• Major zinc and lead discovery developing at the ‘Kroussou’ project in Gabon, Apollo Minerals says
  • Gold explorer Megado has assays pending
  • A drilling program at Scorpion–Fenix’ Pharos Iron Ore JV will be accelerated

Here are the biggest small cap resources winners in morning trade, Wednesday July 21.

 

APOLLO MINERALS (ASX:AON)

A major zinc and lead discovery is developing at the ‘Kroussou’ project in Gabon, Apollo says.

Investors agreed, sending the $38m market cap explorer up ~40% in early trade.

New drilling results from 11 diamond drill holes at the Dikaki Prospect – one of 18 at Kroussou — confirmed shallow high-grade zinc and lead mineralisation within 40m of surface.

Highlight hits include 13.5m @ 5.3% Zn+Pb from 12.8m.

“The results support the potential for a large-scale shallow, flat-lying, broadly mineralised system with possible continuity across multiple zones which could allow simple open pit mining extraction,” the company says.

“Kroussou represents a significant, large scale, near surface Zn-Pb project with more than 80km of strike length, and multiple opportunities for further discovery.”

Assays are pending from the remaining 35 holes completed at Dikaki.

 

MEGADO GOLD (ASX:MEG)

(Up on no news)

Gold explorer Megado has assays pending for the ‘GT’ prospect – one of three key targets at the Chakata project in Ethiopia.

The $6m market cap stock has already reported encouraging visual intercepts from the ongoing drilling at GT, targeting a historical trench result of 25m @ 2.57g/t gold.

More generally, results so far at Chakata supports Megado’s thesis that the project has potential to host significant gold deposits “comparable to that of the high-grade Sakaro gold mine less than 5km to the north”.

 

SCORPION MINERALS (ASX:SCN)

A drilling program at the Ulysses iron ore target in WA – part of the Pharos Iron Ore JV with neighbouring producer Fenix Resources (ASX:FEX) – is being accelerated.

Iron ore targets at Pharos spanning a 15km strike have already been identified, Scorpion director Bronwyn Barnes says.

“Our detailed technical review of the available historical data from Pharos has identified several compelling iron ore drill targets within our JV tenements that warrant immediate follow-up drill testing,” Barnes says.

“As a result, we have expedited our plans to drill test these high-quality targets across both the Ulysses and Iron Ridge Extension prospects.

“Scorpion’s Pharos Iron Ore JV is in a highly sought-after and proven mining jurisdiction, nearby to Fenix’s high-grade Iron Ridge iron ore mining operation, and we look forward to quickly advancing our exploration strategy with Fenix to unlock the full potential of Ulysses and Iron Ridge Extension.”

The $20m market cap stock is up 35% year-to-date.

 

ALARA RESOURCES (ASX:AUQ)

Last week, explorer $10m market cap explorer Alara picked up more ground and scored crucial approvals at its advanced 51%-owned ‘Wash-hi Al Majaza’ copper-gold project in the little-known Middle Eastern jurisdiction of Oman.

Commercial production is pencilled in for March 2022.

 

POLYMETALS RESOURCES (ASX:POL)

(Up on no news)

This explorer listed on the ASX late June to hunt gold deposits in the West African nation of Guinea.

Drilling has kicked off to test artisanal gold diggings — enclosed by the 40 ppb Au-in-soil anomaly — at the East Alahiné North, Central and South prospects.

An earlier drill program (2,400 metres) returned a best intercept of 12 metres at 3.09 g/t gold from 89m. Very promising.

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