• Inca and Corazon drilling large scale copper-gold targets at respective projects
  • Polymetallic explorer Platina refocusses on WA gold
  • Lake (lithium), Genesis (gold) up on no news

Here are the biggest small cap resources winners in early trade, Thursday June 17.



(Up on no news)

What’s cooking over at $8.2m market cap Genesis Resources?

The slow-moving explorer — not to be confused with Genesis Minerals (ASX:GMD) or Genesis Energy (ASX:GNE) – has been treading water on its flagship ‘Plavica’ gold-silver-copper project in North Macedonia going on three years.

Genesis also has a couple of manganese projects in Queensland and the NT which could be timely – prices for high carbon ferro-manganese just hit their highest level since January 2009.

Regardless, the stock had just $150,000 in the bank at the end of the March quarter and will need to find cash from somewhere very soon.



(Up on no news)

The polymetallic explorer is pivoting into WA gold.

Its ‘Xanadu’ project in the Ashburton province is close to Kalamazoo Resources’ (ASX:KZR) multi-million ounce Mt Olympus gold deposit.

Exploration will initially comprise low-cost geophysics and geochemistry “to build a deeper knowledge of the geological potential of the project and to define both shallow and deeper targets for drilling”.

“Xanadu has immense appeal given the number and width of economic grade gold drill intercepts which have never been followed up with a systematic exploration campaign,” managing director Corey Nolan said on June 7.



(Up on no news)

Inca is searching for mammoth copper-gold deposits in Australia and Peru.

The busy explorer has kicked off a ~6000m drilling program at the ‘Riqueza’ project in Peru, with the first 750m deep diamond hole testing a large-scale porphyry-skarn target.

Meanwhile, rock chip sampling returned assays up to 3g/t gold and 9% copper at the ‘Jean Elson’ IOCG project in the NT.

Copper-dominant mineralisation has now been observed over a 1.25km-wide zone that remains ‘open’ in all directions, Inca said June 3.

A project-wide Airborne Magnetic-Radiometric survey is scheduled for September.



Another small cap monster hunter.

Corazon is drilling the ‘Gordonbrook Hill’ mineralised porphyry intrusion, part of the Mt Gilmore copper-cobalt-gold project in NSW.

The two-hole, 900m drill program will be the very first proper look into Gordonbrook Hill, which the company calls “a significant mineralised porphyry target, kilometres in scale”.

Drilling is also planned for the flagship ‘Lynn Lake’ nickel sulphide project in Canada “as soon as practicable”.



(Up on no news)

The Argentina-based lithium project developer is advancing project funding discussions with “preliminary interest indicated by over half a dozen major international banks”.

The positive funding environment follows an increased focus by EV makers on supply chain sustainability, mandated by European Union regulations, and a requirement for high quality, battery-grade product, Lake says.

The company uses an innovative direct-extraction technique at its flagship ‘Kachi’ project – amongst the top 10 global lithium brine resources worldwide — to produce cheap, high quality, environmentally friendly lithium.

With $24 million in bank at the end of March, Lake is well-funded through to final investment decision (FID) on construction finance, anticipated mid-2022.

The stock is up 270% in 2021 so far.