Resources Top 5: Resouro rockets on maiden resource and M4M finds an unexpected discovery

RAU shoots up on maiden 1.7Bt resource at the Tiros project in Brazil
M4M stumbles on scree material at the Goldsworthy East project
NWM, ASE and BCM up on no news

Here are the biggest small cap resources winners in morning trade, Thursday July 18. Prices accurate at time of writing.

Resouro Strategic Metals (ASX:RAU)

RAU owns the Tiros rare earths elements (REE) and titanium project in the mineral-rich and pro-mining Minas Gerais state of Brazil.

While it is a Canadian-based exploration and development company, RAU kicked off trading on the ASX in June after raising $8m in a public offering.

Today, news is out that the stock has unveiled a maiden 1.7Bt at 3900ppm total rare earth oxide (TREO) for 1100ppm magnet rare earth oxides (MREO) and 12% titanium dioxide at Tiros.

Of the 1.7Bt, the deposit contains a high-grade domain of 120Mt at 9000 ppm TREO containing 2400 ppm of MREO and TiO2 of 23%, placing the Tiros project in the category of ‘one of the largest undeveloped titanium and rare earth resources globally’.

The combined measured and indicated resources represent 1Bt at 4050ppm TREO containing 1120 ppm MREO and 12% TiO.

“We consider that the average resource grades of 3900 ppm TREO 1100 ppm MREO and 12% of TiO2 are well above average for this style of deposit,” RAU CEO Chris Eager says.

“We have defined a very substantial resource over just 7% of the land area of the project.”

Norwest Minerals (ASX:NWM)

(Up on no news)

NWM recently snapped tenements right next door to WA1 Resources’ (ASX:WA1) Luni discovery and adjacent to Rio’s tenure where it has identified multiple targets for investigation.

Earlier this week the company raised $2.5m to carry out a 120-hole drilling program over the Malibu, Duck and Tamba critical mineral prospects.

NWM says these prospects boast exciting geophysical and structural features, underpinned by 2022 soil geochem anomalies.

Drilling is expected to kick off late August or early September.

Macro Metals (ASX:M4M)

M4M owns a portfolio of multiple iron ore projects situated within the well-established Pilbara and Midwest regions of WA.

One of its flagship exploration projects includes Goldsworthy East, where M4M’s field team has completed a mapping and sampling program, 100km east of Port Hedland, while they were on site demarking the area to be covered by the heritage survey, which completed today.

A sample of scree material located within the area of the interpreted southern gravity anomaly has been identified, modelled to occur within 30m of surface.

M4M says a detailed second-phase mapping and sampling program is planned for late July with the aim of identifying in-situ mineralisation.

Astute Metals (ASX:ASE)

(Up on no news)

Although very much focused on its lithium-prospective Red Mountain asset in Nevada, ASE owns a suite of other projects including the Lower Smoke Creek diamond project, the Governor Broome Heavy Minerals project and the Georgina Basin IOCG project in the NT.

Earlier this week, an investor syndicate led by ASE chairman Tony Leibowitz acquired the entire shareholding held by Greenvale Energy (ASX:GRV).

The arrangement for the escrowed shares stemmed from the company’s acquisition of an 80% interest from GRV in the Georgina Basin IOCG Project, which was completed on November 28, 2022.

In accordance with the terms of the escrow agreement, there was a mutual agreement between Astute and Greenvale to permit the early release of escrowed shares.

“I am delighted to have been able to increase my interest in Astute by purchasing the majority of the Greenvale shareholding.

“This reflects my strong belief and faith in the assets and management of the company,” GRV chairman Tony Leibowitz said.

Brazilian Critical Minerals (ASX:BCM)

(Up on no news)

BCM is ramping up a program of infill auger drilling across the Ema development for the remainder of the year, where an updated resource will be calculated during Q4.

The aim is to upgrade the high-grade portion of the project’s inferred mineral resource estimate of 1.02Bt at 793ppm TREO to an indicated JORC category.

So far, the company has completed several rounds of metallurgical bench-scale testwork, showing the project has some of the world’s highest rates of rare earth recoveries for any ionic clay deposit anywhere in the world, averaging 68% MREO (Nd,Pr,Dy,Tb).

Additional ANSTO metallurgical testing is continuing with the company is aiming to establish a low capex, low-risk development option through a scoping study.

At Stockhead we tell it like it is. While Norwest Minerals and Brazilian Critical Minerals are Stockhead advertisers, they did not sponsor this article.