- Sleepy stock Audalia surges +180% in early trade – for no apparent reason – to five-year highs
- JV partners Rumble and Zenith now up 155% and 84% respectively since announcing big lead-zinc discovery yesterday
- Eastern Iron will update a 2014 definitive feasibility study (DFS) for its Nowa Nowa iron project in Victoria
Here are the biggest small cap resources movers in morning trade, Tuesday, April 20.
(Up on no news)
This sleepy stock surged +180% in early trade – for no apparent reason — to five-year highs before going into a trading halt.
What’s going on?
Audalia’s main game is the Medcalf vanadium-titanium project in WA.
Successful pilot scale production in 2020 (a smaller version of the real thing) showed high recoveries of iron, vanadium and titanium.
The ~$35m market cap explorer is currently chasing environmental approvals, a ‘must-have’ for project construction to go ahead.
The ~$8m market cap tiddler will update a 2014 definitive feasibility study (DFS) for its Nowa Nowa iron project in Victoria.
A DFS is a detailed look at the economics of building a project.
Drilling in 2014 at the ‘Five Mile’ deposit outlined a small 9.05Mt resource averaging 50.8% iron.
Eastern Iron reckons a direct shipping ore (DSO) product strategy will reduce the timetable and capital requirements to start production.
“The company is progressing the permitting and approvals process in parallel to ensure a rapid development of the Project is possible, subject to a favourable DFS update,” it says.
The DFS update should be completed in the September quarter this year.
RUMBLE RESOURCES (ASX:RTR) & ZENITH MINERALS (ASX:ZNC)
(up on no news)
JV partners Rumble and Zenith are now up 155% and 84% respectively since announcing that big lead-zinc discovery at the ‘Earaheedy’ project in WA yesterday.
With 26 drill holes out of 26 at the ‘Chinook’ prospect hitting visual zinc-lead, Rumble fast-tracked a couple of holes through the lab.
These returned a highlight 34m at 4.22% zinc and lead from 66m, including a higher grade 14m ‘core’ grading 7.05% zinc and lead.
Assays for the remaining 24 drill holes – covering a 2km by 1.1km grid — are pending.
“The results have highlighted the potential for a very large-scale zinc-lead system, as the Chinook prospect drilling has only tested 2km of the 45km of prospective mineralised strike — underlining the potential to delineate multiple large tonnage, shallow (open pit) deposits throughout the Earaheedy project,” Rumble says.
Early stage uranium and vanadium exploration is due to kick off within ‘Section 36’, one of the recently acquired leases within GTI’s land position in Utah.
This fieldwork will focus on over 1,300m of historical underground workings.
Previous XRF samples from these underground workings yielded value up to 19.64% U3O8 and 6.08% vanadium. That’s very high grade.
Fieldwork is expected to be followed by underground drilling “where feasible”.