• Sarama hits 21m at 7.57g/t gold from surface in a recent drilling program at Tankoro
  • Octava Minerals identifies multiple pegmatites at the Pinnacle Well lithium prospect
  • Western Yilgarn, Equatorial Resources and Aston Minerals up on no news

Here are the biggest small cap resources winners in early trade, Tuesday November 29. 

 

SARAMA RESOURCES (ASX:SRR)

SRR has hit 21m at 7.57g/t gold from surface in a recent drilling program which investigated five key target areas in a section of the MM prospect within the Tankoro deposit in West Africa.

“As per previous releases, these most recent results continue to illustrate the potential for new discoveries within the Tankoro Deposit’s very large and prospective mineralised corridor,” SRR president and CEO Andrew Dinning says.

“We look forward to completing the current drill program and following-up the multitude of exciting discoveries made so far.”

Drilling is currently paused until 2023.

With all assays from the Q2/Q3 2022 program now returned, the company is currently compiling results and incorporating these in its planning for further drilling of its highest priority targets around the mineral resource.

 

OCTAVA MINERALS (ASX:OCT)

OCT is on an upwards trajectory this morning on news it has identified multiple pegmatites at the Pinnacle Well lithium prospect around 10km to the north of Global Lithium’s (ASX:GL1) Archer Lithium deposit in the East Pilbara.

Earlier mapping and pXRF analysis of soil samples had identified a number of priority targets within the wider Talga Project, including an extended area of elevated Li-index analysis results around and to the north of the Pinnacle Well prospect.

However, inspection by company geologists has now identified an approximately 1.5km length pegmatite running east-west.

This large pegmatite outcrop at Pinnacle Well is where lithium mineralisation was previously recorded – there were also multiple newly identified pegmatites such as northwest striking pegmatites.

A number of rock samples have been collected for analysis with results anticipated to be received in the coming weeks.

 

WESTERN YILGARN (ASX:WYX)

(Up on no news)

The exploration stock formerly known as Pacific Bauxite is now looking for PGEs, gold, lithium, and nickel across a portfolio of six greenfields projects in WA.

It is also interested in rare earths, with the company saying back in October it was “carrying out due diligence on what looks to be an excellent acquisition for the company which provides a firm foothold in the burgeoning REE segment”.

On 27th October, WYX secured an option until January 2023 to acquire a REE-manganese project in the Gascoyne region for $200,000.

“The company has commenced due diligence and will provide updates to shareholders in due course,” it says.

The $5.35m market cap stock was reinstated to the ASX in May following a $4.5m recapitalisation process.

 

EQUATORIAL RESOURCES (ASX:EQX)

(Up on no news)

At the end of October, EQX said it was seeking financial compensation for unlawful measures taken by the Republic of Congo Government against EEPL Holdings’ investments in two iron ore projects: the Badondo Iron Ore Project and the Mayoko-Moussondji Iron Ore Project.

The arbitral tribunal has been constituted at the International Centre for Settlement of Investment Disputes in Washington, DC, and arrangements for the arbitration procedure (including the scheduling of written and oral submissions) were finalised during the quarter.

EQX currently has $18 million in cash, with 125.9 million shares on issue, and continues to search for new opportunities in the resources sector.

ASTON MINERALS (ASX:ASO)

(Up on no news)

Aston Minerals continues to deliver extensive nickel and cobalt at the Bardwell prospect within the Edleston Project in Canada.

“The resource definition drilling of Bardwell and Bardwell North Prospects has been completed and we are receiving ongoing encouragement from the results received that the magmatic nickel-cobalt sulphide system is of tremendous scale,” ASO managing director Dale Ginn says.

The system has been defined to a strike length of 6.5km, to a depth of 650m below surface and appears to average around 100m to 300m in thickness.

ASO is awaiting the results of the final six drill holes to complete the maiden mineral resource estimation across Bardwell.

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