• European Lithium vanquishes legal challenges at Wolfsberg Lithium Project
    • Alchemy banks drilling samples from its Karonie Gold Project in WA
    • Variscan Mines shares hit one year high on week of new zinc-lead discovery


Here are the biggest small cap resources winners in early trade, Friday May 28.




Tony Sage’s European Lithium has vanquished legal challenges to its Wolfsberg Lithium Project in Austria.

It means the lithium developer will be able to push ahead with a definitive feasibility study, after reaching an agreement with the owners on the property the company has been exploring.

An independent expert has said the mine will not have an impact on groundwater in nearby communities.

The company says it will finish its final feasibility study in 2021 or early 2022 with a view to beginning mining activities in late 2022 and early 2023.

“We anticipate to increase the Measured/Indicated and Inferred JORC compliant resource base to be developed into JORC compliant reserves during the ongoing complex DFS work,” chief executive Dietrich Wanke said.

“We are convinced that we achieve our ambitious aim to become one of the first battery-grade lithium producers in Europe, despite the current restrictions during the pandemic all over the world.”


European Lithium share price today:






Alchemy has completed phase one drilling at its Karonie gold project, testing gold mineralisation along strike from the Silver Lake Resources (ASX: SLR) owned Aldiss Mining Centre.

It’s a tidy little neighbourhood, with Breaker Resources (ASX: BRB), Kairos Minerals (ASX: KAI) and Apollo Consolidated (ASX: AOP) all in and around the district, about 100-odd kilometres east of Kalgoorlie.

Alchemy has sent samples off to the admittedly very busy labs in the gold mining city from 3121m of RC drilling at its Parmelia, Taupo, KZ5 and Warrior prospects.

Taupo received the biggest splash out of those targets, having previously returned a result of 10m at 1.8g/t from 68m.


Alchemy Resources share price today:






(Up on no news)

Variscan Mines enjoyed a rerate on Tuesday after announcing massive zinc-lead hits from the Novales project in Spain.

It appears to be holding, at least for now, with another handy gain this morning briefly taking Variscan shares to a year’s high of 7c.

Those high-grade lenses from the San Jose mine included highlight intercepts of 16.9m at 12.5% zinc and 2% lead from the La Caseta trend and a maximum grade of 16.5% zinc at the 168-77 trend.

“The discovery of new high-grade mineralised lenses below the main gallery is a major development for Variscan,” managing director Stewart Dickson said after announcing the results on Tuesday.


Variscan Mines share price today:





(Up no no news)
Vanadium developer Audalia Resources charged to a month-high, more than doubling in early trade.

Audalia owns the Medcalf Vanadium and Titanium project about 100km east of Norseman in Western Australia, which contains a mineral resource estimate of 31.8Mt at 0.45% vanadium pentoxide and 8.36% titanium dioxide.

It copped a speeding ticket from the ASX after a similar spike in April only to say it had no specific news to report, only that the now-closed public environment review for Medcalf was progressing with the EPA.


Audalia Resources share price today:






(Up on no news)
Traka shares are in a trading halt pending a price query from the ASX after a big jump this morning by 1c or 47.6% to 3.1c.

More than 13 million of the microcap’s share changed hands before the pause.

Traka is exploring for gold at its Mt Cattlin gold project, near the Galaxy Resources (ASX: GXY) lithium mine of the same name.

It is working on compiling JORC resource estimates for its Maori Queen and Sirdar deposits, where it wrapped up infill drilling in the last quarter.


Traka Resources share price today: