Resources Top 5: Super Nova boosts Estelle resource by more than half, BRB stars in Global Lithium deal
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Here are the biggest small cap winners in early trade Thursday, December 23.
This ~$214m market cap company has increased its total gold resource estimate at the Estelle Project in Alaska’s prolific Tintina gold province by more than 50% to 9.6Moz.
The 9.6 Moz gold resource at Estelle is hosted at the primary Korbel and RPM deposits, two of 15 major prospects over a 324km exploration tenement.
At the Kobel Main deposit Indicated resources now sit at 286mt at 0.3 g/t gold for 3Mozs while Inferred resources have hit 583mt at 0.3 g/t gold for 5.1Mozs.
RPM’s Inferred resources are now sitting at 23mt at 2 g/t gold for 1.5Mozs.
The maiden 3Moz Indicated resource at Korbel Main follows ongoing infill and extension drilling at the site, located in the tenement’s north.
Chief executive officer Christopher Gerteisen said this ‘company making’ deposit – which shares geological characteristics analogous to other major Alaskan gold mines including Victoria Gold’s Eagle Mine and Kinross Gold Corporation’s Fort Knox Gold Mine continues to highlight the massive upgrade potential that remains.
He said assays were still pending for more than 8,000m of drilling at Korbel Main, while multiple diamond rigs would be mobilised at the RPM deposit shortly ahead of the next mineral resource update planned for 2022.
BRB has struck a deal with Global Lithium Resources (ASX:GL1) to divest up to an 80% interest in lithium rights at its Manna Lithium discovery within the Lake Roe Gold project near Kalgoorlie, Western Australia.
GL1 can earn up to 80% of the rights to lithium and lithium-related minerals over a 50km area of the 700km Lake Roe Gold Project and will pay Breaker $13 million upfront – comprising $6.5m in cash and $6.5m in Global Lithium shares by December 31.
Global Lithium will also pay Breaker a further $10 million payable on the definition of a mineral resource containing more than 250,000 tonnes of contained lithium oxide and another $10m upon the production of 100,000 tonnes of contained lithium oxide.
Speaking to Stockhead, Global Lithium chair, Warrick Hazeldine called the acquisition highly strategic and one that grows the GL1 asset base to the benefit of shareholders.
“It delivers on many of our objectives… expanding the business through complementary acquisitions, diversifying our high-quality projects located in infrastructure rich, tier one jurisdictions.”
BRB chairman Peter Cook said it’s also a fantastic result for Breaker shareholders.
“It enables Breaker to up the ante at our flagship Lake Roe Gold Project without the immediate requirement for a dilutive capital raising,” he said.
“The upfront cash, milestone payments, and free carried interest to bankable feasibility with ongoing upside exposure through its retained 20% interest is a balanced outcome.”
It’s been a torrid week for Torrens – on Monday it announced the ‘stand out’ combined indicated and inferred mineral resource at the Elizabeth Creek Project, where it holds a 30% interest and today shares have gained well over 9% on the back of new hits from the Emmie Bluff Deeps IOCG prospect at Elizabeth.
‘Exceptional’ assays up to 26.9m at 1.95% copper and 0.29 g/t gold from 893.5m, including 8m at 3.55% copper, 0.2 g/t gold from 816m have been returned from hole EBD3W2.
TRN says peak grades of 9.48% copper from this drill hole support the company’s exploration model of seeking extensions of this high grade bornite core.
The Emmie Bluff resource sits at 43Mt at 1.3% copper, 470ppm cobalt, 11 g/t silver, and 0.15% zinc has been reported at a cut-off grade of 1% copper equivalent.
Drilling will continue in the New Year as the search trails ahead for horizontal and vertical extensions of this high grade and potentially vast IOCG system.
Emerging battery minerals company is up this morning following an update to the Burke Graphite Project in north central Queensland.
The Burke project comprises of two main tenements – Burke and Corella – with Burke containing one of the highest-grade graphite deposits globally.
It has a 6.3Mt JORC inferred mineral resource grade of 16% total graphitic carbon (TGC), within which there is a higher-grade component of 2.3Mt at 20.6% TGC.
The Corella tenement contains widespread outcropping graphite with a previous electromagnetic survey highlighting an area of approximately 1000m x 500m within which conductive features similar to those corresponding to high-grade graphite occurring at the Burke Tenement have been identified.
LEL says Corella now requires follow-up drilling to delineate the graphite resource size and grade.
The company is working with the CSIRO to optimise the potential production of battery grade graphite and undertake a program of spheronisation and purification test work.
Targeted outcomes, LEL says, will be to demonstrate to potential graphite purchasers the benefits of the natural flake graphite from the Burke Tenement for use in lithium-ion batteries.
Zimbabwe-focused battery minerals company, Prospect, is riding high following an announcement this morning of its 87% interest sale in the Arcadia Lithium Project.
The company has sold its interest to new energy lithium-ion battery material producer Zhejiang Huayou Cobalt Co for US$377.8m, which equates to around A$1.23 per ordinary Prospect share and reflects a premium to the company’s 10-day VWAP of 78%.
On anticipation the transaction will compete in late Q1 – early Q2, 2022 the company said this transaction with a “world class partner” validates the strong support of the Government of Zimbabwe and highlights the benefits flowing from its Special Economic Zone status.