• Enterprise reports “elevated lithium results” in soil sampling
  • Codrus drills 23m at 3.82g/t gold from 14m
  • TSX listed prospect generator Millrock Resources snaps up a 5.8% stake in Felix Gold

Here are the biggest small cap resources winners in early trade, Monday February 14.



The junior explorer reported “elevated lithium results” in soil sampling at the Matheson pegmatite, part of the ‘Bullfinch North’ project in WA.

This peggie (lithium host rock) was first mapped in 1939 but gold has always been the focus of exploration in the area, ENT says.

Eleven of 16 shallow soil samples collected returned lithium values equal to or greater than 50ppm, ENT says. Four results were above 60ppm.

It is generally considered that +60ppm lithium in soils associated with LCT pegmatites is significant, it says.

A bigger sampling program is now being planned.

ENT, which holds an option to purchase 100% of Bullfinch North, is known as a project generator.

That means it partners with other (usually more cashed up) companies to help pay for exploration across its portfolio of projects — spreading the risk, and the reward.

Here’s why project generators are favoured by famous investor Rick Rule.

It currently has JVs with Constellation Resources (ASX:CR1) (nickel, copper, PGE, cobalt), and Sandfire Resources (ASX:SFR) (copper, zinc, gold), both in WA.

Gold miner Evolution Mining (ASX:EVN) withdrew from a third project farm-in late December.

The $17m market cap stock is up 90% year-to-date. It has about $2m in the bank.



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CAY’s focus is the ‘Minim Martap’ bauxite project in Cameroon, which is at the pointy end of the development cycle.

Bauxite is the only raw material used in the commercial production of alumina, which can then be turned into aluminium metal.

One tonne of aluminium requires about five tonnes of dried bauxite.

Last year prices spiked when Guinea – a leading supplier of bauxite – experienced its third coup d’etat in under 40 years. Indonesia is also mulling a bauxite export ban in 2022.

A bankable feasibility study (BFS) – the most advanced of all project studies – is due for release in the current quarter, CAY says.

The $82m market cap stock is up 20% year-to-date. It had $3.8m in the bank at the end of December.



TSX listed project generator Millrock Resources has snapped up a 5.8% stake in FXG, which listed on the ASX at the end of January.

Millrock currently has six active projects, including four in Alaska.

FXG is hunting gold deposits right next door in the Fairbanks District of Alaska, home to multimillion ounce monsters like Kinross’s ‘Fort Knox’ and Freegold’s ‘Golden Summit’.

In March, a 180-hole drilling program (5000m to 8000m) will start at the ‘Treasure Creek’ project, focussed on testing large-scale, high-grade anomalies at multiple prospects.

Following the program at Treasure Creek, drilling will shift to defined targets at the NE Fairbanks, Grant-Ester and Liberty Bell projects.

Overall, FXG plans to drill between 10,000m and 15,000m across its Fairbanks tenure through 2022.



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Earlier this month a seven-hole, 630m drilling program kicked off over four greenfields (untouched) gold targets at the ‘Canegrass’ prospect, part of the Gindalbie project in WA.

This will be part of a larger 2,000m program which is “subject to results interpretation”.

Planning has also begun for follow up exploration at the Halls Creek gold, cobalt, and base metals project during Q2 2022 dry season.

Exploration will include a field program comprising helicopter and ground traverses to carry out surficial geochemical (soil/rock sampling) exploration, KLR says.

$5m market cap KLR is down 25% year to date. It had $1m in the bank at the end of December.



Maiden drilling has pulled up “excellent” results like 23m at 3.82g/t gold from 14m – including 5m at 14.29g/t – at the ‘Red Gate’ project in WA’s Edjudina mining district.

Edjudina hosts numerous operating mines, including Northern Star Resources’ (ASX:NST) Porphyry Mining Centre which is right next door to CDR.

CDR says 40% of the assays are still outstanding and should be received the coming weeks.

“Given its location in a Tier-1 mining district close to several major operating mines, this is a project that is very much front and centre of our portfolio as a focus for follow-up exploration in 2022 and beyond,” managing director Shannan Bamforth says.

“The results not only confirm the style and tenor of mineralisation at the Porphyry West prospect but have also identified additional new areas for the company to pursue.

“We are pleased to be able to report such strong results from our first expansive gold drilling program in WA, and we are looking forward to getting back into the field to resume drilling once we finalised a comprehensive interpretation of our latest results for the full drill program.”

The $5m market cap stock – which listed June last year — is up 7% in 2022. It had $6m in the bank at the end of December.