Resources Top 5: Neighbours Chalice and Caspin double down on new PGE-nickel-copper discoveries
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Here are the biggest resources winners in early trade Thursday, July 7.
CPN is riding some big waves this morning after releasing assay results from five reverse circulation holes and two RC pre collars at the Serradella prospect within the Yarawindah Brook PGE-nickel-cobalt project.
The miner is next door to market darling Chalice Mining (ASX:CHN), whose world-class palladium-nickel-copper discovery at Julimar in WA unlocked a hidden secret of critical minerals perfectly timed to capitalise on the green energy transition.
CPN says these early results demonstrate the potential for a ‘significant’ nickel-copper-PGE deposit with hits up to 91m at 0.48 g/t 3E returned from a 350m step-out hole.
This is the most significant zone of metal accumulation intersected to date.
Caspin’s managing director Greg Miles says a vector to the more prospective parts of the intrusion is what the PGE hopeful has been looking for, and these few results appear to provide that critical piece of information.
“There are still many results still to come, particularly in the areas we think are more prospective,” he says.
“But we think just these few results are already providing us with the focus for the next round of drilling.”
Chalice’s Gonneville is now known of as the largest platinum group elements discovery ever in Australia AND the largest nickel sulphide discovery made globally in 20 years.
The company has intersected a new nickel-copper-PGE sulphide zone during a program of initial drilling at the Dampier target, a mere 10km from that big Gonneville deposit.
CHN says this is the first significant indication of orthomagmatic sulphide mineralisation outside of the Gonneville deposit itself.
It is therefore considered to be a mighty exciting result, which demonstrates the highly prospective nature of the Julimar Complex for additional nickel-copper-PGE discoveries.
CHN says several nearby targets located along strike are now prioritised for immediate drilling under existing approvals.
African iron ore play GEN is making the news for entering into a new royalty agreement with big boy Anglo American.
The British mining company will receive up to a 1% sales revenue royalty in consideration for an immediate cash payment of US$10m.
On top of this, Genmin has granted Anglo American an exclusive right to negotiate and agree terms for up to US$75m in project funding and up to 100% of offtake from its Baniaka iron ore project in Central Africa.
GEN’s CEO Joe Ariti said the company sees Anglo American as an ideal potential partner in achieving its goal of pioneering iron ore production in Gabon in a sustainable way.
At the end of the March quarter, the ~$60.91m market cap company had $9.05mn cash in the bank.
ASX gold play GBR is soaring this morning, thanks to a beautiful 5.9m at 39.37 g/t gold hit at Mulga Bill within its Side Well Gold Project.
GBR managing director Andrew Paterson says this ‘sensational’ result is in a shallower part of Mulga Bill, on the same section as the company’s first high-grade intersection early last year.
“The significance of this result is that it supports our geological interpretation in that area, which has changed significantly since the first holes were drilled,” he says.
“It is also significant that the hole intersected a thicker zone of very high-grade mineralisation compared to the narrower intersections reported in earlier diamond holes.”
Pending results include 21 AC holes from Mulga Bill and 95 AC holes from the Whiteheads Gold Project.
At the end of the March quarter, GBR had $2.12mn cash in the bank.
Shares in ADD are catching some good wind this morning, and it might be a little something to do with news that a ground-based gravity survey has wrapped up at the Kabanga Jirani and Luhuma nickel projects in Tanzania.
The survey identified a total of 32 discrete gravity targets for a strike length of around 55kms – pretty significant as executive director David Riekie says without the survey, these targets would have remained undiscovered.
“The measure of the success of this gravity program is quite simply a reflection of the large number of high-quality targets that have been generated,” he says.
“We have always maintained that we are in the right prospective geological setting for new nickel sulphide discoveries.”
The ~$10.6mn market cap company had $1.34mn cash in the bank at the end of the March quarter.