• Coal explorer Prairie could score big payday if it wins legal battle against Polish government
  • Red Mountain Mining has rare earths and gold exploration results pending
  • Bryah Resources hits high grade manganese under historic Horseshoe Lights mine

Here’s your top ASX small cap resources winners in morning trade Tuesday, January 5.



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What’s cooking at Prairie?

The coal exploration stock is seeking legal damages from the Polish Government, which has unfairly blocked the company going into production. Allegedly.

In mid 2020 the company partnered with litigation funder LCM to take Poland to court, seeking “lost profits for both the Jan Karski and Debiensko mines as well as the value of Prairie’s historic expenditure in developing both the Jan Karski and Debiensko mines plus interest and costs”.

Which could be a lot of money.

Importantly, LCM puts up the initial $18m in litigation costs, and only gets paid if Prairie wins.

“The substantial litigation funding secured from LCM is testament to the strength of Prairie’s claims,” the company said last year.

“The $18m facility is non-dilutive to Prairie shareholders, will cover the full legal budget as well as partially cover a portion of Prairie’s operating expenses, while being repayable in the event that a damages award is paid out.”

In 2019, LCM had completed 205 cases since inception – 87 per cent of these were profitable.

That’s a good win rate.



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A late 2020 airborne survey at the Mt Manbridge rare earths project was designed to look for targets similar to Northern Minerals’ (ASX:NTU) high grade Dazzler and Iceman heavy rare earth deposits.

Interpretation and processing of the data is due to be released pretty soon, Red Mountain says.

Also due to be released soon are drilling results from Mt Maitland gold project, which produced gold at a high average grade of 19.3g/t gold in the early 1900s.

The maiden drilling at Mt Maitland returned initial shallow, high grades up to 12.7 grams per tonne gold.

27 holes for ~1,850m were completed with assays for the remaining 23 holes still pending.



The  Bryah Basin joint venture (70% Bryah Resources and 30% OM Holdings (ASX:OMH))  just hit high grade manganese while drilling the historic Horseshoe South mine, sending Bryah flying in morning trade.

Bryah received a conditional $5 million offer from Primero Group (ASX:PGX) and AMCI Group for its interest in the Joint Venture in November 2020 – an offer it intends to accept.

But miner OM has a pre-emptive right to match this offer during a 60-day notice period, which expires later this month.

Bryah recently raised $1.3 million and is aggressively pursuing copper-gold opportunities in the region.



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In May last year, Antilles – formerly PanTerra — finalised a joint venture to develop the La Demajagua gold-silver deposit in Cuba.

PanTerra — chosen by the Cuban government’s mining company as a proposed 49 per cent JV partner way back in October 2018 — wants to produce ~60,000 tonnes a year of concentrate grading around 47 grams per tonne (g/t) gold and 380g/t silver for at least six years.

A 25,000m drilling program kicks off this month to establish JORC resources and add to existing data on the La Demajagua ore body from 50,000m of historic drilling by Canadian mining companies.

Feasibility studies for the stage one open pit mine should be completed by Q3 2022, Antilles says.



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Reedy isn’t the most active junior explorer on the ASX by a long shot.

But it has a bunch of projects in popular commodities – lithium, iron ore and gold – which means multiple opportunities for the company to rerate if they change gear in 2021.