Resources Top 5: Nickel explorer preps for drilling and Pilbara salt-green hydrogen project expands
Here are the biggest small cap resources winners in morning trade, Friday January 7.
Fin Resources has acquired a key additional licence (E08/3355) adding a further 270.5 square km at its 80% owned Sol Mar Project in WA’s Pilbara region on top of its 425 square km land position.
The company says the acquisition is in line with its overall strategy – to pursue the large-scale production of green products from seawater using renewable energy, which is made easier due its prime location near the town of Onslow and the Port of Ashburton.
Executive director Ryan de Franck said FIN is progressing ahead with planning, permitting, and study actives at Sol Mar.
“The grant of E08/3355 is a good way to start the year and build momentum in what is shaping up to be an exciting year for FIN,” he said.
Sol Mar Project is adjacent to an existing solar salt project that has been successfully operated by Mitsui and Co for 20 years with a production capacity of 2.7 million tonnes.
The ~$15m market cap company is up 65% in the past year and had $4m cash in the bank at the end of the September quarter.
Auroch says a major diamond drilling program at the Saint nickel project in WA will commence next week.
The aim is to upgrade the current mineral resource estimate of 1.02Mt at 2% nickel for 21,400t of contained nickel from inferred to indicated status.
Included in this program are two additional large-diameter drill-holes for metallurgical test work samples and both the new MRE and the metallurgical test work results will provide important inputs for the Scoping Study currently underway at Saints.
Managing director Aidan Platel said in addition to ongoing exploration activities at Nepean and Arden, AOU’s focus for this quarter was this major drill program.
“We are well-funded and in a great position to continue with our aggressive exploration programmes in parallel to our mine viability studies at Saints and Nepean as we push to create real shareholder value in 2022,” he said.
The ~$44m market cap company had $2.24m cash in the bank at the end of the September 2021 quarter.
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Yesterday, EMR declared its takeover offer for Bullseye Mining unconditional and is accelerating payment terms.
Emerald has a 52.85% interest in 423,654,922 Bullseye shares currently on issue, as well as a 50.25% interest in the fully diluted issued capital of Bulleye.
It is acquiring the unlisted miner for $117m, issuing one new EMR share for ever 3.43 Bullseye shares.
The company is urging all Bullseye shareholders to accept the offer “WITHOUT DELAY” before the offer closes at 5.00pm (WST) on January 14.
Bullseye currently owns two gold projects – North Laverton and the Southern Cross Gold Project in WA covering 1200 square km.
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GRE made its debut on the ASX this week after completing a heavily oversubscribed $5m IPO.
Drilling is set to take place at the Whundo Copper Project sometime this month, targeting extensions to the existing resource and several high priority greenfields copper exploration targets.
The project comprises a 4km long defined prospective corridor associated with previously mined copper-zinc deposits.
GreenTech also owns the Ruth Well Nickel Project, which consists of a 5km prospective zone of mafic rocks with established nickel resources.
The upcoming exploration program includes drill testing of three VTEM/MLEM conductor plates modelled at more than 100m depth and close to the Ruth Well copper nickel resource.
GRE is in a joint venture with Artemis Resources (ASX:ARV) at the Osborne Nickel Project, which is adjacent to Azure Minerals Andover Nickel Project comprising drill testing of a highly conductive VTEM and ground EM nickel sulphide targets.
Executive director Thomas Reddicliffe said near term focus is on testing multiple drill-ready targets aimed at growing the existing JORC 2012 compliant indicated resource of 2.7Mt at 1.14% copper and 1.14% zinc at Whundo.
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WML is ready to get drilling underway at its Mt Venn JV Project (WML:80%, Cazaly Resources :20%) once all statutory approvals are in place.
The drilling program will aim to expand the nickel and copper sulphide mineralisation within the larger Mt Cumming Mafic Sill Complex – an under-explored nickel-copper-PGE prospect that extends for more than 5km of strike, 3km width, and more than 500m below the surface.
Previous assays include hits of up to 22m at 0.19% nickel and 0.28% copper from 28 – 50m in hole MVRC064, including a higher-grade massive sulphide intersection of 11m at 0.34% nickel and 0.42% copper.