulphide mineralisation from 138.4m containing an estimated 6% sphalerite, 1% galena and 0.5% chalcopyrite with substantial silver also anticipated in pending assays.
To date Phase 1 drilling has discovered five thick mineralised lodes rich in silver, lead and zinc with lesser copper and gold.
This, together with > 3km north-south strike and the latest deeper drill intersections paints a picture of the previously unrecognised prospectivity of the Webbs Consol mineral system.
GNM is tearing it up this morning on the announcement that is has kicked off a 1,100m RC drilling program at Golden Cup where previous intersections have returned 7m at 7.5g/t gold from 32m and 9m at 4.7g/t gold from 42m.
The drill program, which is targeting extensions to known high-grade gold mineralisation, is designed to build on the successful drilling completed in 2019 and further grow the Golden Ant Project resource base.
Work is expected to take around two weeks to complete with assay results anticipated four to six weeks after end of program.
“We are excited to commence drilling at Golden Cup for what is essentially a repeat of the successful campaign at the nearby Camel Creek project last year,” managing director and CEO Cameron Mclean said.
“We see a real potential to define further mineralisation to the existing high grade results we achieved which led to our very first JORC resource.”
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