• Buxton Resources approached by several listed companies to sell its ‘Copper Wolf’ porphyry project
  • Alicanto Minerals dusts off historic intersections like 87m grading 5.3% zinc and 40g/t silver at the ‘Sala’ project
  • Critical Resources dives into lithium, Arizona Lithium now up 80% over the past week

Here are the biggest small cap resources winners in early trade, Monday October 25.



The WA-focused battery and base metals explorer says it has been approached by several TSX and AIM listed companies to sell its ‘Copper Wolf’ porphyry project in Arizona.

A newly completed data compilation exercise revealed a large 4km by 1.5km porphyry system with a significant historical resource.

In 2007, former owner Liontown Resources reported a 864,000t copper resource for a portion of the project.

Mineralisation remains open, BUX says.

“Having completed a thorough compilation and technical review, Buxton is now able to evaluate strategic options for its 100% owned Copper Wolf project,” it says.

The $12.6m market cap stock is up 35% year-to-date.



The explorer has dusted off incredible historic intersections like 87m grading 5.3% zinc and 40g/t silver at the ‘Sala’ project in Sweden.

Sala produced more than 200Moz of silver at an estimated grade of 1,244 g/t. Mining ceased in 1908 and very little modern exploration has been completed, AQI says.

This hit was part of 12,225m of historic shallow drilling done in the 1970s, which will be included in AQI’s maiden resource estimate at Sala.

The resource is scheduled for release in Q1 2022, with two rigs turning at Sala and a third ready to start in the coming weeks.

“The grades and widths of the mineralisation are spectacular and many of the intersections sit within the area we are currently targeting for our maiden JORC-compliant resource,” managing director Peter George says.

“Not only will this data save us 5,000m of drilling, time, and money, but the strength of the results will also help underpin our resource estimate.

“When combined with the 200Moz silver produced historically and the exceptional results we have been generating from our own drilling, it is clear that Sala is a world-class mineralised system with immense exploration upside.”

$60m market cap AQI is up 55% over the past month and 70% year-to-date.



The explorer – formerly Force Commodities – is the latest to dive into lithium.

It will pay ~$3m in cash and shares, plus $3m in milestone payments for the ‘Mavis Lake’ lithium project in Canada, where recent drilling hit thick high grades like 26.30m at 1.70% Li2O from 111.9m.

CRR has until January 4 to complete due diligence and acquire the project.

Vendor Essential Metals (ASX:ESS) (51% ownership) says the strong interest in lithium has allowed ESS and joint venture partner ILC to monetise an early-stage, non-core asset on favourable terms.

“Retaining upside exposure via a shareholding in Critical Resources means we will benefit from any success the Critical Resources team has in advancing Mavis Lake,” managing director Tim Spencer says.

“We will continue to focus our efforts on the company’s first-class WA lithium and gold projects, with the rapid advancement of the Pioneer Dome lithium project in WA’s Eastern Goldfields being our highest priority.”



(Up on no news)

The recently listed explorer raised $7m to explore the Eyre Peninsula kaolin project in South Australia.

A review of historical data confirms that thick intervals of high purity kaolin are present from surface at the ‘Ethiopia’ prospect.

The review also found elevated levels of cerium in clay-rich intervals, an indicator that ionic adsorption clay rare earth elements may be present.

This type of mineralisation is rarely found outside of China and is generally considered to be some of the cheapest and most readily accessible sources of heavy rare earths.

ITM is currently up 60% on its IPO price of 20c per share.



(Up on no news)

The recently rebranded lithium play is now up 80% over the past five days on no news.

AZL recently completed the spin-out of its gold and copper assets to Diablo Resources (ASX:DBO) to focus on its ‘Big Sandy’ lithium project in the US.

In response to recent price query from the ASX, AZL also noted that lithium carbonate prices in China have traded at record highs in October.

$163m market cap AZL is up 850% year-to-date.