Resources Top 5: Silver and nickel stocks outshine the ASX pack today

LDR hits ‘most significant’ drill hole to date at Webbs Consol Silver-Base Metal Project
LM8’s Baker Shoot within the Kambalda Nickel Project returns more than 14% nickel
TCG and ODE shares surge on no news

Here are the biggest small cap resources winners in morning trade, Monday July 18.

LODE RESOURCES (ASX:LDR)

LDR features again at the top of this list for the second time in a month.

This morning shares in the company soared 30% on news of the ‘most significant’ drill intersections to date at the Webbs Consol Silver-Base Metal Project in the under-explored New England Fold Belt of NSW, north of the better-known Lachlan Fold.

Phase 1 drilling at the project has continued to deliver thick, high-grade silver and base metal hits up to 50m grading 284g/t silver equivalent from 17m, including 38.1m at 370g/t silver equivalent from 24.6m in hole WCS023.

The WCS023 intersection is from the first drill hole at the new Castlereagh prospect which exhibits the strongest mineral endowment of all intersections to date and is the fifth thick, silver-base metal lode discovered at Webbs Consol.

LDR says the Webbs Consol mineral system now extends over a 3km north-south strike with the depth extent a key focus of Phase 2 drilling in addition to testing newly mapped surface mineralisation.

The ~ $7.7m market cap company listed in mid-2021 with three main projects – ‘Uralla’ (gold), ‘Fender’ (base metals) and ‘Webbs Consol’ (silver, zinc).

LUNNON METALS (ASX:LM8)

Nickel explorer LM8 has hit more than 14% nickel in its ‘best hole’ to date at Baker Shoot, part of the Kambalda Nickel Project in Western Australia’s Goldfields region.

Two distinct but immediately adjacent nickel sulphide zones have been intersected with results returning 23m at 6.78% (>1% nickel cut-off) and 14m at 8.13% nickel and 7m at 5.92% nickel (2m <0.50% nickel in between).

Baker was discovered and progressed to a JORC mineral resource totalling 15,800t nickel metal at 2.8% nickel within nine months of discovery and inside 12 months of Lunnon Metals’ listing on the ASX.

LM8 listed on the bourse back in June 2021 after raising $15m at 30c a share to fund a major diamond and RC drilling initiative at its long-shut Foster and Jan nickel mines in Kambalda.

On its first day, the company climbed more than 50% in early trade, before retracting to 42.5 cents at close for a 42% gain.

LM8 managing director Ed Ainscough says this is another standout result for Baker – the run of five consecutive metres over 10% Ni really is the ‘cherry on top’.

“The fact that Baker has the ability to deliver these nickel grades over such impressive widths and all so close to surface, is exciting for the entire Lunnon Metals team and naturally, of course, for our shareholders.”

LM8 is one Argonaut’s mining research analyst George Ross’ top ASX picks.

TURACO GOLD (ASX:TCG)

(Up on no news)

This hard drilling Cote d’Ivoire gold explorer is run by Justin Tremain, who led Exore Resources ahead of its ~$80m takeover by Perseus Mining (ASX:PRU).

He also headed Renaissance Minerals before its takeover by Asian gold producer Emerald Resources (ASX:EMR).

At the end of the June, gold assay results from maiden, reconnaissance style drilling at the Bouake North prospect, within the Eburnea Project in central Côte d’Ivoire returned up to 3m at 36g/t gold with a 7km x 4km gold-in-soil anomaly.

Turaco currently has more than 7,000 samples at the laboratory from drilling across the Eburnea and Tongon North Projects and will be reporting ongoing drill results over the coming months.

ODESSA MINERALS (ASX:ODE)

(Up on no news)

Back in April this diamond explorer branched out into lithium and rare earths, acquiring the 606sqkm ‘Lyndon’ project near Carnarvon in WA.

But diamonds are still the focus for ODE, one of only three diamond companies on the ASX.

In May, the company started detailed planning for a drilling program over the Aries Kimberlite Complex in WA’s Kimberley region.

“There has been no significant exploration at Aries in nearly two decades and the diamond market has changed significantly in recent years making Aries a very attractive development project today,” CEO Alistair Stephens says.

“Aries will now be assessed with the detail needed to determine its true size and its capacity to supply high-value, gem-quality diamonds.

“This kick-off drilling and sampling program will for the first time define the accurate surface outline of the greater kimberlite complex at Aries, diamond grade potential, and gem qualities.”

The $4m market cap minnow is down 25% year-to-date. It had $5.5m in the bank at the end of March.

ANSON RESOURCES (ASX:ASN)

Lithium ASX player ASN has delivered additional high lithium and bromine results in drilling at the Paradox Lithium Project in Utah, USA.

These new results are from the Clastic Zones at Long Canyon No 2, where drilling highlights include 97ppm lithium, 882ppm bromine in Clastic Zone 33 and 240ppm lithium plus 4,115ppm bromine in Clastic Zone 31.

The assays from the Clastic Zones are not part of the existing Paradox resource estimate and will be included in the upcoming resource upgrade to be included in the definitive feasibility study (DFS) currently being completed.