Resources Top 5: Redcastle continues breakout year with JV to fast-track gold production

• RC1 expects to achieve early gold production at minimal cost by virtue of a JV with BML Ventures
• Sampling provides indications that a large gold system could be present at AQX’s Viani project in Fiji
• Assays of up to 5m grading 30.91g/t gold have been returned from Tumblegum South

Your standout small cap resources stocks for Wednesday, August 20, 2025

Redcastle Resources (ASX:RC1)

2025 is proving a breakout year for Redcastle Resources and a strategic joint venture with BML Ventures represents another significant step which will fast-track gold production from its Eastern Goldfields projects in WA.

The JV with BML, a leading gold mining contractor based in Kalgoorlie, will realise the company’s vision of delivering cashflow and shareholder value from its Queen Alexandra and Redcastle Reef projects within the prolific gold province.

Investors welcome the key move with shares jumping 44.45% to a daily top of 1.3c and since mid-June the company has risen from 0.5c.

RC1 expects to achieve capital-light early production by virtue of BML funding 100% of the mining and working capital required to deliver first revenue estimated in a recently completed scoping study to be approximately $20 million.

This includes all permitting related to mining activities, the mobilisation of mining fleet and equipment, site establishment, mining operations and haulage of ore to third-party processing facilities.

BML will arrange and fund processing and related costs until first revenue, manage all day-to-day mining operations and arrange toll milling agreements.

Redcastle Resources will be responsible for Native Title, heritage surveys, native vegetation clearance and other environmental approvals along with providing site access and tenure management.

In return, BML will receive 50% of surplus gold sales proceeds after recovering costs.

This strategy is predicated on the maiden resource of 13,000oz for Redcastle Reef and the updated resource of 29,000oz contained gold at Queen Alexandra.

A scoping study estimates that a 10-month toll treatment pathway for Queen Alexandra could produce ~13,700oz and generate gross revenue of ~$65.6m and an undiscounted, pre-tax cash surplus of between $14m and $15m.

Adding to the breakout year, RC1 has made a binding agreement to acquire a package of tenements in the prospective TBone Belt directly adjacent to its existing tenements.

The new tenements host multiple historical gold workings with evidence of significant alluvial gold recovery which the company interprets as having sources within the tenement package.

Separately, RC1 has secured firm commitments for a $4m placement at 0.9c per share. Strong support led the company to accept an oversubscription of $1m.

Alice Queen (ASX:AQX)

Encouraged by early indications that a very large gold system could be present at its Viani project in Fiji, Alice Queen jumped 50% to 0.45c before finishing unchanged.

Initial assays from surface sampling carried out in maiden exploration have provided the indications.

Sampling over the ~5km strike extent of the Dakuniba low sulphidation epithermal vein zone identified areas of high-grade gold.

Of the first 107 samples received, rock chip sampling at the Dakuniba East area returned up to 9.23g/t gold and 25.4g/t silver in outcrop from an epithermal quartz vein about 2.3km east of recent drilling.

Several costeans have also been completed and sampled 500m east along strike from the drilling with initial results returning 3m at 14.3g/t Au and 11.54g/t Ag, including 1m at 27.06g/t Au and 15.94g/t Ag. 

Additionally, historical rock sampling at the Settlement Area has returned up to 9.3g/t Au and 14g/t Ag from epithermal quartz vein float ~150m south of drilling, indicating that a possible parallel vein zone is present.

These results are characteristic of the high-grade gold intersected at depth in the first two drill holes, which intersected the target quartz vein/alteration zone and assayed up to 17.6g/t Au and 26.4g/t Au respectively.

“Results received so far indicate a potentially very large system demonstrating an extensive strike length of ~5km, which remains open to the northwest and to the southeast, and the drilling program has successfully highlighted the depth potential of the high-grade gold,” MD Andrew Buxton said.

“We are particularly enthused that results from costeaning along strike of our drilling delivered significant results of 3 metres at 14.3 g/t gold & 11.54 g/t silver including 1m at 27.06 g/t gold & 15.94 g/t silver.” 

AQX is awaiting assays for a further 300 samples and is planning geological mapping, ground magnetics, CSAMT and surface geochemical sampling over the 5km long geochemical footprint.

Star Minerals (ASX:SMS)

The potential of the Tumblegum South project near Meekatharra in WA is growing with Star Minerals (ASX:SMS) recording infill drilling assays up to 5m grading 30.91g/t gold from 21m, including 2m at 75.45g/t.

Shallow, closed-spaced infill drilling was carried out at a density sufficient to delineate geological continuity of mineralisation to a high degree of confidence.

Results from 22 of 38 holes validate the geological model underpinning the resource of 45,000oz gold completed in 2023.

“We are pleased to see the quality of these first results from the Tumblegum South gold project drilling program,” MD Ashley Jones said.

“With the standout intercept so far being 5m at around an ounce of gold per tonne, Tumblegum South is proving to be an even stronger project, with a quality gold deposit.”

The company aims to start mining in Q1 2026 at Tumblegum South, which is near underutilised mills owned by Westgold Resources (ASX:WGX) and Catalyst Metals (ASX:CYL).

Infini Resources (ASX:I88)

A recently completed study at the Reynolds Lake uranium project on the outboard edge of the Athabasca Basin in Canada has identified multiple exploration target areas for follow-up fieldwork. 

Infini Resources, which expects to begin a program of soil and rock sampling together with geological mapping in September 2025, reached 25.5c, a 34.22% increase on the previous close.

An integrated review of available datasets highlighted 14 high-priority target areas and several secondary zones across the Reynolds Lake project.

To advance the new targets, Infini has scheduled a focused field campaign to include:

• Soil sampling on systematic grids across anomaly zones;
• Rock chip sampling of outcropping uranium-bearing lithologies;
• Geological mapping to refine interpretations of shear zones and fault structures;
• Using pXRF in the field to guide the fieldwork programs ; and
• Submitting samples for laboratory analysis using industry-standard methods for uranium and pathfinder elements. 

The program is expected to be completed in Q3 2025 with results anticipated in Q4.

Taruga Minerals (ASX:TAR)

Expanding its footprint in WA’s highly prospective Gascoyne province has seen Taruga Minerals equal a 12-month high of 1.3c, a 44.45% improvement on the previous close, before finishing slightly higher at 1c.

Taruga has gained three new exploration licences that contain numerous high-grade historical base and precious metals workings, and complement its Thowagee project.

The permits have favourable geology in the form of the Leake Springs Metamorphics that are also present in Dreadnought Resources’ tenure to the south.

Most of the workings sit in and near significant structures including the Goordeman and Uaroo Faults that run NW-SE through the permits while the north-south trending mafic dykes could provide conduits for fluid movement and possible traps for mineralisation.

Further work will be required to investigate the geological model that applies to workings at the new areas.

“The exceptional grades of silver, copper and associated polymetallic minerals within the historical workings combined with favourable geology and major structures within and adjacent to the tenements attracted us to this package,” director David Chapman said. 

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Redcastle Resources, Alice Queen, Star Minerals and Taruga Minerals are Stockhead advertisers, they did not sponsor this article.