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Resources Top 4: Lithium giants keep scoring goals in Canada, as Cosmos and Rubix jostle in on the action
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- C1X and RB6 are surging today on the Canadian lithium narrative
- Kuniko shareholders digging the company’s cobalt action in Norway
Here are the biggest small cap resources winners in early trade, Friday August 11.
COSMOS EXPLORATION (ASX:C1X)
Cosmos, well and truly part of the “maple-flavoured” lithium boom, as Stockhead‘s Josh Chiat put it recently, has announced it’s kicked off its maiden summer lithium exploration program at James Bay in Québec, Canada.
Some points around that… Firstly, the James Bay region has become one of the largest spodumene lithium districts in the world. Exploration companies are jostling for position left, right, centre, up and down, but there is huge potential for further growth as all boundaries are tested.
“Not since the beginning of an ongoing feud between the Toronto Maple Leafs vs Montreal Canadiens – known as the Habs – has there ever been such a rivalry between Ontario and Quebec; that is, until, the rise of the lithium industry,” wrote another Stockhead resources fiend, Cameron Drummond.
Regarding Cosmos, it’s right near Patriot Battery Metals’ (ASX:PMT) world-class CV5 lithium discovery and the company reports its helicopter-assisted rock-sampling campaign is starting today after wildfire restrictions were lifted.
The program will focus on high-priority anomalies identified across two projects at Corvette Far East and Lasalle based on extensive muti-spectral and geophysical work targeting potential spodumene-bearing pegmatites.
C1X share price
RUBIX RESOURCES (ASX:RB6)
Rubix, also part of the James Bay lithium hunt, recently revealed promising potential pegmatite outcrops, identified in satellite imagery.
It’s talking up to 345 potentially pegmatitic outcrops at the Ceiling Lithium Project, with targets including areas of broad outcrop with dimensions up to 950m by 450m.
That’s all well and good, but why’s the stock surged 25% early doors today?
It might be because the Ceiling Lithium Project is not far away at all from the much bigger ($9bn capped) player Allkem (ASX:AKE) and its impressive lithium exploits in the same region.
And Allkem, while not moving the needle nearly as much on its share price today (at least at the time of writing), has just announced a massive lithium resource upgrade. See Josh Chiat’s Ground Breakers for full details on that.
Statistically in brief, though, Allkem’s updated mineral resource of 110.2 Mt @ 1.30% Li2O includes 54.3 Mt @ 1.30% Li2O in the Indicated category, and an additional 55.9 Mt @ 1.29% Li2O in the Inferred category.
Essentially, it’s bolstered its resource by a whopping 173%. Tier 1 a-go-go.
Rubix’s early stage Ceiling project meanwhile comprises 101 active mineral claims covering an area of more than 50.5km2 in James Bay.
The company is actively planning to undertake fieldwork to test for potential lithium mineralisation at those identified pegmatite outcrops.
RB6 share price
MINDAX (ASX:MDX)
(Up on no news)
Iron ore and gold explorer Mindax, which has its flagship iron project, Mt Forrest, located in the Yilgarn region, WA, is up on nothing significant that we can see just yet today.
We can tell you it did recently post a positive Quarterly Activities Report, however, with the following couple of standout highlights:
• $2.5M was successfully raised for working capital purposes.
• A Pre-Feasibility Study has commenced, in conjunction with AGIG, on developing shared infrastructure to transport magnetite ore from the Mid-West of WA to the coast.
MDX share price
KUNIKO (ASX:KNI)
Kuniko, a $27m capped European-focused minerals explorer, has revealed “robust” cobalt mineral extensions and high-grade discoveries from two recent drilling campaigns at the Middagshvile Skuterud Cobalt Project in Norway.
The company reports that the findings unveil a promising extension of known mineralisation towards the northern region of the site, enhancing the project’s potential for expansion.
The Skuterud cobalt project, located in central-southern Norway west of Oslo, has seen significant advancements and promising outcomes through its drilling campaigns and meticulous field exploration activities, notes the company.
Its brownfield project is in proximity to the historically notable Skuterud cobalt mine, with the focus of Kuniko’s activity at the nearby Middagshvile cobalt target.
“The Skuterud cobalt project’s potential is becoming increasingly evident,” said Antony Beckmand, the company’s CEO.
