• SYA boosts lithium resource across two flagship projects, ASN expands drilling at Paradox
  • Tombador reveals positive PFS results supporting a maiden ore reserve of 5.59Mt at 65.5% iron
  • VAL identifies a ‘LARGE’ porphyry copper target at the Picha Project in southern Peru


Here are the biggest small cap resources winners in morning trade Tuesday, March 1. 


Emerging lithium producer SYA has doubled its lithium resource base across two flagship projects in Québec, Canada – the North American Lithium and Authier Lithium projects – amid surging demand for the commodity.

Total JORC combined measured, indicated, and inferred mineral resources for the two projects now totals 119.1Mt at 1.05% lithium.

SAY managing director Brett Lynch said this expansion is a “major achievement” for the company as it continues to enlarge its lithium footprint.

“With lithium prices surging on the back of an increasing structural supply deficit, our upcoming definitive feasibility study for an integrated NAL-Autheir operation, expected in coming weeks, is set to show significantly enhanced profitability for the benefit of shareholders.”

The Authier project, acquired back in July 2016, is a hard rock spodumene lithium deposit with near term development potential.

A DFS was completed on the project in 2019 highlighting a net present value of C$216 million, pre-tax internal rate of return of 33.9% and estimated capital payback of 2.7 years based on an annual average spodumene production of 114,116 tonnes at 6% lithium.

SYA acquired the North American Lithium Project back in August 2021 and is undertaking a scoping study to produce spodumene concentrate from 2023.



ASX iron play TI1 has soared this morning off the back of pre-feasibility study results at its flagship Tombador project in Bahia State, Brazil, supporting a maiden ore reserve of 5.59Mt at 65.5% iron.

A production target of 1.2Mtpa or direct shipping ore (DSO) over an initial five years has been marked with 100% of the life of mine (LOM) production schedule based on proved and probable ore reserves.

TI1 CEO Gabriel Oliva said the PFS confirms the company has “a great project capable of delivering strong financial returns.”

“Now our focus is to increase sales volumes in the domestic and export markets so that our sales volumes equal the production target,” she said.



VAL is up this morning after the identification of a “LARGE” porphyry copper target at the Picha Project in southern Peru, South America based on a 2021 induced polarisation (IP) resistivity survey.

The IP anomaly is around 2km long in a north-south direction and 2km across at its widest point, VAL says.

A maiden 5,000m diamond drilling is planned to target both geochemistry and multiple IP geophysical targets at Picha where more than 400 samples have been returned, including channel samples recording 41.6m at 1.12% copper and 22.8g/t silver.

“The results of the 2021 exploration program completed by our Peruvian team have been exceptional,” executive chairman George Bauk said.

“This program has been truly exciting so far and we are chomping at the bit to keep pressing forward.”



Another lithium play, ASN, is flying this morning on plans to increase its resource expansion program at the Paradox Lithium Project in Utah, US via the targeted drilling of its Cane Creek 32-1 well.

Drilling will target the large Mississippian brine aquifer which has a lithium-rich zone ~100m to 250m thick – compared to the 10m thick Clastic Zone 31 zone, ASN said.

The proposed re-entry of the Cane Creek 32-1 well, together with the re-entry of the Long Canyon No.2 well, and the Mineral Canyon and Sunburst 1 wells forms part of Anson’s combined “Eastern” and “Western” expansion strategy at the Project.

It is designed to materially increase and upgrade the Paradox resource with results to be included in the ongoing detailed feasibility study (DFS).



(Up on no news)

Lithium again.

Flying high on no news today but at the end of last month the company posted rock chip assays at the Horseshoe pegmatite within the Ravensthorpe Lithium Project in Western Australia.

Grades of up to 4.50% Li2O with an average grade of 3.1% Li2O, 0.8% rubidium and 0.16% caesium were returned and now the company is looking to advance exploration of both the Western pegmatite trend as well as the Eastern pegmatite trend where exceptional spodumene results were also recently reported.

“We now have a great opportunity to progress two lithium plays only a few kms apart in this incredibly prospective area with an operating lithium processing plant only 12km away,” BNR CEO Mark Csar said.

Bulletin remains very well-funded with $12.06 million in cash, receivables, and liquid investments.