• American West hits 41m at over 4% copper at Storm, Canada
  • Lefroy Exploration continues to define larger scale at Burns Gold-Copper system
  • PBL, IDA, AQI up on no news

Here are the biggest small cap resources winners in early trade, Thursday September 1.



Some ‘OUTSTANDING’ copper assays – up to 41m at more than 4% from 38m down hole – have been returned at the Storm Project on Somerset Island, Canada.

AW1 managing director Dave O’Neill says the results validate the historical high-grade intersections within the 270N Zone and highlight the quality of the Storm mineral system.

The 2750N Zone is currently more than 200m long and still open along strike and at depth, with excellent potential for further drilling to significantly expand the high-grade mineralisation, he says.

“These kind of grades and thicknesses are exactly what we want to see as we work to define a shallow high-grade copper resource.”

Work will continue to progress the near-surface mine development and exploration/discovery paths for the Storm Project in parallel.



A two-hole diamond drilling program at the Burns Gold-Copper intrusion-related mineral system is underway with intentions of increasing the understanding of the scale and genesis of the system.

Burns is a style of an intrusion-related gold-copper-molybdenum-silver mineral system, hosted by Archean age rocks in the Eastern Goldfields Province of Western Australia.

The Exploration Incentive Scheme (EIS) co-funded diamond drill hole, LEFD006, has been completed to a depth of 1245.8m, which is the deepest hole completed at Burns to date.

It intersected a suite of diorite-porphyry units over a broad 195m downhole interval, from 710m to 905m.

These units are broadly grouped as the Central Porphyry, and has established that the vertical continuity of the intrusive system previously found by shallower drilling extends to 1000m from surface and that it remains open for further extension along strike and at depth.

The second diamond drill hole, LEFD007a, is a 231m downhole, with a planned 500m hole depth.

LEFD007a is 240m south of LEFD006 and has intersected multiple intervals containing native copper within the altered Western Basalt.



(Up on no news)

The first season of environmental baseline studies has kicked off across the Khotgor Rare Earths Project in Mongolia.

PBL acquired the project back on August 4 from UK-based Temarise and is funding a $3.9m work program that will deliver a JORC scoping study comprising a mineral resource estimate, metallurgical drill program, metallurgical test work program and engineering designs.

The project offers exposure to one of the world’s largest undeveloped REE deposits, has a supportive local Mongolian partner, Khotgor Minerals, and is strategically located on the doorstep of Asian customers and potential offtake partners.

PBL non-executive chairman Mark Hohnen says the project has the potential to be a major supplier of neodymium, praseodymium, dysprosium, and terbium (NdPr) – the ‘magnet rare earths’ needed in the manufacture of electric vehicle motors and wind turbines.

“I am a long-term believer and excited by the NdPr requirements for the world to meet its clean energy needs and the Khotgor Project is extremely well placed geographically to take advantage of these growing demands,” he says.



(Up on no news)

Reverse circulation drilling recently wrapped up at the Minos and Ariadne prospects within the 5,713km2 Central Gawler Project in South Australia.

Significant REE potential has been identified at the site and assay results are pending from the 72 aircore holes drilled within the Lake Labyrinth shear zone.

Drilling was focused on Minos, where to date Indiana has outlined a 600m strike extent of shallow, near-surface gold mineralisation.

At the Ariadne prospect, two drillholes were completed to test the orientation of the gold mineralisation at depth identified from historical workings.

“We have a very busy pipeline of activity planned for our Central Gawler Project over the coming months as we continue to unlock the significant gold, rare earth element and base metal mineralisation potential,” technical director Felicity Repacholi-Muir says.



(Up on no news)

Alicanto is hunting for zinc, silver, and lead at the Sala Project – the largest active undeveloped zinc-silver-lead deposit in Sweden.

The project is within the Bergslagen volcanic region, home to some of the biggest polymetallic deposits globally, including major producing mines such as Boliden’s Garpenberg – a proverbial stone’s throw away from Sala.

AQI raised $3m to fund ongoing exploration where recent success has resulted in the delineation of the maiden resource comprising a total of 9.7Mt at 4.5% zinc equivalent containing more than 311,000 tonnes of zinc, 15Moz of silver and 44,000 tonnes of lead – reported at the 2.5% zinc equivalent cut-off.