Resources Top 5: Pilbara lithium hunter MinRex leads no-news ressie pack with 50pc gain
Here are the biggest resources winners in early trade, Friday November 17.
(Up on no news)
Battery minerals hunting junior MinRex is surging +50% at the time of writing, which is obviously very nice for its shareholders.
There’s nothing to report as yet, but we’ve made calls and will let you know as soon as we have more.
In the meantime, some notes from the company’s October 31 Quarterly Activities and Cashflow report…
The company recently finished a soil sampling program targeting LCT pegmatites at the Marble Bar projects in the Pilbara region, WA.
It’s on the hunt up there not far from Global Lithium Resources’ (ASX:GL1) renowned spod-bearing pegmatite swarming Archer deposit.
Per the company’s website: “With over 1000km2 of granted exploration licences with a rapid expansion strategy, MinRex is committed to pursuing its portfolio of highly prospective Lithium-Tin-Tantalum Projects, expanding its foothold in WA’’s prolific Pilbara region alongside proven world-class producers including Pilbara Minerals, Mineral Resources, and Global Lithium.”
And per its most recent report, the company says it is continuing on ground field exploration programs across its portfolio of WA lithium and NSW gold projects “while assessing multiple new opportunities in Australia and overseas”.
MinRex reportedly remains well funded with cash at bank $11.05 million – which is a decent amount of runway.
MRR share price
(Up on yesterday’s news)
In case you missed it yesterday… RWD is reaping rewards after signing an exclusivity deed with the receivers of Kalium Lakes (ASX:KLL) to potentially acquire the stalled Beyondie sulphate of potash project in WA, about 160 km SE of Newman.
It’d be a near $20m purchase, funded by a proposed capital raise.
Per Stockhead reporting yesterday:
The exclusivity deal has a few caveats, but essentially Kalium’s people will provide a period of exclusivity for RWD to sit down and “in good faith to seek to agree the terms of a sale agreement and any associated documents required to give effect to the sale of the Beyondie Project, in line with key terms set out in a non-binding term sheet.”
The previous owners of the Beyondie Project are estimated to have spent in excess of $400 million on Mineral Resource/Reserve definition, development, construction and operations of the only producing SOP mine in Australia.
There’s also apparently a stack of infrastructure out there – including:
• A fully constructed and permitted SOP trench and brine field, fresh water bore field, evaporation ponds and processing operations.
• Numerous granted Mining, Miscellaneous Licences and Exploration Tenements covering an area of approximately 1,800 square kilometres.
• A great big feck-off power station.
RWD, which runs its flagship 100%-owned Kumpupintil Lake Potash Project east of Newman in north-western WA, reckons it hosts Australia’s largest high-grade brine SOP deposit in a region with the highest evaporation rate.
RWD’s executive director, Dr Michael Ruane, said:
“It is rare that the opportunity exists to acquire an asset such as the Beyondie SOP Project. The project is well advanced in a technical sense and is a perfect fit with the Reward team skill set.
“A further bonus of the acquisition is that with relatively minor modifications, the Beyondie operation will serve as a low cost R&D facility required to confirm the operational parameters associated with the new Reward Process.”
RWD share price
(Up on no news)
This WA and NSW-focused gold and copper exploration minnow is also well up on not much, travelling along at speed of +22% at time of key tapping.
News just in… three days ago… the company held its AGM and there’s been some rearranging of boardroom furniture.
“Resolution 2 was not passed and as such Mr Conrad Karageorge has not been re-elected as a director.”
And, then… the appointment of a new non-executive director – Christopher Michael, who the company notes is an “experienced financial and corporate advisor with multiple years experience specialising in junior mining and exploration companies.”
On paper, sounds like decent grab.
OMX share price
Does Galena Mining have much going on today? Its share price does, hence making this column today.
It’s just released a ‘substantial holder notice’, revealing one Regal Funds Management – a Sydney-based investment firm – has bought up 52,947,762 G1A shares, giving it +7% voting power at the shareholders’ table.
— Galena Mining (@GalenaMiningASX) November 16, 2023
Galena owns 60% of the Abra high-grade lead-silver project, located in the Edmund Sedimentary basin, in the Gascoyne Region of WA.
The mine is 170km southwest of Newman and 220km north of Meekatharra. The Abra deposit, originally discovered in 1981, saw first concentrate produced in January this year, though Galena was forced to return to the market for cash in April amid a host of ramp up issues from weather to inflation and more.
Galena announced in August that the mine had turned cash flow positive, shipping 21,626t of lead concentrate in the September quarter to double quarterly revenue to $45.4m. It exited September with $14.4m in the bank, down from $19.3m at June 30.
G1A share price
(Up on news… from earlier this week)
CPM has no fresh announcing to make today (yet), but still has a warm glow from beaut assay results at its Brumby Ridge and Raven copper-gold prospects at its Mt Isa East project in northwest Queensland.
Let’s reprise that, and then get on out of here for another week.
Resources Top 5:
🏆 Cooper Metals makes a super start on its best-yet #copper results in Mt Isa, Qld
🏆 Metal Bank also has high-grade copper news… all the way from Jordan 🇯🇴
🏆 Also making gains: MetalsTech, Western Yilgarn and Kingfisher Mining https://t.co/xyInGg5spY
— Stockhead (@StockheadAU) November 14, 2023
The assay highlight in chief came from the initial RC drill hole 23MERC024 at Brumby, which saw an interception of 50m at 1.32% Cu from 80m including 2m at 6.1% Cu and 0.23g/t Au.
Drilling at Brumby Ridge has also intercepted 72m at 1.5% Cu from 113m to end of hole, and mineralisation at the prospect is open in all directions, appearing to be improving with depth.
At Raven, meanwhile, the stats include: 15m at 1.0% Cu and 0.1 g/t Au from 35m within a wider intercept of 28m at 0.63% Cu & 0.061 g/t Au from 34m.
Further assay results from both prospects are due in December.
CPM share price
At Stockhead we tell it like it is. While MinRex is a Stockhead advertiser, it did not sponsor this article.