Resources Top 5: There’s a hint of discovery in the air

• Tasman-Fortescue Metals JV drills into potential IOCG mineralisation
• Corazon hits visible copper-nickel in Canada
• Gold explorer Errawarra kicks of drilling this month, drilling results due soon from Odyssey Gold

Here are the biggest small cap winners in morning trade, Thursday, March 4.

TASMAN RESOURCES (ASX:TAS)

In 2019, major miner Fortescue Metals (ASX:FMG) formed an exploration joint venture with Tasman over the Vulcan iron oxide-copper-gold-uranium (“IOCGU”) prospect, only 30km north of BHP’s massive Olympic Dam mine in South Australia.

Iron oxide copper gold ore deposits (IOCG), like Olympic Dam, can be tremendously large, and simple-to-process concentrations of copper, gold and uranium ores.

A recent, deep two-hole drilling program to test the Vulcan North gravity anomaly has intersected “substantial downhole widths of hematite breccia which is often a significant host to mineralisation in IOCG deposits”, Tasman says.

Tasman has been chipping away at this project for over a decade, so a big mineral discovery would be something special.

CORAZON MINING (ASX:CZN)

Another potential mineral discovery.

Minnow Corazon believes it could be on to something big at the Lynn Lake project in Canada, with the first hole of the current drilling program pulling up “visual evidence of significant sulphide mineralisation, including nickel and copper sulphides”.

“This is a potentially significant discovery at Lynn Lake, opening up a new exploration front that includes multiple geophysical conductors for testing,” Corazon says.

Assay results from the first hole are expected to be available next month, and the second hole of the program is now underway.

ERRAWARRA RESOURCES (ASX:ERW)

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Errawarra is now up 55 per cent since its ASX debut late last year.

The WA gold-base metals explorer is due to kick off a substantial 200 hole, 10,000m drilling campaign at the newly acquired Gindalbie project this month.

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There might be good news in the pipeline for new gold explorer Odyssey, which kicked off a maiden 12,000m drill program at the high grade Tuckanarra and Stakewell projects in WA last month.

That’s a lot of drilling.

“The company is utilising modern exploration techniques and deeper drilling to target mineralisation along trend, and down plunge of known deposits,” Odyssey says.

“These techniques are similar to what was adopted and assisted in the recent successes of Musgrave Minerals (ASX:MGV), Bellevue Gold (ASX:BGL) and Spectrum Metals Limited.”

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Lindian has a bunch of advanced bauxite projects in Guinea, Africa which have a combined 1 billion tonnes of JORC resources.

Bauxite is the world’s main source of aluminium and gallium, which is predominantly used in electronics.

Lindian is focusing on the low capex, early to production Woula project, “while simultaneously bring into production the larger, multi-generational bauxite assets — the ultra-high grade Gaoual project and the world class Lelouma project”.