Resources Top 5: The small cap stocks dialling in on big discoveries
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Here are the biggest small cap resources winners in early trade, Monday August 23.
The size and scale of Azure’s company making Andover nickel-copper discovery in WA — 40% owned by famous prospector Mark Creasy — is increasing.
A resource drilling program at the ‘VC-07 East’ target keeps hitting significant visible nickel and copper sulphides, including numerous intervals of massive and semi-massive sulphides.
The deposit is now 400m long, extends from 50m below surface to more than 500m depth, “and is open for expansion”.
That’s why Azure is increasing the scale of the resource drill-out, with completion now expected by the end of 2021. A maiden mineral resource estimate will be unveiled next year.
Drilling is due to start “imminently” at the explorer’s greenfields (untouched, under-explored) Australian copper-gold projects.
In early September, two diamond holes will go into a “compelling” IOCG target at the East Tennant copper-gold project in the NT.
The rig will then move to the ‘Canobie’ project in QLD, where the Kalarka base metals target will be drilled.
“Preparation activity in the first half of this year has laid the foundation for the next six months of intense on ground exploration as SER delivers on our strategy of frontier exploration for greenfields copper gold discovery,” SER says.
The $11m market cap minnow is up 22.5% year-to-date.
More high grade gold from the ‘Wallbrook’ project in WA, where new hits like 10m at 5.49g/t gold – which ended in mineralisation — follow on from some solid results earlier this month.
“These high-grade results from the Crusader prospect have again shown excellent continuity of mineralisation with broad, high-grade gold intersected,” managing director Andy Tudor says.
“With highly encouraging results from all holes in this RC drilling campaign, we are eagerly awaiting to see the geology and the potential mineralisation in the drilling from the diamond tails currently being drilled at Crusader.”
The drilling program now moves to the nearby Templar prospect where a 6,000m program is nearing completion.
Results from the initial 50% of the program are expected in a couple of weeks’ time, Nexus says.
The $31m market cap stock is up 44% over the past month, but slightly in the red year-to-date.
In June, Coda Minerals hit 200m of “intense IOCG alteration”, including ~50m of copper sulphides at the ‘Elizabeth Creek’ project in the Stuart Shelf region of South Australia.
Iron oxide copper gold ore deposits (IOCG) — like BHP’s Olympic Dam mine or more recent Oak Dam discovery — can be tremendously large, and simple-to-process concentrations of copper, gold and other economic minerals.
Torrens, as a 30% JV partner in the project, benefits from any major discovery made.
New high-grade gold and copper assays released today – like 24m at 2.2$ copper, 0.3g/t gold and8.9g/t silver from 815m — indicate they are getting closer to the motherlode.
“The high-grade copper and gold assay results, announced today by Coda on behalf of the Elizabeth Creek Joint Venture, are very exciting because they continue to point the way to the potential discovery of economic IOCG mineralisation at Emmie Bluff Deeps,” Torrens managing director Steve Shedden says.
“These excellent results are yet another step in an unfolding scenario for a project which is wholly remarkable, in that it is host to both IOCG-style copper-gold mineralisation and Zambian-style copper-cobalt mineralisation and enjoys a central location in Australia’s premier copper-producing region, the Olympic copper province, with all the infrastructure benefits that brings.”
“I don’t know of any other copper project in the world so endowed with these two distinct types of copper mineralisation,” Shedden said.
Coda is now up ~326% since listing on the ASX in October last year, while Torrens has lagged, up ~10% on its January listing price of 20c per share.