Resources Top 5: This niobium stock is hitting 2024 on a high

Aldoro Resources picks up rock chips grading up to 9.03% at the Kameelburg project
Aguia Resources still riding high on proposed takeover of gold hunter Andean Mining announced last week
Lithium explorers Dynamic, OzAurum, and Woomera up on no news

Here are the biggest resources winners in early trade, Wednesday December 27.

ALDORO RESOURCES (ASX:ARN)

Aldoro’s Kameelburg project in Namibia covers some 1,017kms in the Damara Orogenic Belt, host to several carbonatites.

Carbonatites are rocks which can contain high concentrations of rare earth elements (REEs).

Today, rock chip assays ranging from 5.77% to 9.03% niobium have been received, highlighting the potential of the area around the periphery of the Kameelburg carbonatite.

Niobium may be a rarely talked about metal but it is used in the making of high strength, low alloy steel (HSLA) for aviation and transport. Adding a very small amount of ferroniobium (an alloy of iron and niobium) to steel makes it lighter and stronger.

As a refractory element, niobium is also highly resistant to heat and water and is a great superconductor in applications such as in magnets in the manufacture of MRI scanners, and nuclear magnetic resonance (NMR) medical diagnostic equipment.

ARN now plans to undertake drilling as part of further investigation into the extent of niobium enrichment within the peripheral dyke.

Discussions are advancing with local drill contractors as the company continues to investigate additional dykes along peripheral zones of the Kameelburg carbonatite, with the intention of unlocking further niobium potential within the entire project region.

AGUIA RESOURCES (ASX:AGR)

(Up on no news)

This copper/phosphate focused explorer is still riding the highs of its news last week of a proposed takeover for high grade gold hunter Andean Mining.

Andean Mining has a portfolio of 100%-owned, high-grade gold, silver and copper projects in Colombia.

AGR non-executive director Ben Jarvis believes the acquisition of the company will be an important development for Aguia as it offers the opportunity for a near term cash generating asset.

“The very high-grade Santa Barbara Gold Project in Colombia has already demonstrated its merit following a pilot scale operation that established underground mining conditions, metallurgical parameters and excellent recovered grades,” he said.

DYNAMIC METALS (ASX:DYM)

(Up on no news)

DYM has been busy working through the lithium potential at its flagship Widegiemooltha project in WA’s Goldfields since listing in January 2022.

There are big spodumene deposits such as Mt Marion, Bald Hill and Buldania all within 25km of DYM’s ground.

Focus of late has been on the Spargos East prospect, 14km south of Mineral Resources (ASX:MIN) Mt Marion lithium mining and processing operations, where it recently completed a huge soil sampling program.

DYM collected 880 soil samples at the Spargos East and FFSE prospects in November, targeting lithium-caesium-tantalum (LCT) type pegmatites associated with the contact between volcaniclastic and mafic/ultramafic units.

The first 300 assays returned from Spargos East highlight a robust and consistent lithium anomaly in soils over 100ppm Li, with peak assays of 190 ppm (equivalent of 409ppm Li2O). The potential for LCT mineralisation is supported by rubidium (up to 492ppm), tantalum (up to 57ppm) and Caesium (up to 64ppm).

OzAurum Resources (ASX:OZM)

(Up on no news)

This goldie/ lithium play entered into a binding term sheet and has an option to acquire the Linopolis Jaime hard rock lithium project in the State of Minas Gerais, Brazil during the quarter.

The Linopolis Jaime project comes with +20 lithium-cesium-tantalum (LCT) bearing pegmatites that have been mined intermittently for tantalite, beryl, tourmaline, brazilianite and feldspar by the Pacheco family and other artisanal miners for over 50 years.

Soil sampling grades of up to 7.36% LiO2 have been returned at the site with an average grade of up to 6.94% Li2O within a 7m wide spodumene zone.

OZM has also lodged new applications for a further 197km2 in areas within 65km of Linopolis Jaime which are considered prospective for lithium discoveries, being the southern extension of the known LCT pegmatite belt.

Woomera Mining (ASX:WML)

(Up on no news)

This lithium stock has recently completed the initial part of a 26 hole 3,000m RC program at its Ravensthorpe project in WA.

The project comprises the Mt Short JV where the company can earn up to 70% equity from Anax Metals Ltd (ASX: ANX) and the wholly-owned Mt Cattlin EL immediately to south.

Seven holes were completed on the Mt Short JV, designed to test beneath pegmatite intersections reported by previous base metal explorers.

Five of the seven holes intersected significant thicknesses of pegmatite (see Table 1) for a total of 213 metres of pegmatite logged.

The presence of pegmatites does not necessarily indicate lithium mineralisation which can only be confirmed by laboratory analyses with the initial results expected mid-late January 2024.