Resources Top 5: Meeka's gold shines brighter than diamonds with hits up to 32m at 16.07g/t

MEK soars on fresh gold hits and a new discovery
ARN intersects multiple 50m+ pegmatite intervals at Niobe
GL1 reports exceptional lithium hits and AUC’s Katanning Gold Projects shaping up to be one of the largest free-milling undeveloped gold projects in WA

Here are the biggest small cap resources winners, Wednesday August 10.

MEEKA METALS (ASX:MEK)

It was only last month when Meeka stumbled upon a whole lot of gold on the Western Flank of Turnberry after shallow aircore drilling intersected broad zones of the precious metal outside the mineral resource.

Hits back then included 32m at 3.09g/t gold from 32m, including 20m at 4.53g/t gold and 12m at 3.80g/t gold from 52m, including 4m at 10.70g/t gold.

But today, MEK has made a significant new discovery at St Anne’s where drilling records indicate the package of rocks that host gold at Turnberry and St Anne’s also strike in a similar trend.

Fresh hits include intersections up to 32m at 16.07g/t gold from 48m, including 16m at 28.59g/t gold as well as 20m at 20.7g/t gold from 48m, including 16m at 24.86g/t gold.

That’s thick, shallow, and high grade.

Following extensional drilling at both St Anne’s and Turnberry, this shear zone will become the focus of work.

MEK’s MD Tim Davidson says St Anne’s continue to demonstrate the exceptional growth opportunity at our Murchison Gold Project.

The company has a market cap of ~$64.43m with shares soaring 40% at the time of writing.

ALDORO RESOURCES (ASX:ARN)

Multiple 50m+ pegmatite intervals have been intersected at the Niobe Rubidium-Lithium Project in WA, where phase-2 drilling has focused on the potential of pegmatite mineralisation of the extension to the Breakaway area identified in late June.

Best intersections include 50m pegmatite from 8m, 8m pegmatite/gabbro from 70m, and 5m pegmatite/gabbro from 105m.

All holes have intersected pegmatites of various intervals from intervals from <1m to 50m with pegmatite-country rock zones up to 63m.

The program has been dictated by the pegmatite intersections where many have been interpreted as flat lying sills or moderately dipping dykes orientated to the northwest.

GLOBAL LITHIUM RESOURCES (ASX:GL1)

Multi-asset West Australian lithium company GL1 is catching some big waves this morning on news of ‘exceptional’ drilling results such as 24m at 1.03% Li20, extending the resource at the Manna Project along strike and down dip.

This is the largest, single intersection of a lithium bearing pegmatite in the project’s history and in addition, further lithium assay results were returned which extend the northern strike by 220m from the existing assay results.

Ongoing ground mapping of the north/eastern extension target area at Manna has identified large outcropping pegmatites 1,000m along strike from the current resource outline.

An updated Manna mineral resource estimate is anticipated for Q4 2022.

“The north/eastern extension of the deposit is proving to be very encouraging, and the RC drilling program has been targeted to drill this new area in time for inclusion in our updated MRE in Q4,” general manager of exploration Stuart Peterson says.

AUSGOLD (ASX:AUC)

AUC has revealed drilling results that demonstrate the potential scale opportunity at the 2.16Moz Katanning Gold Project (KGP), following the recent release of a pre-feasibility study.

Highlight results including 4m at 17.05g/t gold from 207m, including 2m at 33.86g/t gold from 208m add to the near surface resource and expand the project’s current ore reserve.

RC drilling of 41 holes for 5,666m has targeted gold mineralisation within the KGP, intersecting several significant zones of gold mineralisation both at depth and near-surface.

AUC managing director Matthew Greentree says the KGP is now shaping up to be one of the largest free-milling undeveloped gold projects in Western Australia.

“It is pleasing to continue this momentum with near surface high-grade gold intersected as well as expanding the depth potential which remains open – both add to the significant multi-million-ounce resource potential of the project.”

EQUINOX RESOURCES (ASX:EQN)

(Up on no news)

Junior iron ore explorer EQN listed on the ASX last year and is looking to develop its Hamersley Iron Ore project, 60km northeast of Tom Price in the Pilbara.

During the June quarter, EQN said it completed ongoing stakeholder engagement and consultation with the Wintawari Guruma Aboriginal Corporation (WGAC) to plan and conduct the heritage surveys to support the first planned drilling program.

The company has also requested that updated archaeological and ethnographic surveys be undertaken over the entire project.

After the June quarter, Equinox announced that the Heritage Survey over the Hamersley Project is expected to kick off mid-September 2022, after securing suitable accommodation for the survey party.

Once completed, and subject to the survey outcomes, the planned drill program will be reviewed and implemented.