• Tambourah Metals is up 250% since announcing a tie-up with global lithium producer SQM (NYSE:SQM) early July
  • Zeus hits thick pegmatite at Mortimer Hills lithium project
  • Enigmatic Resource Mining Corp chairman Asimwe Kabunga takes over from outgoing CEO Andrew Nesbitt

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

 

TAMBOURAH METALS (ASX:TMB)

(Up on no news)

TMB is up 250% since announcing a tie-up with global lithium producer SQM (NYSE:SQM) early July.

SQM will spend up to $3m on exploration to earn up to 70% of TMB’s early stage Julimar North project in WA — a strong endorsement of Julimar North and its lithium potential, TMB says.

“The new relationship will allow TMB to draw upon SQM’s technical expertise in pegmatite hosted lithium exploration while allowing Tambourah to work in parallel on its other lithium and critical mineral projects,” TMB CEO Ralf Kriege says.

US$20bn capped SQM – which made US$1.65bn gross profit in the March quarter – has inked deals with other Aussie juniors, most notably Azure Minerals (ASX:AZS).

In January, SQM paid $20m for a 19.99% stake in the company, which then went on to uncover a potentially monstrous deposit at Andover.

 

GREAT WESTERN EXPLORATION (ASX:GTE)

(Up on no news)

The elephant hunter says it is confident of making a significant find across its +5000km2 gold, base metals and potash project portfolio in WA. 

The $15m capped, tightly held stock doesn’t actually pay its board because they believe that their exploration acumen will lead to the discovery of a world class resource.

The main focus right now is the Firebird project, where GTE has defined a promising 3.7km by 450m wide gold anomaly 30km south of the multi-million-ounce Wiluna Mining Centre, and down the road from Western Gold’s (ASX:WGR) ~300,000oz Gold Duke project. 

Deeper RC drill testing to test for the motherlode is now underway.

“We’d like to find another [4Moz Northern Star (ASX:NST) mine] Thunderbox,”  GTE managing director Shane Pike told Stockhead.

“I think Thunderbox was found on a RAB result of 4m at 1.4g/t and 2m at 1.2g/t.”  

“It’s still early stage here, but that’s the goal.” 

GTE is up 10% year-to-date. It has ~$3m in the bank at the end of June.

 

ZEUS RESOURCES (ASX:ZEU)

ZEU surged in May thanks to a bit of nearology: its early-stage Mortimer Hills lithium project is near Delta Lithium’s (ASX:DLI) ‘district scale’ Yinnetharra project in the Gascoyne.

The share price peaked at 5c in June when the company announced some thick ‘ol pegmatites (rocks that can contain lithium, but not always) in drilling.

Results were disappointing though, with none of the pegmatites logged in the Phase 1 drilling program containing lithium, tin, or tantalum.

In mining parlance that’s called ‘drilling a duster’.

Phase 2 drilling will go deeper, the company said.

Today it reported that the new 11-hole (1260m) program had again hit thick peggies but this time warned that “the presence of pegmatite rock does not necessarily indicate the presence of lithium”.

Still punters jumped on board, with the stock gaining a solid 15% in early trade. Assays are about eight weeks away.

The $6m capped minnow is down 25% year to date. It had $2.3m in the bank at the end of June.

 

RESOURCE MINING CORP (ASX:RMI)

Heads have rolled at the nickel-lithium explorer, with recently appointed CEO Andrew Nesbitt and RMI mutually agreeing to separate. Immediately.

Taking over the day-to-day operations will be enigmatic exec chairman Asimwe Kabunga.

Kabunga is a high profile tenement merchant who has previously vended African projects into RMI and fellow ASX small cap explorers Volt Resources (ASX:VRC), Lindian Resources (ASX:LIN)  and Auking Mining (ASX:AKN).

He sits on the board of all four companies.

RMI gained on Monday after a drillhole terminated in disseminated sulphides from 38m to 120m at the Liparamba nickel project in Tanzania.

This doesn’t necessarily mean RMI has hit economic nickel mineralisation (we won’t know that until the assays come back from the lab) but the company is sufficiently encouraged enough to upgrade the program to diamond core.

The $30m capped stock is down 20% year-to-date.

It had just $220,000 in the bank at the end of June, meaning a cap raise is probably on the horizon.

 

TYRANNA RESOURCES (ASX:TYX)

(Up on no news)

TYX enjoyed a re-rate mid 2022 after pivoting to African lithium exploration.

While the share price has moderated from its peak the action continues, with TYX recently inking a binding offtake for 50% of the spodumene and 50% of the pollucite from its Namibe lithium project in Angola with Sinomine Resource Group.

The offtake deal was a key condition for Sinomine’s $31m investment into TYX and Namibe directly, as announced in May.

$14.5m in Phase 1 funding has now been received, which will be used toward an accelerated multi rig drill program.

“The company is now fully funded to unlock the potential of this exciting project,” chairman Joe Graziano said.

“The race is on now to systematically explore and define a mineral resource of significance as soon as possible.”

A short maiden drill program at the Muvero prospect previously hit an exceptional 22.75m @ 2.02% Li2O from 20.25m.

The $70m capped stock is up 25% year-to-date.

READ: You gotta risk it for the biscuit: Here’s why ASX lithium players have high hopes for Africa

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