• Tesoro uncovers a gold extension at El Zorro
  • Tim Goyder adds to his stake in Minerals 260
  • Lithium-hungry IRIS Metals jumps back into the ASX


Here are the biggest small cap resources winners in early trade, Wednesday June 21.



(Up on no news)

Tim Goyder-backed MI6 is on a tear today, and the most recent thing the company has announced is that Goyder himself increased his stake in the company six days ago.

Minerals 260 is a copper-gold-focused explorer that spun off from another Goyder-backed miner Liontown Resources (ASX:LTR) as a means of concentrating on all the non-lithium assets that LTR had in its portfolio.

Last heard, instead of solving international crime, MI6 was drilling at its Mynt prospect, part of its Moora copper-gold project, where assays showed intersections of 21.8m @ 1.9% Cu and 0.8g/t Au from 104.2–126m, including 12.05m @ 2.9% Cu and 1.1g/t Au from 106–118.05m.

Shares in the $136m market-capped MI6 have soared from a 7 June share price of 40c to 58.5c – up a healthy 9.35% in early trade today.




(Up on no news)

GSR is enjoying a bit of a bump in share price without any news today, and has been relatively quiet since a 29 May drilling announcement confirming high-grade hits nickel-cobalt-manganese-scandium from its Mt Thirsty project near Norseman, WA.

The project is a 50:50 JV with Conico, with a mineral resource of 66.2Mt at 0.06% cobalt 0.43% nickel and 0.45% manganese and supported by existing infrastructure.

Perhaps people are expecting good news, as upcoming results of a scoping study are set to be released early next month.

GSR MD Chris Hansen said Mt Thirsty not only contained cobalt and nickel, but also hosts manganese and scandium, allowing the project to potentially produce a high-value pCAM product containing Co, Ni and Mn sourced from the Mt Thirsty deposit.

“We are very much entering a transformational phase for Mt Thirsty, with metallurgical studies progressing on track that will feed into a scoping study currently underway, with reporting expected to be finalised in July.”

Shares in GSR are up 20% today.




Assays have returned from the Ternera deposit at TSO’s El Zorro gold project in Chile and delineated gold mineralisation over 400m, south of the existing mineral resource estimate (MRE).

Results include 0.40m @ 8.81g/t Au from 156.60m from hole ZDDH0322 and 1.1m @ 1.28g/t Au from 24.30m in ZDDH0323.

A west extension of Ternera found good shallow grades, including 1m @ 7.63g/t Au from 9m.

Since restarting drilling in January this year, 21 holes have been completed for 4,247m, with assays outstanding for four holes.

Tesoro MD Zeff Reeves said recent drilling has successfully delineated shallow, continuous gold mineralisation extending over 400m south of the existing Ternera MRE boundary.

“This extension has been drilled on multiple sections and potentially may deliver a large additional strike extent from which to add ounces to the existing 1.3Moz MRE (802koz Indicated, 479oz Inferred),” Reeves said.

“Importantly, this emerging southern extension remains open to the south. When coupled with the other zones of Ternera, there is a clear pathway from which we are targeting substantial increases to the existing Ternera MRE.

“We are also now excited to be drilling at the Kitsune target to the north of Ternera.

“While the Ternera Deposit has significant further growth potential, this regional drilling is targeted at demonstrating the broader district-scale potential of the El Zorro project.”

The $30m market-capped junior’s shares rose 7.4% in early trade today.




(Up on no news)

BLZ’s share price keeps on climbing on the back of its acquisition of the North Spirit lithium project in Ontario’s ‘Electric Avenue’ lithium district, which has 1,827 claims covering 36,510ha.

It’s deliciously nestled near Frontier Lithium’s monster PAK and Spark lithium deposits with grades of up to 1.88% Li2O.

Exploration is set to kick off soon, focusing on targets identified in a government geological survey with similarities to the PAK deposit.

Shares in $10m market-capped BLZ are up about ~150% since announcing its purchase of North Spirit and are up 9.5% in early trade today.




(Up on relatively no news)

IR1 has just re-listed to the ASX after raising $15m at $1 per share as part of its re-compliance process.

The lithium explorer has Bureau of Land Management (BLM) claims in South Dakota, and will concentrate hard rock mining licences in the Black Hills region.

The cap raise will primarily be used for its Beecher and Edison lithium projects, along with exploration of its 2,387 BLM claims covering a whopping 20,300ha of highly prospective pegmatite-rich terrain.

IR1 chair Simon Lill said the team were happy to have completed quite a lengthy listing process with many moving parts.

“We are grateful to the efforts of the Jett Capital team, the support of Waratah Capital Advisors and the IRIS team,” Lill said.

“We now look forward to commencing work and providing regular reports to the ASX on what we believe to be one of the more exciting lithium projects given that it has effectively hard rock mining licences over a known lithium-bearing spodumene region.”

The company also holds gold exploration licences in Australia.

That’s all the news they have, but we guess it’s enough to warrant the share price of the $116m market-capped explorer to skyrocket >42% in early trade this morning.


While Greenstone Resources is a Stockhead advertiser, they did not sponsor this article.