Resources Top 5: Surefire Resources is the ASX comeback kid

Surefire hits thick high grade gold at Yidby
Southern Gold locks in $13.5m project sale
Copper explorers Coppermoly, Peak Minerals up on no news

Here’s your top ASX small cap resources winners in morning trade Monday, November 30.

In November 2019, disappointing results from a highly promising drilling program at the flagship Victory Bore project sent Surefire Resources’ (ASX:SRN) share price into a tailspin.

Today the WA explorer announced thick, high grade gold in its first ever drill program at the newly acquired Yidby project.

The stock is now up almost 1,000 per cent over the past 12 months. What a recovery.

Southern Gold (ASX:SAU) will collect ~$US10m ($13.5m Aussie) for its 50 per cent share in two Korean gold projects.

This would give Southern — which just completed a $10m placement — about $25m to explore its other projects in-country.

“It is good to get the price for the sale of our joint venture interests at Gubong and Kochang finalised,” Southern Gold boss Simon Mitchell says.

“With an underlying value per share of 6.4c, it really reinforces the value investors receive from a position in Southern Gold and the relatively low implied value for the greenfield exploration play in South Korea.

“We look forward to completing the sale and concentrating on building our business as we ramp up our drilling and broader exploration efforts as well as business development activities in-country.”

Up on no news:

COVID-19 travel restrictions have impeded cashed-up explorer Coppermoly (ASX:COY) from drilling its Mt Nakru copper-gold project in PNG.

Mt Nakru has a handy resource of 309,000 tonnes of copper, 300,000 ounces of gold, and 2.1moz of silver – but Coppermoly reckons there’s a lot more where that came from.

Fellow copper play Peak Minerals (ASX:PUA) is looking to buy a bunch of exploration tenements in WA, where recent rock chip smapling returned grades up to 21.2 per cent copper, 1.37g/t gol and 25g/t silver near old workings.

Drilling planning is in the process of being finalised for the current quarter, Peak says in its latest quarterly report.

South African coal miner MC Mining (ASX:MCM) was pummelled by COVID-19, but has made a tentative recovery of late.

In March, the South African government declared a nationwide lockdown to prevent the spread of COVID-19, resulting in the majority of MC Mining’s customers suspending operations.

This continues to affect sales order volumes, the company says in its latest quarterly report.