The fantastic result is from the first round of drilling at the Burtville East Gold Project. Pic: Getty Images
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Here are the biggest small cap resources winners in early trade, Thursday July 14.
This little ~$6m market cap junior is soaring big time on the release of a bonanza 1m at 478 g/t gold assay at its Burtville East Gold Project southeast of Laverton in Western Australia.
WA-based PNT, which was spun out of London-listed Panther Metals PLC, only listed on the ASX back in December after a $5m IPO.
The fantastic result is from the first round of drilling at the Burtville East project which consisted of 6 reverse circulation (RC) holes for a total of 675m, designed as an initial first pass program to test accepted mineralisation trends and explore the potential for alternative trends.
“The results from this short program are simply stunning,” MD and CEO Daniel Tuffin says.
“Some of the holes drilled into the accepted trend model did not perform as expected, while others, particularly in the case of hole BVE006, intercepted a new shallow broad high-grade zone of 15m at 53.94g/t gold.”
PNT says it will now progress with a full review of the results and follow up with a new drill plan to continue testing and exploring for new mineralised trends in the area.
Shares are up 15.79% at the time of writing.
(Up on no news)
KSN owns one of the biggest gold resources of any junior on the ASX – the 3.8m ounce (1.35-million-ounce reserve) Misima Project on the island of the same name in PNG.
Earlier this month, KSN appointed advisors to lead a strategic review of the asset and consider all options to maximise shareholder value.
The company said it would be conducted in parallel with ongoing mining licence and environmental and social impact assessment work programs, scheduled for completion in the September quarter.
Although Misima remains the company’s focus, it has added another leg to its story – the historic Mineral hill gold-copper project in NSW’s Cobar Basin.
KSN announced a $10m debt facility to accelerate the development and fund the company’s key growth initiatives at Mineral Hill on July 7 – which will be provided in two tranches, including an immediate $5mn tranch followed by a second $5mn to be drawn on November 30.
(Up on no news)
AQC had been struggling for some time to get its thermal Dartbrook coal mine in NSW approved in the face of local opposition, however the ~$5.18m market cap company received a binding offer from its major shareholder – Trepang Services to purchase the project back in February.
The offer had been made by Trepang on the basis that all debt and accrued interest (roughly $62m at January 31, 2022) owed by the company to Trepang and its associates will be novated to the subsidiaries.
In addition, AQC will receive a royalty of A$2.50 per tonne of certain coal extracted from the Dartbrook Coal Project and an additional A$2.50 per tonne (total of A$5.00 per tonne) where coal is extracted and sold at above US$200 per tonne.
The company is in the process of finalising a notice of meeting for shareholders to consider the proposed transaction, which it says will be sent as soon as possible.
The CNB and Discovex Resources (ASX:DCX) ‘Greater Duchess’ joint venture is continuing to delineate some beaut new drill targets.
This, alongside ongoing drilling success continues to grow the scale and value of these discoveries, managing director Rob Watkins says.
“The inventory and quality of the drill ready targets about to be tested is cause for excitement.”
At this stage, exploration is ramping up with extensive IP surveys ongoing and drilling continuing with two drill rigs.
A detailed aeromagnetic survey has just been completed along the Nil Desperandum IOCG corridor, highlighting a strong structural corridor between and beyond Nil Desperandum and Lady Fanny.
(Up on no news)
CAY’s focus is the ‘Minim Martap’ bauxite project in Cameroon, which is at the pointy end of the development cycle.
Bauxite is the only raw material used in the commercial production of alumina, which can then be turned into aluminium metal.
One tonne of aluminium requires about five tonnes of dried bauxite.
Last year prices spiked when Guinea – a leading supplier of bauxite – experienced its third coup d’etat in under 40 years. Indonesia is also mulling a bauxite export ban in 2022.
Company founder and managing director since CAY’s listing on the ASX in June 2010 – Phillip Gallagher concluded his role on July 11.
To drive the development of Minim Martap, CAY appointed experienced bauxite executive Jean-Sebastien Boutet as CEO.
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