• Fin Resources is spodding up the chart again, with news its “abundant spodumene” crystals look to be running directly into James Bay Minerals territory
  • Nagambie Resources’ share price is also on the rise, after it released a report reminding everyone that antimony-gold hunting is a thing

 

Here are the biggest resources winners in early trade, Friday October 13.

Scary date, but it’s not a complete horror show. 

 

Fin Resources (ASX:FIN)

(Up on… nearology)

Lithium-hunting junior Fin Resources, which made an April entry into the James Bay white gold rush, is one of the better-performing resources stocks on the ASX this morning with a +20% daily gain.

We’re looking for fresh news out of James Bay for FIN today, and have come to rest on this fact: it’s right next door to ASX newcomer James Bay Minerals (ASX:JBY), which just announced five large outcropping pegmatites at its Aqua prospect, part of the La Grande project.

(Read our special report on this here for more.)

JBY has one of the largest lithium portfolios in the James Bay region, covering 224km2 across four projects – the flagship Joule, Aero, Aqua (all part of La Grande) and Troilus to the south.

The JBY discovery could be a continuation of Fin Resources’ pegmatites with “abundant spodumene crystals”, 250m from tenement boundary, discovered earlier this week at FIN’s Cancet West project.

Nearology feels all round, then, because both FIN and JBY are along trend, not far at all from  Winsome Resources’ (ASX:WR1) Cancet lithium deposit and Patriot Battery Metals’ (ASX:PMT) 109.2Mt at 1.42% Li2O world-class Corvette deposit.

Then there’s FIN’s 98km2 Ross project, close to Critical Elements Lithium’s (TSXV:CRE) Graab prospect and Nemaska Lithium’s 36.6Mt at 1.3% Li2O Whabouchi deposit – about 65km and 100km to the southwest respectively. Fieldwork has now begun at Ross targeting nine priority areas.

But regarding FIN’s Cancet West, the company reported on October 9 that at least five pegmatite bodies have been identified outcropping across the western and eastern blocks of the area, with roughly total strike lengths of each outcrop ranging from 200-400m.

“These pegmatite bodies may extend for significant distances, along strike and below surface,” noted A Fin resources ASX release earlier this week.

FIN share price

 

Nagambie Resources (ASX:NAG)

Yep, WA is Australia’s leading state when it comes to gold producing. But Victoria isn’t exactly without world-famous historical precedent.

Nagambie Resources is in the thick of a renewed Vic gold hunt and has today delivered an update on its 100% owned Nagambie mine in central Victoria, which is some 40km from the Costerfield antimony-gold mine owned by Canada’s Mandalay Resources (CAD $183.8m).

NAG, by comparison, is a relative minnow with a market cap of $12.8m, down 67% YTD. It counts among its top shareholders hot Victorian gold explorer Southern Cross Gold (ASX:SXG), another mining company looking to hit the antimony-gold jackpot at its nearby Sunday Creek project.

Nagambie is also on the antimony-gold path in the region and its update today seems to be more a reminder of its presence than anything overly fresh. Nevertheless, here are some takeaways from its report:

• The major Victorian high-grade antimony-gold (Sb-Au) virgin discovery at the 100%-owned Nagambie Mine was announced on 3 July 2023.

• The discovery now consists of four lode systems with multiple veins within them (C1, C2, C3 and N1 lodes) and they all remain open at depth.

• Nagambie’s structural model predicts that significantly more lode systems could be delineated over time.

• The 38 economically-mineable intersections to date average 3.8m downhole length, 1.6m EHT (estimated horizontal stope thickness) and 14.5 g/t AuEq (gold equivalent) (5.6% Sb (antimony) plus 3.8 g/t Au (gold)

Possibly the biggest takeaway in its update, though? The company notes its “average antimony stope grade of 5.6% Sb makes the Nagambie Mine discovery the highest-grade antimony mineralisation in Australia”, adding:

Its operations have “potentially very-low operating cost, very-high operating margin mineralisation”.

By the way, what’s antimony used for? Primarily increasing the hardness of alloys – including in batteries and in machine bearings and automotive parts. It’s also used in the production of flame retardant chemicals.

NAG share price

 

Megado Minerals (ASX:MEG)

(Up on no news)

This rare earths and critical minerals explorer (formerly Megado Gold) is up no fresh news. Well, not today at least.

Earlier this week, the company did have some info of import to impart to the ASX, namely: a significant number (41) of fertile pegmatites have been identified at its Cyclone lithium project in – that hotspot again – James Bay.

Megado Minerals CEO & Managing Director, Ben Pearson said: “These initial assay results from only 30% of the project area are encouraging.

“We know we are in the right address at a district scale, have the majority of the Aquilon Greenstone Belt locked up as part of the Cyclone Project, and have over 70% of the project area still as yet untested.

“Remote sensing continues to prove its value, translating into numerous pegmatite discoveries that were previously unrecognised. This bodes well for determining lithium prospective areas and developing significant tonnage potential.

“Furthermore, the project also contains significant potential for nickel, cobalt, chromium (+/- PGE’s), as identified with coincident EM anomalies with ultramafics and historically anomalous nickel results.”

Late last month, Megado announced the acquisition of the K Lithium project, also in the James Bay region.

The project covers approximately 16km2 (1,598 ha) and includes 35 claims within the La Grande Sub province.

MEG share price

 

EV Resources (ASX:EVR)

(Up on no news)

Global battery-metals-hunting small cap, EV Resources is continuing its warm and fuzzy feeling and price action.

The other day, the company provided shareholders with an update on a revised strategy to focus on copper assets in the Americas, following its acquisition of the high-grade Parag copper-molybdenum project (70% owned by EVR) in Peru, the world’s second biggest copper mining jurisdiction behind neighbouring Chile.

Following several months of discussions, EVR’s 50% owned subsidiary, Minera Montserrat, signed the final and definitive three-year Land Access Agreement with the community of Quero, near the Don Enrique Copper-Silver project.

The company is currently preparing minor environmental filings at the Don Enrique project, required to finalise the set of agreements under which EVR can execute a drilling program.

EVR says it’s well advanced in the preparation of its first drill campaign at the Parag project.

EVR share price

 

Lucapa Diamond Company (ASX:LOM)

This WA-based diamond hunter was well up earlier but is pulling back a tad at the time of publishing.

The Angola and Botswana focused miner has made a big $24.5 million sale of seven individual uncut diamonds, including a 66-carat pink diamond.

The company reports that the sale, conducted by Sodiam in the Angolan capital of Luanda, saw 535 carats worth of “exceptional” stones sold for US$29,401/ct on average.

The result, notes Lucapa “reinforces robust demand and prices for large, high-quality diamonds”.

Source: ASX announcement

Lucapa CEO and Managing Director Nick Selby said: “this tender demonstrates that the weakness being experienced currently in the smaller goods which go into the mainstream diamond jewellery market doesn’t seem to have translated into the large, high-quality stones, where demand and prices remain robust”.

Wait… weakness in the diamond jewellery market? What about this?

LOM share price

 

At Stockhead we tell it like it is. While Fin Resources and James Bay Minerals are Stockhead advertisers at the time of writing, neither sponsored this article. 

 

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