Resources Top 5: These ASX copper stocks have investors drooling, Tinkler target AQC now up 185pc in two days

American West makes discovery at its Storm copper project in Canada
Magmatic returns ‘absolutely stunning’ copper result at Myall project in NSW
Culpeo’s detailed mapping program at Lana Corina validates four high-priority copper drill targets

Here are the biggest small cap resources winners for Tuesday, August 23.

AMERICAN WEST METALS (ASX:AW1)

AW1 listed back in December 2021 with three North American projects to its name – its flagship West Desert zinc-copper-indium (and silver) Project in Utah, the Storm and Seal Projects in Canada and the Copper Warrior Project, also in Utah.

Shares in the company are up this morning after exploration drilling uncovered a new copper discovery at Storm.

AW1 intersected more than 68m of stratiform copper sulphide mineralisation from 277m downhole, supporting its geological assumptions that there is a major copper system lying below the high-grade near surface mineralisation.

“The new copper mineralisation is associated with a large EM plate that is one of six untested plates, most of which are located in highly prospective positions – below or adjacent to the known high-grade copper prospects and fault system,” managing director Dave O’Neill says.

“The importance of this discovery for the project cannot be overstated, as it has hugely positive implications for the copper endowment within the project area.”

MAGMATIC RESOURCES (ASX:MAG)

Porphyry hunter Magmatic, is also soaring this morning after hitting copper sulphide mineralisation over a +740m interval at the Corvette prospect, part of the Myall Project in NSW.

MAG managing director Dr Adam McKinnon says this is an ‘absolutely stunning’ result for the first full hole of the company’s drilling program.

“It’s difficult to describe the excitement of our team each time we look over the previous day’s core and see an ever-increasing interval of visible sulphide mineralisation.
“We are so far past our original target now that we are effectively exploring a brand-new search space to the east of the original Corvette Prospect – currently untested in every direction – and still going,” he says.

On a length-weighted basis, McKinnon explains the strong copper, gold and molybdenum results already define one of the best intersections from the Myall Project area to date.

“And that’s with more than 75% of this interval yet to be assayed.”

The standout result was hole 22MYDD415, which intersected between 134.5m and 300m downhole including 151.5m at 0.37% copper, 0.08 g/t gold and 43ppm molybdenum.

“The intensity of visible copper sulphide mineralisation observed in several zones further down the hole is also very encouraging and highlights the immense potential of the project,” McKinnon adds.

“While we have to wait for the assays for confirmation, we are very confident these areas will be key targets for follow-up drilling.”

NOW READ: These 10 small cap miners and explorers outgunned everyone in 2019

CULPEO MINERALS (ASX:CPO)

CPO hit copper pay dirt in March at the Lana Corina Project in Chile and again in June, jumping 70% on multiple high-grade copper drilling hits at the ‘pipe-like’ Lana discovery.

Shares in CPO have jumped this morning on the findings of a detailed mapping program which has validated four high-priority drill targets (T2, T4, T6 and T10) proximal to Lana Corina.

CPO managing director Max Tuesley says the discovery of outcropping breccia and copper oxide mineralisation associated with several of the previously identified geophysical anomalies is an exciting development.

“Together with the results of the recent drilling program we are only just beginning to appreciate the potential size of the mineralised system at Lana Corina,” he adds.

Recent drilling hits include 257m at 0.95% copper, 81ppm molybdenum from 170m and 173m at 1.05% copper, 50ppm molybdenium from 313m.

STELAR METALS (ASX:SLB)

(Up on no news)

SLB has five copper-zinc projects in South Australia, proximal to major mines and discoveries held by BHP, OZ Minerals, FMG, and Coda Minerals.

Its main game is ‘Evelyn Dam’; a large, very deep and untested Olympic Dam-style IOCG gravity target which was previously owned by both Rio Tinto and BHP.

The other copper projects in its portfolio include Torrens (about 40km from Olympic Dam), Baratta, and Gunson.

Earlier this month the company was granted its exploration licence (EL 6803) from the SA Government comprising the Baratta Copper Proejct in the Adelaide Fold Belt considered prospective for both Zambian-style Sediment-hosted copper and MVT-style lead-zinc mineralisation.

The historic Baratta Copper Mine, adjacent to Stelar’s tenure, produced copper ore between 1896 and 1904 from a zone of workings 7.5km long on the northern limb of the Bibliando Dome.

The same structure that is interpreted to control copper mineralisation at the Baratta mine is exposed over a significant strike length in the eastern part of Stelar’s Baratta tenement and is considered prospective for copper, lead and zinc

AUSTRALIAN PACIFIC COAL (ASX:AQC)

(Up on no news)

Shares in this coal stock are still running hot after yesterday’s news of a bid from Nathan Tinkler at a massive premium to the last closing price – 19.97% of AQC shares at $0.30 per share for a total of $3.78m.

Tinkler et al would then refinance the company’s debt and buy the rest of the stock for up to $0.30 per share” to allow existing shareholders to take the opportunity to liquidate their investment, should they wish to do so once the Refinancing has been completed”.

AQC has been struggling for some time to get the thermal Darbook Coal Mine in NSW approved in the face of local opposition – in 2020 local horse breeders moved to formally oppose development consent.

The Hunter Thoroughbred Breeders’ Association notified the company saying it would join legal proceedings in the NSW Land and Environment Court on its Dartbrook mine.

Back in 2017, Tinkler got ASIC’d from being a director until February 2021 because of his involvement in the collapse of 11 companies across mining, horse racing and sports.