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Mining
Here are the biggest small cap resources winners, Friday November 4.
The company has hit thick copper at its Mt Venn copper-nickel-cobalt project, as well as uncovering new “high priority” targets in the area.
Notable intersections include 18m at 0.48% copper, 0.12% nickel, 340ppm cobalt from 142m.
MD James Merrillees said the results continue to support Cosmo’s interpretation that the Yamarna projects “host a significant mineralised system with potential for economic base metals deposits.”
“We’ve now encountered thick, shallow, and continuous copper mineralisation in the three programs drilled at Mt Venn in 2022, and the identification of the Minjina prospect, a new ‘blind’ target less than 1km to the north of Mt Venn, supports our view of the region’s prospectivity, particularly when looked at with ‘new eyes’,” he said.
Processed Moving loop electromagnetic (MLEM) data from a survey completed over the high priority Minjina base metals target is expected in the coming weeks – with RC drilling planned later this month.
Cosmo is up 25% in the past six months and finished the September quarter with a cash balance of $2.2 million.
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The $500m market cap dual-listed Singapore based manganese and ferroalloy processor was known previously for its mining assets including the Bootu Creek mine in the Northern Territory, where production wrapped up at the end of 2021.
It has repositioned itself since 2014 as a downstream producer of ferrosilicone and manganese alloys, with its Samalaju Smelting Complex in Sarawak, Malaysia enjoying the advantage of its access to a long-term supply of hydropower.
In the September quarter, the company reported production of 37,094 tonnes of ferrosilicon, 54,011 tonnes of manganese alloys (including silicomanganese, high carbon ferromanganese and low carbon silicomanganese) and 25,159 tonnes of manganese sinter ore.
A total of 294,223 tonnes of ores and alloys were transacted during the quarter, which was down 30% QoQ, mainly caused by the cessation in manganese ore shipments from the Australian subsidiary, OM said.
And World crude steel production during July and August 2022 was 306.5 million tonnes, which represented a 4.9% decrease as compared to the same period in 2021, mainly due to the continued slowdown in Chinese and European steel production.
Prices of manganese ore and alloys have definitely quietened down after surging in the first half of the year due in part to the conflict between Russia and Ukraine.
The price of 44% manganese ore closed at US$4.41/dmtu CIF China at the end of September 2022, a decrease of 39.3% from US$7.27/dmtu CIF China at the end of June 2022.
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The former $3m market cap minnow grabbed all the headlines after hitting niobium-rare earths paydirt in its first hole at the P2 target, part of the West Arunta project in remote WA.
Niobium is mainly used to make steel better, but also has growing uses in lithium-ion batteries, intelligent glass, solar panels, 5G tech, and nuclear energy. Ferroniobium metal (65% Nb) currently sells for ~US$45,000/t.
And the numbers were impressive. It pulled up 54m at 0.62% niobium, 0.18% rare earths and 3.85% phosphorus from 162m. The 216m-long hole ended in 2m at 1.22% Nb2O5, 0.22% TREO, and 5.73% P2O5.
Yesterday morning WA1 hit $2.70 and then plummeted to $1.42 by close and is currently back up at 24% today at $1.89.
All up, the company’s share price is up an astounding 1,353% which is interesting because its shares are tightly held – with only ~44m shares on issue and of that about 41% are held by management and major shareholder Tali.
WA1’s market cap is now at $67m.
This Liontown Resources (ASX:LTR) spinoff has received final assays from reconnaissance Reverse Circulation (RC) drilling conducted in June this year at the Moora Project in the Julimar Mineral Province of south-west WA – including 3m @ 0.52g/t PGE from 177 – 180m (EoH).
In addition to following up the latest results, the next phase of drilling at Moora and Koojan will test a further 25 targets including several high-priority PGE/copper targets defined by previous geochemical and geophysical surveys.
“We have always been confident that the Moora and Koojan Projects are prospective for PGE mineralisation analogous to that discovered further south in the Julimar Mineral Province,” MD David Richards said.
“The intersection of highly anomalous PGE and copper values coincident with a large gravity high confirms this view and we look forward to following up these results as well as testing other priority targets as part of the upcoming drilling program.”
The 10,000 – 15,000m drilling program is on track to commence mid-November.
The $68m market cap company had a cash position of ~$22.2M at 30 September 2022.
Drilling has kicked off at Pantera’s Weelarrana Manganese Project in WA.
The 1,200m RC program consists of 30 planned holes testing an 800m long up to 5m thick outcropping high grade manganese occurrence with surface grades of between 12% Mn to 44% Mn at Mn Area 1.
“This RC drilling program will test the Project’s high-grade, outcropping manganese target at Mn Area 1 and is the first drill program targeting manganese within the tenement area,” CEO Matt Hansen says.
The program is expected to take a week to complete, and pending results, infill drilling at Mn Area 1 as well as first pass drill programs will be conducted at Mn Areas 2 to 4 early in 2023.
The Company had cash of around $3.9m at 30 September 2022.
At Stockhead we tell it like it is. While Cosmo Metals and Pantera Minerals are Stockhead advertisers, they did not sponsor this article.
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