• Errawarra receives grant of key tenement comprising the Andover West Project
  • Gascoyne Resources hits a bonanza 50m at 4.58g/t gold intersection extending the Never Ever lode
  • Global Lithium confirms a third RC drill rig has been mobilised at the Manna Lithium Project

Here are the biggest small cap resources winners in early trade, Tuesday September 6.

 

ERRAWARRA RESOURCES (ASX:ERW)

This WA-based gold-nickel explorer is making some noise this morning, revealing the key tenement comprising the Andover West Project has been granted for a period of five years from September 1.

Andover West covers an area of 100km2 in a very favourable geological setting for nickel in the West Pilbara, close to Azure Minerals’ advanced Andover nickel exploration project – home to a mineral resource of 4.6Mt at 1.11% Ni, 0.47% Cu and 0.05% Co.

ERW says the grant of the tenement is an important milestone, as it largely clears the way for more substantive on-ground exploration activities.

To kick-start exploration, Errawarra in cooperation with Ngarluma Aboriginal Corporation has scheduled a heritage clearance survey to be undertaken this month over areas including the priority nickel target.

 

GASCOYNE RESOURCES (ASX:GCY)

Shares in this goldie are on a high this morning after releasing the result of a 50m at 4.58g/t intersection including 24m at 7.3g/t which extends the Never Ever lode at depth within the wider Dalgaranga Gold Project.

GCY and CEO Simon Lawson says these outstanding hits demonstrate the company is dealing with a wide, high-grade and potentially VERY LARGE gold system.

“Wherever we drill to test the extents of this beast we hit more gold,” he says.

“Every gold camp starts as an initial discovery and, with the years of exploration and mining work that follow, different styles of mineralisation are typically discovered as geological understanding evolves.

“At Dalgaranga, up until just recently, there has been just one main recognised style of mineralisation… however Never Ever is quite clearly a new and significant mineralisation style for the Dalgaranga goldfield.

“Its location, geometry and orientation are very clearly influenced by regional-scale structures and not necessarily rock type.”

The ~$140m market cap company had a net cash position of $30.9m at the end of the June quarter.

 

TYRANNA RESOURCES (ASX:TYX)

(Up on no news)

In August, Tyranna received some pretty outstanding results from the Namibe Lithium Project in Angola on the west coast of Southern Africa.

The average grade of around 50 samples was 3.21% lithium oxide, including a maximum of 9.74% lithium oxide which confirms the potential for economically significant lithium mineralisation.

TYX said at the time these latest results also warrant continued investigation of the rest of the pegmatite field, which remains greatly under-explored.

 

GLOBAL LITHIUM RESORUCES (ASX:GL1)

GL1 shares are on an upwards trajectory following news that a third RC drill rig has been mobilised at the Manna Lithium Project, ready to undertake an infill program alongside an ongoing 20,000m RC and 4,000m drilling program.

Western Australian-based contractor K-Drill has been engaged to undertake the program, designed to elevate the classification of the current JORC resource which hosts a maiden inferred resource of 9.9Mt at 1.14% lithium oxide.

The company anticipates a mineral resource update to follow the drilling program along with additional metallurgical test work in Q4 2022.

 

SOUTHERN PALLADIUM (ASX:SPD)

(Up on no news)

This ~$103.2m market cap platinum group metal (PGM) explorer has a phase-1 drilling program underway at the Bengwenyama PGM project on the Eastern Limb of the Bushveld Complex in South Africa.

While the project is particularly rich in palladium-rhodium, the Bushveld Complex itself contains more than 70% of the world’s known PGM resources.

With its 70% stake in the project, SPD is focused on the delivery of a pre-feasibility study and has kicked off a two-phase diamond drilling program at the site.

On Monday, SPD confirmed that drill-hole E062 intersected the first UG2 reef at 31.2m below surface.

The mother hole was completed on September 1, with an end-of-hole depth of 119.8m and matching stratigraphic models.

Management team looks forward to providing additional updates once assaying gets underway, following the completion of the down-hole acoustic televiewer survey.