Resources Top 5: The 6000pc hit, some Julimar nearology, and a Vintage gas, gas, gas play
Link copied to
Here are the biggest small cap resources winners in early trade, Thursday May 13.
Any time a stock climbs by ~6,000%, it’s guaranteed to turn some heads. And that was the case for junior iron ore / gold play Mindax Ltd (ASX:MDX) in early trade this morning.
While the gain looks impressive on paper, it’s been a long-time coming for MDX, which has been suspended from the ASX since June 2019 for a breach of ASX listing rules 12.1 and 12.2.
The company has stayed active in suspension, and in June last year it announced a $2m capital raise at 0.5c per share. Upon reinstatement today the stock rose as high as 20c, representing a sizeable gain for investors that stayed involved off-market.
Yesterday, MDX announced a new development at its flagship Mt Forrest magnetite iron project, located in WA’s Yilgarn province. According to MDX’s website, the project has a JORC resource of over 1.7 billion tonnes.
MDX operates the Mt Forrest project in a joint venture with Norton Gold Fields Pty Ltd — a subsidiary of the China-based Zijin Mining Group.
Earlier this week, Mindax announced that Norton has now received Foreign Investment Review Board (FIRB) approval for its proposed earn-in of a 19.9% interest at Mt Forrest Project.
In accordance with the two companies’ Binding Heads of Agreement, Norton Gold has already deposited $10m into a company-controlled bank account as part of its earn-in funding arrangements. A further $10m will be deposited within 14 days of the FIRB approval, MDX said.
Pursuit says it has identified additional electromagnetic (EM) conductors that are highly prospective for nickel, copper and Platinum Group Elements (Ni-Cu-PGE) mineralisation at Calingiri East, an exploration licence in the same region as Chalice Mining’s Julimar Project.
Pursuit says the highly conductive features (up to 5,093 S/m) are evident on 9 lines of moving-loop ground electromagnetic (MLEM) data over a strike length of ~1,640m in a location conducive to the concentration of PGE-Ni-Cu mineralisation.
This puts the conductivity of the Phil’s Hill Prospect well within the known range of conductivity for the Chalice’s Gonneville Intrusion PGE-Ni-Cu discovery.
Soil and rock chip assays are within the next two weeks but managing chief executive officer Mark Freeman said the company was now extremely encouraged by the additional conductors.
“The Phil’s Hill target is now over 1,600m in strike length, located in a highly prospective position on the margin of an interpreted mafic-ultramafic intrusion, where PGE-Ni-Cu mineralisation often concentrates, and is ready for drilling, subject to government and heritage approvals.”
Frontier geologists have identified visible gold specks in rock samples taken from the newly discovered Guima vein system at its Tolukuma project in Papua New Guinea.
Who doesn’t love some visible specks and a good cackle brecciation?
Frontier says this demonstrates the underexplored region of mineralised veining between the Tolukuma mine and Saki vein system 3km to the east at the 441.72sqkm project 70km north of Port Moresby.
The Guima vein has been mapped and interpreted to over a total of 1.2km strike length with a second mineralised splay interpreted over a 520 metre strike length.
Preliminary results from outcrop rock samples including include 2.24, 1.59 and 1.41 grams of gold per tonne (g/t), which are well within viable territory for a gold miner.
Final total recovery gold analysis techniques are expected in the coming week.
The Australian Competition and Consumer Commission (ACCC) has allowed Vintage Energy Ltd, Metgasco Ltd and Bridgeport (Cooper Basin) Pty Ltd, a wholly owned subsidiary of New Hope Corporation Limited, to jointly market gas produced from the Vali field.
The three companies are joint venture partners at the Vali field, a new gas field in the early stages of development in the Queensland Cooper/Eromanga Basin.
While none of the companies currently produce or sell natural gas, they now have authorisation to enter into gas supply agreements with customers on common terms and conditions, including price, for terms of up to 15 years.
Without authorisation, these joint marketing arrangements would risk breaching competition laws.
Gold and Base Metals explorer Auris Copper has reported on some encouraging initial results after completing the diamond drilling (DD) program at its Forrest Deposit near Meekatharra.
A total five holes for 2,339.3m of drilling have been completed between the Forrest and Wodger deposits, with assay and Drillhole Electromagnetic data (DHEM) to be incorporated into the current interpretations for the Forrest and Wodger deposits.
Managing Director Mike Hendriks said the DD program at Forrest has yielded some very encouraging results.
“One of the key takeaways is copper mineralisation appears to extend outside of the existing resource and the mineralised zone remains open at both the Forrest and Wodger deposits,” Hendriks said.
Upcoming exploration plans at the Forrest Project include evaluation of selected (induced polarisation) IP targets identified from the survey completed Q4 2020.