Resources Top 5: Metal hits put ASX juniors in Ecuador and Peru in limelight
Mining
Mining
Here are the biggest small cap resources winners in morning trade, Friday, October 18. Prices accurate at time of writing.
High-grade gold hits at TTM’s Iguana prospect at the explorer’s 3.1Moz gold and 22Moz silver Dynasty project in southern Ecuador provide a strong case for mineralisation growth.
Iguana’s footprint is now thought to be much larger than the originally estimated 2.5km x 300m area, which contains 0.7Moz gold and 4.8Moz silver up to 4km x 1.5km with multiple new mineralisation veins discovered at surface.
That’s because trenching work returned an exceptional 3m at 21.4g/t gold vein outside the resource area that’s never been tested.
TTM says it’s going to get underway up to 10,000m of drilling across Dynasty in the coming weeks to extend the current resource and test multiple new exploration targets.
“With gold and silver prices at all-time highs, we are optimistic of a much-enhanced scenario for Dynasty with an updated resource estimate due in mid-2025,” TTM CEO Melanie Leighton says.
To the north of Dynasty, the South American explorer is seeing work being done across its Linderos copper project, which Gina Rinehart’s Hancock Prospecting is farming into in a US$120m deal for up to 80% of the project.
Another 10,000m of drilling is set to commence in the coming weeks, conducted by Hancock. Investors are taking a shine to TTM, rising 22% today on the back of yesterday’s news.
Up almost 10% today, C29 has received firm commitments from sophisticated and professional investors to raise $2.45m, paving the way for drilling activities at Ulytau.
Preparatory works for an initial diamond drilling campaign got underway earlier this week after the junior received official notification from Kazakhstan’s Natural Resources and Environmental Management Department.
The company is planning to test and verify shallow, historical high-grade results by using a handheld XRF unit in the field, which provides real-time geological information to the team and valuable geological data.
C29 managing director Shannon Green said the swift granting process was “a testament to the efficiency of the Kazakhstan government’s agencies and support for the company’s efforts”.
Shares in the ASX junior are up 16.7% after announcing that a maiden High-Power Fixed Loop Electro-Magnetics (HPFLTEM) survey has identified four zones of potential at LEG’s Magnus prospect, part of its Rockford nickel-copper project east of Kalgoorlie, WA.
Prospectivity of the Magnus intrusion had previously been confirmed with a single diamond drill hole completed by Legend, suggesting a fertile host intrusion for Nova-Bollinger style Ni-Cu sulphide deposits.
Future work at the early doors project will incorporate and interrogate AI/ML, drilling, gravity modelling, AMAG modelling, and HPFLTEM datasets across Magnus to define drill targets, as well as obtaining heritage clearances.
(Up on yesterday’s news)
Peruvian copper hunter SLM has skyrocketed up the charts again today on the back of completing a magnetometry survey across its Cinto project.
Cinto, in southern Peru, is in the same region as >50% of the nation’s 2.76Mt of copper production with a large 66,100 hectare tenement package along strike to the 223.8Mt Tia Maria and 1.3 billion tonne Cuajone projects owned by Southern Copper.
Drill permits are being processed for a planned 7500m campaign to test a major target at the Ilo Este and Al Palo targets early next year.
(Up on no news)
TAM stocks have risen 24% this week, although so far nothing newsworthy has been announced in the past handful of days.
The junior holds a 50% stake in the Central Tanami gold project with Northern Star Resources (ASX:NST) and is jointly funding exploration work.
The JV’s goal is to develop and mine the Groundrush gold deposit and its surrounds.
A 14-hole, 1340m AC drilling campaign was completed at the Miracle West prospect, focusing on the southwestern extension of the main mineralised structure.
The campaign specifically targeted the intersections of interpreted structural corridors and lithological transition zones between sedimentary units and basalts of the Mt Charles Formation.
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This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.