Resources Top 5: These three small cap winners confirm lithium fever is alive and well
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Here are the biggest small cap resources winners in early trade, Wednesday September 29.
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RDT is now up 180% — from 30c to 85c – since uncovering lithium potential at the newly acquired 141,000oz ‘Mt Ida’ gold project in WA yesterday.
While conducting its due diligence, Red Dirt identified 44 drill holes in the Mt Ida dataset that were either logged with pegmatite occurrences or assayed incidentally for lithium as part of a multi-element analysis.
Of this subset of historical drill holes, 15 holes contain assays for lithium and tantalum.
Importantly, no historic exploration has been carried out with the intention of targeting lithium, the company says.
“This opens up large areas on both the eastern and western limbs of the granitic intrusive contacts for future exploration and will complement the company’s aggressive gold/copper exploration program at the Mt Ida Project,” Red Dirt says.
The $91m market cap stock – formerly known as TNT Mines – is up 310% over the past month.
Castillo has secured Aussie lithium projects in two sought after neighbourhoods.
The ‘Litchfield’ project in the NT borders Core Lithium’s (ASX:CXO) ‘Finniss’ project, which has an ore reserve of 7.4Mt @ 1.3% Li2O.
Core is expected to be Australia’s next lithium miner, with production slated to begin in 2H 2022.
The ‘Picasso’ project in WA is next door to Liontown Resources’ (ASX:LTR) flagship Buldania Project.
$2.72 billion market cap LTR is up 650% over the past 12 months.
“Acquiring prospective lithium projects, which complement the copper assets, arguably provides CCZ a strong comparative advantage moving forward,” CCZ managing director Simon Paull says.
“In focusing on developing copper and lithium projects, the Board is positioning CCZ to potentially create significant incremental value from the transition towards renewable energy sources and accelerating demand for electric vehicles globally.”
The $50m market cap stock is down 10% over the past month.
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Another exploration stock jumps on the lithium bandwagon.
Yesterday, gold focussed WC8 announced an option to earn up to 75% of the ‘Bullabulling’ lithium project, ~23km west of Coolgardie in WA.
Under the terms of the deal, WC8 will drill 1,000m and pay $50,000 for an exclusive option period.
The priority target is a “drill ready” 450m x 250m sub-cropping lithium-caesium-tantalum (LCT) pegmatite body called ‘Red Panda’.
“[Project owner] Fairplay have done a great job identifying Red Panda, which has a unique surface expression and the potential to be a massive body rather than a narrow dyke, and as such it could be highly evolved and enriched in economic minerals,” WC8 chief exec Samuel Elkins says.
“The geometry and potential for significant mineral differentiation makes Red Panda a possible analogue of the Sinclair caesium deposit located north of Norseman, and it is similarly located close to road, rail and power infrastructure.”
The $12m market cap stock is down 6% per the past month.
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AFR has moved to spin off its Botswana coal assets into an unlisted company after officially pivoting to copper-gold late August.
AFR will transfer its interest in the coal assets to this ‘Newco’, distributing shares to AFR shareholders.
AFR will not retain any securities in Newco at the conclusion of the transaction, and the spin-out does not include an IPO to raise capital.
Solid news for investors.
AFR recently paid decent coin to earn into Canterbury Resources’ (ASX:CBY) ‘Briggs’ copper project in QLD, where exploration has to date focussed on the 142.8 million tonne ‘Central Porphyry’ zone.
Exploration activity proposed during AFR’s initial option phase includes a ~3,000m drilling program, scheduled to kick off in September/ early October.
$21m market cap AFR is up 13% over the past month.
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After more than a decade, Ironbark’s SEDEX style Citronen project in Greenland is at the pointy end of the development cycle.
Sedimentary exhalative deposits (SEDEX) are super giant Tier 1 deposits which account for 25% of global zinc and lead production, and six of the 10 largest active zinc mines globally.
Yesterday, Ironbark bolstered the board with non-exec directors Alexander Downer AC and Paul Cahill as financing discussions continue.
Downer was Australia’s longest ever serving Foreign Minister, while Cahill was Group Head of Business Development and Head of Strategic Relationships Management at Anglo American.
$51m market cap IBG is up 90% over the past month.