• Uranium focussed stocks Delecta, Toro, and Valor surge higher
  • Cullen may be tickling the edges of  new nickel-copper-PGE discovery near Chalice Mining’s company-making ‘Julimar’ project

Here are the biggest small cap resources winners in early trade, Thursday September 16.



(Up on no news)

The $8m market cap copper explorer – which only listed in July – ran hard before going into a trading halt, pending a response to an ASX price and volume query.

It’s 470km2 ‘Tottenham’ copper gold project in the mineral rich Lachlan Fold of NSW is a historic site, largely underexplored by modern standards.

Locksley has set an initial exploration target at the ‘Carolina’ and ‘Mount Royal’ deposits of 90,600 gold ounces and 86,100 tonnes of copper.

Drilling now underway to upgrade this potential project resource to JORC 2012 standards and extending it with immediate exploration.

The stock is currently up 40% on its IPO price of 20c per share.



TOE’s ‘Wiluna’ uranium project is one of WA’s only advanced uranium projects with environmental approval from the state and federal governments.

The first phase of an updated scoping level engineering study for the standalone mining and processing of the ‘Lake Maitland’ uranium deposit at Wiluna is now complete.

The vanadium resource is currently being integrated into the uranium resource block model after testing showed “excellent vanadium recovery”.

This could represent a valuable V2O5 by-product for a Lake Maitland mine, the company says.

“Ultimately, it is anticipated that the re-engineering study will result in a lowering of the optimised mining cut-offs and therefore more of the resource being processed over the life of the mine, which may result in a significant increase in the Wiluna Uranium Project’s value,” it says.

The ~$200m market cap stock is up 420% over the past month, and 160% year-to date.



Cullen may be tickling the edges of a new nickel-copper-PGE discovery, a proverbial stone’s throw from Chalice Mining’s (ASX:CHN) company-making Julimar project.

Drilling at ‘Wongan Hills’ – designed to tested a modelled ground EM anomaly plate — has hit a 2m semi massive to massive sulphide banded iron formation (BIF), 125m downhole.

The nickel-rich mineralisation intersected in [drill hole] RC6 is open in multiple directions, Cullen says.

Importantly, this magnetic trend stretches for ~15km, crops out very rarely as BIF, and includes Cullen’s newly recognised Ni-Cu-PGE target at the “Jackaby” prospect ~13km to the north.

This magnetite trend has never been drilled, it says.

Samples from RC6 will now be re-assayed for PGE elements and further drilling for nickel sulphides “is a priority”.

$8m market cap Cullen is up 20% over the past month.



(Up on no news)

Delecta is probs one of the cheapest uranium-focussed stocks on the ASX right now.

This ~$17m market cap minnow chose a good time to resume exploration at the early-stage Rex uranium project in Colorado.

Sampling and mapping programs have, so far, returned high-grade uranium and vanadium results.

Exploration is ongoing, with assays from the current program expected to be returned in the coming weeks.

“Due to renewed optimism surrounding future uranium pricing, the company recently decided to ramp up exploration at its majority owned REX uranium-vanadium project,” DLC boss Malcolm Day says September 13.

“The project’s history of uranium mining, its proximity to operating infrastructure and the prevailing supportive government regime, bodes well for the development of the project.”



(Up on no news)

This Tolga Kumova favourite has uranium projects in Canada’s Athabasca Basin.

Valor dropped some serious rock chip samples from the ‘Hook Lake’ uranium project at the end of August, with uranium oxide grades as high as 59.2% with rare earths, lead and silver potential to boot.

Kumova said the mineralisation combination was unique.

“To have all of those minerals in the same place is incredibly exciting,” he said.

“I’ve been looking to find analogous deposits and I just can’t, I haven’t seen it and I couldn’t find anything like it.”

The $71m market cap stock is up 140% over the past month.