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Mining
Here are the biggest small cap resources winners in early morning trade, Friday March 24.
(Up on news)
Belararox is pivoting into the zinc space with its recent acquisition of the Toro-Malambo-Tambo (TMT) base metals and copper-gold porphyry project in Argentina.
Previous explorers unearthed significant intersections from diamond drilling at the Toro target which include hits like 266m at 0.76% zinc, 14.6ppm silver, 0.05ppm gold, 0.04% copper and 0.09% lead from a down hole depth of just 56m.
This included a number of higher grade zones such as 2m at 8.59% zinc, 112ppm silver, 0.63ppm gold, 0.25% copper and 0.63% lead from 58m and 2m at 4.41% zinc, 41ppm silver, 0.34ppm gold, 0.05% copper and 0.12% lead from 186m.
“These finds add further credence to our belief that this asset, located in a region known to be mineral-rich, is highly prospective for zinc, an in-demand clean energy metal used in processes to reduce carbon emissions,” managing director Arvind Misra said.
“We will continue to progress our Toro-Mambo-Tambo acquisition process over the coming weeks with the aim of closing the transaction soon after obtaining shareholder approval.
“Once this work is done, the on-the-ground team we have assembled with Condor to undertake exploration activities in Argentina will get to work.”
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Aldoro entered into a binding head of agreement with Logan Exploration and Investments CC and Okonde Mining and Exploration CC to acquire an 85% interest in the Kameelburg heavy rare earth carbonatite project in Namibia, the second most favourable jurisdiction in Africa on the Policy Perception Index (PPI).
The project’s carbonatite-hosted system forms a prominent hill rising to 275m, with an approximate diameter of 1.4km with historical results from a historical rock chip and soil sampling program returning 100m intervals up to 2.12% TREO in the rocks and up to 2.02% TREO in the soils.
Aldoro view this critical metals transaction as an excellent opportunity, as it increases rare earths exposure in what appears to be an extremely large outcropping carbonatite deposit.
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Early this month Polymetals revealed it had been reviewing potential acquisition opportunities and was in the final stages of negotiating an acquisition agreement in relation to the potential purchase by Orana Minerals, the owners of a historical lead-zinc-silver mine currently on care and maintenance.
While the acquisition agreement has not yet been executed, it is expected that the consideration payable under the agreement will be 52 million new shares in the company.
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This $29.06m market cap stock released a positive scoping study (PFS) for the Elizabeth Creek copper-cobalt project on Thursday, which lies in the heart of South Australia’s active mining region, 100km south of BHP Billiton’s Olympic Dam copper-gold-uranium mine and 50km west of OZ Minerals’ Carrapateena copper-gold project.
The PFS highlighted an estimated pre-tax of roughly $570 million, IRR of 26.5%, and a total pre tax revenue of $5.73 billion over the 14-year mine life.
Mineralisation at Elizabeth Creek will be sourced from two open pits and one long-life underground mine to underpin average steady state annual production of 25,000tpa copper and 1,000tpa cobalt at a lifetime average grade of 1.86% copper equivalent, 1.29% copper and 515ppm cobalt.
Coda says it is now finalising a forward work plan for the next stage of studies.
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Is this aspiring gold producer bouncing from rock bottom?
In February last year, a beleaguered GPR suspended development of its flagship 1.5Moz Woodlark gold project in PNG due to ballooning capital costs.
But the future is looking brighter for GPR in 2023.
The company has been busy preparing a work program for 2023, with the aim of maximising value in a cost-effective manner.
Over the course of 2023 the company plans to complete a geological and targeting review focused on high-grade opportunities, update project operating and capital costs, assess the potential to optimise the Project via relocation of the processing plant and associated project infrastructure, and prepare a PFS level study.
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