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Mining
Here are the biggest small cap resources winners in early trade, Wednesday January 11.
~$11m market cap tiddler AAJ has drilled into high-grade lithium-rubidium at the Mt Deans Project in WA.
Results include a highlight 8 at 1.89% Li2O+RB2O from 26m.
Overall, the program returned lithium-rubidium grades in excess of 2%, with a total of 12 intersections with grades in excess of 1.5% lithium-rubidium of varying widths.
Also of note is the high potassium values of up to 3.6%, with significant cesium (up to 0.6%) and tin-tantalum (600ppm and 700ppm).
Aruma says it may look to identify micaceous pegmatites with high-grade lithium-rubidium-cesium-potassium ore capable of being concentrated using simple froth flotation/gravity circuits to produce a saleable lithium-potassium concentrate.
This would accompany valuable rubidium and cesium by-products with possible tin and tantalum gravity concentrates.
Azure has inked a big $20m investment from global lithium producer SQM.
SQM has poured an initial $4.2m into AZS and subject to the satisfaction of certain conditions precedent, SQM will invest a further A$15.8M to hold a 19.99% interest in Azure.
The lithium producer plans to invest at a price of $0.2564 – representing premiums of 13.9% to Azure’s last traded price of $0.225 on January 6 and 12.4% to Azure’s 10 day VWAP of $0.228 up to and including January 6.
“This is a significant milestone event and is a strong endorsement of Azure and our projects by one of the world’s leading lithium producers,” AZS managing director Tony Rovira says.
“The new relationship will allow Azure to draw upon SQM’s technical expertise in pegmatite-hosted lithium exploration, project development, production and marketing, providing Azure with strong support as we look to develop the Andover lithium assets.”
SQM is a global mining company with operations in Chile and Western Australia. In WA, SQM and Wesfarmers are joint venture partners in the Mt. Holland lithium project.
Latest surface sampling across three projects in Finland has returned results of up to 2.4% Li2O at the Kola project and up to 3.9% Li2O at the Hirvikallio project.
RMI executive chairman Asimwe Kabunga says the company is “extremely pleased” with the results of the program, which was carried out as part of due diligence for the acquisition.
The company has also executed a Share Swap Agreement (SSA) to acquire all the issued shares in Element92, which via Finland domiciled subsidiary, Element92 Suomi Oy, holds the exploration reservations for the projects.
“We believe the three projects have shown there is the potential to discover economic resources of lithium and base metals, and we are working on the conversion of the reservation permits to exploration licences so we can commence drilling and other exploration activities across the projects,” Kabunga adds.
(Up on no news)
AHN is focused on the ‘Byro’ project in WA, which includes iron ore, copper, PGE, and graphite targets.
In late May, resource drilling kicked off to upgrade the old ‘FE1’ magnetite iron ore resource to JORC 2012 standards – a must-have for ASX listed explorers.
At the end of November, the second and final batch of preliminary results were received – the stand out result hit 60m at 70.3Fe (DTR) including magnetite in concentrate of up to 99.19%.
A pre-feasibility study is now in progress as the company awaits the drilling results.
The $8.70m market cap stock – which re-listed on the ASX November last year following a period in bourse purgatory — is up 20% year to date.
(Up on no news)
The stock formerly known as Sinetech is exploring for kaolin and silica in WA.
A maiden resource estimate of 24.7Mt was announced early November 2021 at its flagship asset — the ‘Tampu’ kaolin project 250km northeast of Perth.
New drilling is now underway to upgrade the resource.
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