Resources Top 5: Massive sulphides discovery boosts Anax Metals, ASX gold explorers post gains
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Here are your top ASX small cap resources winners in morning trade Wednesday, November 25.
Anax Metals (ASX:ANX) soared during a busy Wednesday morning of trading on the ASX, rising up to 75 per cent.
The share price rally was fuelled by news Anax Metals had intersected massive sulphides in drilling at its Whim Creek and Mons Cupri deposits in WA.
Three drill holes at Mons Cupri intersected significant mineralisation including near surface zones of well-mineralised copper, zinc and lead in the form of matrix, semi-massive to massive sulphides.
Anax Metals added that it intends to start exploration work for gold at its Whim Creek project in early 2021.
The explorer only re-listed on the ASX in early November with a new name and focus, and was formerly known as Aurora Minerals.
Anax Metals’ focus is its Whim Creek copper-zinc project in WA’s Pilbara region in which it has the potential to earn an 80 per cent interest from partner Venturex Resources (ASX:VXR) whose shares also lifted Wednesday.
Whim Creek project is adjacent to De Grey Mining’s (ASX:DEG) company-making Mallina gold project with its famous Hemi discovery.
Australian Vanadium (ASX:AVL) continued its run of good returns for shareholders this week, with more news on its WA project.
This time, the company has struck an off-take agreement with gas company ATCO for green hydrogen for use in processing vanadium.
ATCO is one of seven companies shortlisted by the Australian Renewable Energy Agency (ARENA) to develop a project for the commercial scale production of hydrogen gas in Australia.
ATCO will supply carbon emissions-free hydrogen as 10 per cent of Australian Vanadium’s total gas requirements.
“As we progress the Australian Vanadium project towards production, our social and environmental approach becomes of increasing importance to stakeholders and investors,” managing director, Vincent Algar, said.
ATCO managing director, Pat Creaghan, said green hydrogen is a great opportunity for WA and has a role to play in the future energy mix globally.
Australian Vanadium is developing its project 40km south-east of Meekatharra that includes a processing plant to produce high-quality vanadium pentoxide for use in steel, specialty alloys and battery markets.
A day earlier the company announced it had starting exploration drilling at its Gabanintha resource at its project.
Castle Minerals (ASX:CDT) was a strong gainer in early trade after the company gave an update on its Polelle gold project.
The company has expanded the potential of its Polelle project in WA’s Meekatharra region by applying for nine more prospecting licences.
The expansion plan follows a 4,580km high-resolution aeromagnetic survey that identified prospective structures at Polelle project.
Polelle is within the Albury Heath shear zone that hosts the Albury Heath deposit with an inferred resource of 528,000 tonnes at 2.09 grams per tonne gold for 35,470 ounces of gold.
The company has another project in the Meekatharra region, Wanganui, 15km south of West Gold Resources’ (ASX:WGX) Bluebird gold mine.
In addition, Castle Minerals has its Beasley Creek gold project in the Pilbara region, and Success Dome gold and base metals project in the Ashburton corridor near to Northern Star Resources’ (ASX:NST) Paulsens operation.
Castle Minerals also has some gold tenements in the west African country of Ghana’s Upper West region.
Gold and copper explorer Genesis Resources (ASX:GES) charged higher in morning trade without releasing any fresh information.
The CSIRO is carrying out studies using the CleanTeq gold recovery method at the company’s Plavica high sulphidation gold-copper-silver project in the Republic of North Macedonia in Eastern Europe.
Final results of the study are due to be submitted to the government of North Macedonia before the end of the year.
The CleanTeq technique uses a water soluble, inorganic compound to extract gold after the crushing and milling processes.
Genesis Resources also has two gold projects in Queensland, and a gold-copper and gold project in the Northern Territory.
Sabre Resources (ASX:SBR) emerged from a trading halt to announce it had exceeded its expectations in a planned capital raising.
The company initially proposed to raise $3m, but its corporate adviser and lead manager Peak Asset Management said it had received binding commitments for $4.8m.
The capital raising will be for 417.3 million shares at an issue price of 1.1c per share with a one-for-one attached option.
The explorer recently completed 49 drill holes for 1,420m at its Bonanza gold project intended to test three priority targets.
The drilling was focused on part of the Bonanza project near to Ramelius Resources’ (ASX:RMS) Penny West gold mine in WA.
At Stockhead, we tell it like it is. While Australian Vanadium and De Grey Mining are Stockhead advertisers, they did not sponsor this article.