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Mining
The ASX is working today. Here’s your top small cap resources winners in morning trade Tuesday, November 17.
WA project developer VRX Silica (ASX:VRX) now has a combined 3,600 hectares covered by mining leases — enough for over 100 years of production.
“The grant of mining leases for our Arrowsmith silica sand projects is another significant milestone for VRX Silica, hot on the heels of the mining lease granted for our Muchea silica sand project,” managing director Bruce Maluish says.
“As for Muchea, there is strong demand for Arrowsmith sand and we will now look to finalise sales contracts for high-quality silica sand products and secure the necessary funding for the development of these projects.
“With all three mining leases granted and development of our projects on-track, VRX Silica is truly a global player in high-quality silica sand supplies.”
VRX is surging, up +88 per cent over the past month.
Argentina-based Galan (ASX:GLN) – which stands to benefit from an “imminent” re-rate of lithium stocks — now has the third largest resource in the lithium-rich Hombre Muerto salt flat basin.
Argentina’s Hombre Muerto salar (salt flat) is the world’s second best salar for the production of lithium from brines, after the Atacama salar in Chile.
Its Hombre Muerto West (HMW) resource is now 65 per cent bigger, the result of its recent strategic acquisition of Del Condor concession.
Galan’s total HMW resource estimate now stands at a world class 2.3 million tonnes lithium carbonate equivalent (LCE) at 946mg/l Li.
An early stage project development study remains on track for delivery this quarter.
Ten-bagger MetalsTech (ASX:MTC) hit an incredible 90m-long mineralised zone grading 3.88g/t gold and 13.9g/t silver at the Sturec project in Slovakia.
This includes grades up to 89.1g/t.
The company says this intercept – announced on Monday — is not ‘true thickness’ because of the way the hole was drilled.
Still a good hit, especially if you take into account this was 150m away from the existing 1.1moz resource. Sturec could be about to get a whole lot bigger.
“This is an outstanding result for what is only our fourth drill hole on this project in an area that has never been drilled before,” chairman Russell Moran says.
“It looks like we are going to get a nice thick extension of the mineralised zone over the current 150m step out.
“We will be looking to see how far we can extend this zone down dip with these next few holes, then we will look to step out further.”
Metalstech is currently up +1000 per cent over the past 12 months.
Red-hot lithium stock Vulcan Resources (ASX:VUL) is currently up 1,300 per cent over the past 12 months.
In 2019, the company got its hands on a large, lithium-rich geothermal brine project in Germany.
For the fast growing European battery sector, a local raw material supply chain is important.
This is Vulcan’s angle – producing “unique zero carbon lithium” from this project, which is already the largest in Europe.
Last quarter, sleepy gold junior Stone Resources (ASX:SHK) sold a project to miner Regis Resources (ASX:RRL) for $10m.
It continues to investigate “suitable opportunities” for the development of the Alpha, Corktree Well and Beta projects in WA.
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