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Resources Top 5: Today’s winners belong to gold juniors tapping the wisdom of geologists
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- Premier Lithium rises on review of its Yalgoo gold project
- More gains for Neometals on back of Barrambie gold prospectivity
- Sarama nears completion of Cosmo gold project acquisition
Here are the biggest small cap resources winners in morning trade, Thursday, September 26. Prices accurate at time of writing.
Premier1 Lithium (ASX:PLC)
Penny stock PLC has shot up on revealing exploration potential for gold and copper at its Yalgoo project in WA’s Murchison region.
A review of historical data, which includes multiple high-grade intercepts of gold up to 6.4g/t, has highlighted areas which remain untested at depth and along strike.
Exploration targets have been identified for gold and copper, outside the project’s lithium prospects, and once the review is wrapped up the junior plans to begin fieldwork for further testing.
“With sporadic drill testing and an average drilling depth of only 46m, the Yalgoo project is essentially unexplored at depth and along strike,” PLC MD Jason Froud said.
“Geological review work by our technical team has identified a number of walk-up drill targets with excellent potential to yield a substantial gold resource.
“Upon completion of our technical review, we intend to begin fieldwork to test these targets and I look forward to a steady stream of news flow going forward.”
PLC stocks are up 20% on the news to trade for 1.2c a share.
Neometals (ASX:NMT)
(Up on no news)
NMT, better known as a battery metals recycler and one-time part owner of the Mt Marion lithium mine, announced an exploration target for its Barrambie gold target on September 23, on a landholding it bought all the way back in 2003.
It has a hefty vanadium and titanium resource, but the exploration focus has now shifted to its gold potential.
The explorer has an exploration target that’s between 8Mt at an average 1.3g/t gold and 10.5Mt at 2.3g/t, for an implied 335,000oz.
That target is based on datasets across 10 prospects, and while it’s still early days, that prospectivity adds to the fact that Barrambie contains one of the world’s highest-grade titanium deposits.
A 2023 PFS outlined a 27.6Mt at 22.3% TiO2 ore reserve, with high grades of vanadium and iron ore to boot, for a pre-tax NPV of $374.9m and IRR of 45%.
Yet it’s Barrambie’s gold prospectivity – the area historically produced 27,000oz at a whopping 27.8g/t – that NMT hopes can be perused for camp-scale gold potential.
Shares in the ASX junior were up a hefty 22.7% to trade at 13.5c at time of writing and 65.6% across the last month.
Sarama Resources (ASX:SRR)
(Up on yesterday’s news)
SRR is aiming to complete the acquisition of an initial 80% interest in the Cosmo gold project in WA, with a majority of key conditions precedent having being been met.
The purchase received strong support from shareholders at the company’s recent AGM, with the dual-listed junior also receiving requisite and conditional approval from securities exchanges in Australia and Canada, respectively.
The company anticipates the transaction will be completed late October for its new 580km2 project that covers the entirety of the Cosmo-Newbery Greenstone Belt and captures a >50km strike length roughly 85km northeast of Laverton in a region known for its prolific gold endowment.
The area is close to Gold Road Resources (ASX:GOR) and Gold Fields’ 350,000ozpa Gruyere mine, discovered under cover by Gold Road in 2013.
As one of the last effectively unexplored greenstone belts in WA, SRR says, the project presents a unique and compelling opportunity.
Sarama’s Andrew Dinning says tSRR is pleased with the significant progress toward completing the acquisition of Cosmo.
“Shareholders voted overwhelmingly in favour of the transaction and we look forward to closing the deal and embarking on more extensive exploration
programs which will follow on from field programs currently being mobilised,” Dinning says.
SRR is trading at 3c a share, up 30% on today’s trade at time of writing.
Bastion Minerals (ASX:BMO)
(Up on no news)
In the far reaches of Canada’s Northwest Territories, BMO has sleuthed records for copper assays grading up to 18.4% at the Mariner copper project – tenure that’s completely surrounded by White Cliff Minerals’ (ASX:WCN) Port Radium project and along the strike of NE trending faults.
NWT geological experts and Aurora Geoscience have been appointed to prepare an exploration plan to follow up the historical work and gain a better understanding of a “large >520m long mineralised quartz vein” identified by previous owners.
“Not only has historical drilling returned some very high grade shallow copper intersections, up to 18.4% copper, [we are also] keen to better understand the large >520m mineralised quartz vein, identified by previous owners, however no additional detail exists of the mineralisation noted,” BMO exec chair Mr Ross Landles says.
“Whilst copper is a strong focus, we are buoyed by the result of our immediate neighbour, ASX-listed White Cliff, [which] has already established a presence in the area and recently announced rock chip findings of upto 75,439g/t silver and 13.6% copper that produced 34.2Moz of refined silver.”
It’s early doors for the junior and perhaps we should watch this space, as shares in the penny stock are up 40% today to 0.7c.
Gladiator Resources (ASX:GLA)
GLA is lifting off a high-grade yellowcake interval of 1963ppm from drilling at its Likuyu North deposit at the Mkuju project in southern Tanzania.
Six mineralised intervals including 7.1 metres averaging 1963ppm eU3O8 from 63.1m depth.
The hole was drilled central to the deposit to provide core for an assessment of In Situ Recovery (ISR) of the uranium at the target.
The explorer is proposing AC drilling to test large areas below the water table at the project as it continues to prove up the resource.
Shares are north over 23% to trade at 1.6c
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
