Pic: Getty Images
Mining
Here are the biggest small cap resources winners in early trade, Monday August 15.
(Up on no news)
On August 10, ODM received applications to raise up to $1.56m via a placement to professional and sophisticated investors, allowing the company to accelerate exploration and drill newly identified high-priority copper targets across the Koonenberry Project.
The company owns around 2600km2 of land and a 150m strike in the underexplored Koonenberry Belt in far west New South Wales.
ODM executive chairman Jason Bontempo says it’s a district scale copper and base metals exploration package – one that has been largely ignored because Broken Hill and Cobar have got all the attention.
“When we looked closer and did some due diligence, we realised that it was just completely underexplored,” he said.
“The owners at the time were more interested in Cymbric Vale but to the east there’s the Grasmere historic resource (JORC 2004, 5.75 Mt @ 1.03% Cu) and to the north is Wertago, which is a historic brownfield with small tonnage but high grade – in the vicinity of 20-30% copper at surface.
“There’s so much opportunity and we’re only really working at the more advanced prospect areas like Grasmere, and Cymbric Vale at the moment.
“It’s got enormous size to it, it’s under-explored, it’s high-grade VMS geology, and we’re looking for that low tonnage but high-grade type of copper deposits – and this geology has the potential for that.”
Newly listed SGA is led by geologist Sean Gregory whose primary asset is the Sarytogan Graphite Project situated 170km by highway to Karaganda, the largest industrial city in Kazakhstan.
The project contains an inferred JORC Resource of 209 Mt @28.5% TGC (containing 60Mt of graphite) making it the highest grade and second largest graphite deposit of its ASX peers.
Kazakhstan is also an established mining jurisdiction right in the middle of the largest battery manufacturers in Europe and China.
Today, SGA says it has revealed first drilling results from the Central Graphite Zone at the Sarytogan deposit, which returned graphite mineralisation in all drill holes – exceeding expectations.
Thick high-grade graphite intersections from the first seven diamond drill holes have returned hits including 62m at 27.5% TGC from surface, including 5.7m at 40.1% TGC in ST-60.
SGA managing director Sean Gregory says the results have the potential to significantly expand the already giant mineral resource.
NOW READ: Could it be right place, right time for this ASX graphite junior as Chinese anode production booms?
Gold-copper explorer AMI has hit its highest grades to date at the Federation Project in the Cobar Basin in Western NSW, about 10km south of the company’s Hera Mine.
Stunning grades across gold, zinc, copper and lead were part of the most recent results achieved from Aurelia’s recent intensive drilling.
The standout was 20m at 26.8% lead and zinc, 12.5g/t gold and 0.8% copper, including 9.5m at 48.2% lead and zinc, 26.1g/t gold and 1% copper, as well as 0.7m at 63.6% lead and zinc, 378g/t gold, 69g/t silver and 2.8% copper.
AMI managing director and CEO Dan Clifford says the Federation drilling program has been nothing short of exceptional from the discovery hole to the final hole of the current surface drilling program.
“It has only been three years since discovery and the ultimate extents of the deposit are still unknown.
“What we do know is that Federation is shaping up as the most significant discovery in the Cobar Basin in decades, and one of the most exciting polymetallic discoveries in Australia in recent years.”
With drill results like these, Clifford says the underground can’t come on fast enough.
“Surface works and box cut activities are almost complete to enable development of the exploration decline.”
Rox Resources (ASX:RXL) spin-out CNR has delivered a 72% lift in resources at its Sabre resource with total Fisher East resources now up to 134.1,000t contained nickel.
The JORC mineral resource for the Sabre deposit at Fisher East now stands at 2.9Mt at 1.5% nickel for 42,300t contained nickel and 32,8000oz at a cut-off grade of 0.9% nickel.
Cannon CEO Steve Lynn says this update has delivered both an increase in tonnes and an increase in nickel grade.
“Now Sabre is proving to be a deposit of scale at up to 700 metres strike extent, with substantial further resource growth likely as mineralisation is only defined down to 300 metres depth and remains open.”
Cannon listed on the ASX almost 12 months ago to the day.
In that time the company has discovered 56,100t of new nickel resource – all at Fisher East and at a discovery cost of $104 per nickel tonne.
“Both are industry leading metrics,” Lynn says.
One of a handful of very popular exploration IPOs in 2022, BXR’s focus is the ‘Belara’ project in NSW, which includes two historical copper-zinc mines: Belara and Native Bee.
The Belara and Native Bee mine areas are the first high priority targets for resource drilling where a phased approach has been undertaken.
Shares are up some ~17.5% this morning after intersecting massive sulphide mineralisation in two new holes at the Native Bee resource, with significant intersections including 2m at 4.46% zinc, 0.31% copper, 1.20% lead, 30.2g/t silver and 0.93g/t gold.
Phase-1 drilling has now wrapped up for Belara and Native Bee as preparations for the initial JORC resource estimation work get underway.
“We are delighted to report the new assay results for the first two holes,” BXR managing director Arvind Misra says.
“A DHEM survey has commenced to test for further extensions to the known mineralisation areas.”
Initial floatation concentrates have also increased confidence in successful commercial recovery of zinc, copper, lead and silver.
Mining
Mining
Mining
Get the latest Stockhead news delivered free to your inbox.
