Resources Top 5: King Cobre strikes new copper discovery in Botswana, shares double
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Here are the biggest small cap resources winners in early trade, July 27.
Shares in CBE are +100% at the time of writing this morning after announcing a ‘significant, new copper intersection’ at the Ngami Project in Botswana’s Kalahari Copper Belt.
The first diamond drill hole intersected a broad zone of copper, one of the main commodities at the heart of most electrical technologies, over a 59m interval.
A second diamond hole is currently in progress, positioned only 1km away along strike.
“This new copper discovery represents a transformational moment for Cobre shareholders,” CBE executive chairman and MD Martin Holland says.
“Cobre has never been in a better position from a project ownership, technical and operation perspective.
“And now we have a promising copper intersection, on one of the most prospective copper belts in the world.”
CBE has prioritised that particular part of the belt due to its favourable geological setting.
MORE outstanding tin intersections, SRZ says, have been returned from seven infill holes at the flagship Heemskirk Tin Project in Tasmania.
News this morning has sent shares in the stock flying some 20% as the assays further define a north-plunging, high-grade thickness zone in the northern part of the Severn tin deposit that is ‘significantly’ thicker than the current mineral resource model indicates.
All results from the phase-2A drill program are expected to be incorporated into the October mineral resource update in preparation for the Heemskirk Tin Project scoping study planned for completion in November.
The intersection in hole ZS150 surpasses the recently announced hole ZS148 as the second-best assay ever recorded at 36.6m at 1.07% tin and 0.19% copper from 471.5m.
Assay results from ZS151 have returned the second-widest significant intersection – 51.6m at 0.44% tin and 0.06% copper from 381.3m.
This battery metals minnow is having a decent run this morning on news that phase-2 metallurgical test work on the Lac Rainy Graphite Project in Quebec, Canada has wrapped up and produced a ‘pilot scale bulk sample of graphite concentrate’.
The company says the bulk sample has met the required specifications for downstream lithium-ion battery test work and has been dispatched to specialist graphite testing group ProGraphite in Germany to carry out critical spheronisation and purification.
These optimised tests produced combined flake graphite concentrate grading 96.8% curium, which is at the upper end of the targeted range of 94 to 97%.
At the same time, a locked-close-circuit (LCT) test work produced a combined concentrate grade of 95.5% curium at a very-high overall recovery into the concentrate of 95.1% curium.
MLS chairman Mike Scivolo says these outstanding outcomes now allow the company to re-focus on the exploration potential of the project to grow the high-grade graphite resource base.
MLS is a ~$37.4m market cap company and one of PEAK Asset Management’s stock picks.
(Up on no news)
Last week this battery metals play released its quarterly report for June, stating it was one of ‘agility’ as the team swiftly transitioned its advanced 72.7Mt hard rock Arcadia asset to new project generation.
In April, the company completed the sale transaction of the project to a subsidiary of new energy lithium-ion battery material producer, Zhejiang Huayou Cobalt Co for around US$377.8m.
PSC says this is an attractive outcome for Prospect shareholders, with consideration equating to roughly A$1.23 per Prospect ordinary share.
Prospect managing director Sam Hosack says the board is seeking to grow value in Prospect 2.0 through the process of identifying, assessing, investing, and then advancing battery and electrification metals opportunities.
(Up on no news)
TYX is making moves and headlines but we aren’t quite sure why.
In its latest quarterly report for June, the company said its short-term goal is to define drill targets with an intention to begin drilling as soon as possible after acquiring an 80% interest in Angola Minerals back in May.
The acquisition provides an opportunity to explore in the highly prospective West African region.
TYX says the fundamentals surrounding mineral exploration in Angola are the favourable geology, the limited amount of modern exploration techniques used to date and the Angolan government’s objective to attract foreign investment in the mineral resource sector.