Resources Top 5: Supersized gold-silver hits sends small cap Mithril soaring
Here are the biggest small cap resources winners in early trade, Tuesday June 15.
This junior explorer pulled up a 6.8m long intercept grading 74g/t gold and 841g/t silver at ‘El Cometa’, part of its Copalquin project in Mexico.
This extremely high-grade hit confirms bonanza grades in historic drilling and further develops the geological model for the “complex” El Cometa vein system, Mithril boss John Skeet says.
Deeper drilling to extend the eastern side of the ‘El Refugio’ area has also shown excellent continuity intercepting multiple veins, he says.
“El Refugio has already grown to 650m long and 300m down-dip and with a very high-grade zone (clavo) within the mineralised structure.
“Recently completed deep (+400m) drill holes have continued to intercept the central portion of the clavo and we look forward to reporting these results.”
Golden Deeps has pulled up shallow, thick “and potentially very high-value” polymetallic intersections like 24m @ 1.33% copper, 4.77% lead, 1.37% vanadium, 3.67g/t silver from 3m at the ‘Nosib’ prospect in Namibia.
Eight of the first 15 drillholes hit the good stuff at Nosib, a historic high-grade copper vanadium mine.
“The shallow depth, significant thicknesses and exceptional grades of copper, lead, and in several holes, vanadium, are extremely encouraging,” Golden Deeps chief exec Jon Dugdale says.
“With the price of these key battery metals copper, vanadium, and lead, rapidly appreciating, we are looking forward to continuing to drill this potentially very high-value polymetallic deposit.”
$12m market cap Golden Deeps is up 30% in 2021.
(Up on no news)
Renegade Exploration (ASX:RNX) will sell its ‘Yandal East’ project JV interest to fellow gold explorer Strickland for $800,000 cash, 40m shares and a 0.5% net smelter royalty on any future production.
For Strickland, this acquisition represents a major extension to its flagship ‘Horse Well’ project, ~30km from Northern Star’s (ASX:NST) 10moz Jundee operation.
The stock is now up ~55% over the past five days.
(Up on no news)
Last week, the Malawi government recommended Globe receive a mining licence in a “significant step forward for the company’s goal of becoming a niobium producer”.
Alloys containing niobium are used in jet engines and rockets, beams and girders for buildings and oil rigs, and oil and gas pipelines.
The company surged +150% on the news to its highest point in about nine years.
This long time battler has lodged a mining application over its 38 million tonne ‘Cape Flattery’ silica sand project in QLD.
“The Mining Lease Application reflects our confidence in our project and is an important milestone as we continue our pathway to progress the permitting and development of our exciting silica sand project,” exec chairman Theo Psaros says.
“With the results of our first phase of metallurgy studies planned to be finalised shortly and then followed by the completion and planned release of the results of a Scoping Study, the project is progressing as planned.”
A drilling program will also kick off in July.
Industry research firm IMARC Group estimates the global silica sand market could grow from US$7 billion in 2019 to US$20 billion in 2024, Metallica says. The $20m market cap stock is up 20% in 2021.