Resources Top 5: Azure breezes through $1bn market cap on monster lithium hit, neighbouring explorers go along for the ride
Here are the biggest small cap resources winners in early trade, Friday August 4.
Gold explorer Koonenberry has been granted the final approval it’s been seeking from the NSW Resources Regulator to begin activity at the never-before-drilled Bellagio prospect, about 160km north-east of Broken Hill in NSW.
Its aircore drilling program scheduled to commence this month is designed to test beneath multiple high-grade gold samples from outcropping quartz veins, including 39.4g/t gold and 22.5g/t gold rock chips, and a robust gold in soil anomaly with a maximum result of 33ppb Au.
Managing Director, Dan Power, said: “The long-awaited final approvals for Bellagio open the door for the first ever drilling program to test outcropping quartz veins which have returned some spectacular gold results to date.
KNB has a drilling contractor in mind and is set to get cracking on the prospect in coming weeks.
Today, Azure Minerals’ (ASX:AZS) announced this monster hit from its emerging tier lithium discovery in the Pilbara:
⭐ 209.4m @ 1.42% Li2O in hole ANRD0017
⭐ 2nd hole intersected: 183.1m @ 1.25% Li2O in hole ANDD0228
— Azure Minerals (@AzureMinerals) August 3, 2023
Outrageous. The Creasy/SQM-backed explorer jumped 20% in morning trade, breezing through $1bn market cap in the process. It is up 1200% over the past 12 months.
Right next door Errawarra Resources (ASX:ERW), Greentech Metals (ASX:GRE) and Raiden Resources (ASX:RDN) are conducting early stage ground recon and pegmatite sampling programs. They also surged in early trade Friday.
“The continued success of Azure Minerals Ltd and the recent announcements of lithium bearing rock chip sample results by Greentech Metals provides the company with confidence that the area remains prospective for lithium bearing pegmatites,” ERW said yesterday.
“Together with the exploration success of Azure Minerals and Greentech Metals, Raiden Resources (ASX:RDN) recently announced rock chip assay results peaking at 2.22%5 less than 1km from the Andover West tenement.”
(Up on no news)
There’s no fresh news to equate to iEPM’s share price rise today, but scanning its recent announcements, one stands out – positive assay results from its trenching program at the Grønnedal REE prospect within the 100% owned Ivigtût multi-commodity project in Greenland.
It’s talking neodymium-rich rare earth element (REE) mineralisation in all 52 trenches completed.
Trench sample assays confirmed high neodymium oxide (Nd2O5) ratios of up to 56% of total rare earth oxides (TREO) with an average of 31%.
Additionally, Pr+Nd assay results account for 60% of calculated TREO, indicating that the Grønnedal mineralisation is enriched in the more valuable REE of Pr and Nd.
The company noted that REE mineralisation at Grønnedal is widespread and deep-seated and that diamond drilling at the prospect is expected to commence in Q4 this year.
As Stockhead’s Reuben Adams reported in June, the former NT uranium play changed focus – and location – buying “the world’s largest and only” cryolite mine in Greenland in January last year.
The site also has lithium potential, and an additional REE target 10km away called ‘Gronnedal-lka’, which has not been properly tested.
(Up on no news)
Another WA explorer with no fresh news, but a quarterly report worth a quick information dig.
The goldie’s highlights for the quarter ended June 30 included:
• The company’s Golden Crown prospect in WA, 3D modelling and Hyper Spectral analysis of RC chips defined lithogeochemical domains with full targeting and drill programming to be released soon.
• Further REE field evaluations defined an additional 4km strike extent of anomalous (+1,000ppm) REE elements and a VHMS target was identified by a historical IP survey.
As Stockhead reported a few days ago, however, the development of the recent Calypso ‘Constance Lode’ discovery – part of the company’s Mt Malcolm gold project – remains the premier focus for M2M going forwards.