Resources Top 5: Nothing like a sneaky Friday pump to get the cobwebs off for the weekend
Here are the biggest small cap resources winners in early trade, Friday June 23.
It can’t be FriYAY without some delicious lithium hits in Australia’s northwest to sound out the week.
DLI has announced the highest tenor intercept to date at its Yinnetharra lithium project in WA’s Gascoyne region, as well as a major step out along strike in the M36 pegmatite which has currently been delineated over 1.7km.
Its Malinda prospect boasts a “lithium mile”, comprised of two major parallel ore zones M1 and M36, each now drilled out over 1.6km in strike length and remaining open down plunge.
New drilling results, both from M36, include 33m @ 1.9% Li2O from 218m in hole YRRD118 and 19m @ 1.6% Li2O from 190m in hole YRRD114.
“Yinnetharra is a big system, 216 holes in and we have pegmatites defined along 1.6km of strike, stacked in a package more than a kilometre wide,” DLI chair David Flanagan said.
“Mineralisation is open down plunge and it’s right here in Western Australia, the single biggest lithium producing region on the planet.”
To date, the company has completed 216 holes for 51,208m at Yinnetharra, with 102 holes waiting to be assayed.
DLI said it’s also on track to complete an additional ~100 holes before September.
The $467m market-capped Delta’s shares rose 22.95% on the back of the news in early trade today, pushing its share price right up to almost 90c.
These guys must have the best-timed market announcement we’ve seen all week.
Neighbour-adjacent Delta Lithium just announced some big lithium hits to the market that sent its share price galloping – and Zeus is coming along for the ride.
ZEU has clarified to the market that its Phase 1 drilling program at Mortimer Hills has been completed, after it announced on Tuesday that its Phase 1 drilling program at Mortimer Hills had been completed.
Phase 1 consisted of 19 shallow RC drill holes at a 50-60% dip to depths of between 30-70m, with 10 of them encountering pegmatites underground – some even in the same drill hole.
Samples have been sent to the lab for analysis and assay results are expected in about four weeks.
Based on the pending results, Phase 2 is now being prepared and will focus on deeper drilling at depths between 50-200m.
Shares in the $17m market-capped Zeus catapulted themselves up 22.5% in early trade today, trading at 3.8c.
(Up on no news)
Penny stock ODM has had a good day of trading so far too, for no other reason than perhaps its buddy Zeus is also having a good day and investors like strong sounding god names for mining companies.
The latest news comes out of its late April release of its quarterly activities, where it spent $465,000 during those three months on drilling and exploration and retains a positive cash balance of $3.53m.
It principally focused on the northern areas of its Koonenberry base metals project near Broken Hill in NSW, where a drill program focused on less than 2km of defined strike.
Assays were received for Odin’s maiden drilling program at Wertago copper project, comprising 1,960m drilled across 12 reverse circulation (RC) holes targeting a greenfield sequence of volcanic lithologies.
Drilling tested four outcropping veins, with 11 of the 12 holes hitting mineralisation, representing a small portion of the total system, and has provided invaluable data on the mineralogy, geology, and geometry of mineralisation.
The copper mineralisation remains open along strike for all veins, and Odin has lodged work program requests for an expanded RC drilling program.
Shares in the $11m market-capped minnow are up 14% in eary trade to 1.6c.
Maiden drilling has commenced at the Latin Resources (ASX:LRS) backed lithium explorer’s Jaguar project in Brazil.
The initial program will test the strike extent of the pegmatite body along the known 1.4km strike length and take about 90 days, with regular updates to the market as results flow in.
“We are delighted to announce the commencement of our maiden drilling program at Jaguar a mere 22 days after executing the option agreement over the project,” SLM executive director Matt Boyes said.
“The program is designed to provide our first indication of the potential strike, depth and thickness, along with confirmation of mineralisation style and grade.
“It’s an extremely exciting time for the Company and its shareholders, as we drill at a previously underexplored pegmatite in what we hope will become Brazil’s next major lithium province.
“I look forward to arriving on site as the first core is pulled from our maiden drill hole.”
Shares in SLM rose almost 17% in early trade today to $1.08 per share.
Encouraging results from step one beneficiation tests from the Neo prospect, part of its Paddy’s Well REE project came out on Tuesday and investors can’t seem to stop pouring into the junior.
The tests showed REE enriched clays at Neo are highly amenable to upstream beneficiation.
By selectively removing coarse (large) particles from the Neo clay samples, several significant benefits were demonstrated including a ‘significant’ boost in REE grades – up to 67% increase in valuable MREO and 66% in TREO.
“This presents Voltaic with an opportunity to significantly upgrade REE grade, reduce the quantity of material processed, reduce deleterious elements, and substantially decrease reagent consumption and equipment requirements for full-scale operation,” CEO Michael Walshe said.
“Up to 94% of the valuable magnetic (Nd, Pr, Dy, Tb) REE mass can be recovered in the -20μm size fraction (particles <20μm), whilst removing ~40% of the total mass as waste.
“This represents a major step forward in proving the economic viability of a REE project at Neo.
“We are eagerly awaiting step two leaching testwork results, which we should have in approximately four weeks.”
Shares in the $38m market-capped explorer are on the rise again, up 19% today to 10.5c.
While Voltaic Strategic Resources is a Stockhead advertiser, they did not sponsor this article.