Resources Top 5: Two bags, two days - is gold sentiment coming back to the ASX?

Besra Gold +100% in early trade on ‘exceptional high and bonanza grade gold intercepts’ at 3.3Moz Bau project
Narryer Metals returns thick, high-grade clay hosted rare earths from old drilling at the Rocky Gully project
Southern Cross Gold rides coattails of recent 305.8m gold-antimony hit into a $16m cap raise

Here are the biggest small cap resources winners in early trade, Tuesday November 22.

BESRA GOLD (ASX:BEZ)

Is gold sentiment back?

Yesterday, Iceni Gold (ASX:ICL) led the winners, gaining over 100% after picking up gold nuggs like these. Today, it’s BEZ’s turn to front-run the pack.

The microcap goldie was up +110% in early trade after hitting “exceptional high and bonanza grade gold intercepts” at its 3.3Moz Bau project.

One hole into the Bekajang target hit more than 47m of high-grade gold, including:

10m @ 7.09g/t Au from 8 to 18m;
2m @ 8.81g/t Au from 40m to 42m; and
13m @ 22.91g/t Au from 58m to 71m.

Another pulled up more than 22m of mineralisation including 9m @ 17.71g/t Au from 19m.

But the important part is this: historical mining and exploration along the Bau corridor focused on mineralisation within the Pedawan Shale Contact (LSC) target, 5-30m from surface.

Most historical RC drilling terminated at depths shallower than 50m.

The deeper, high-grade hits announced today came from the limestone and indicate there may be a monster gold source lurking nearby.

A second round of drilling will commence shortly to follow up.

“The results of the BKDDH drilling program highlight just how little understood are the controls on mineral endowment within what is the most mature sector of the Bau Gold Field corridor that includes two very significant historical mines, Tai Parit and BYG,” BEZ CEO Dr Ray Shaw says.

“The potential implications of the exceptional grades intercepted during our recent drilling demand priority follow-up and may lead to a fundamental revision and upgrade of Bekajang’s potential.”

NARRYER METALS (ASX:NYM)

NYM has returned up thick, high-grade clay hosted rare earths from old drilling at the Rocky Gully project in southern WA.

New assays include a highlight 24m @ 3066ppm total REEs (TREO), 877ppm magnet REEs (MREO), and 337ppm scandium from 4m.

Scandium – a critical metal used as an alloy to strengthen aluminium in the aviation/space industry, and in emerging green technologies –could provide an additional high value by-product to the project, NYM says.

“Narryer Metals in a short time and at low cost, is advancing its knowledge base regarding possible size and potential value of critical metals hosted at the Rocky Gully REE project,” NYM managing director Dr Gav England says.

“This includes identifying high grade REE zones and now high value scandium mineralisation present.

“The company continues with its work, with the next focus being the siter test work on extraction of a REE concentrate at ANSTO.”

NYM hopes to follow with a drilling program in the first quarter of 2023.

OZAURUM RESOURCES (ASX:OZM)

Drilling has hit thick gold mineralisation at OZM’s flagship Mulgabbie North project, right next door to Northern Star’s (ASX:NST) Carosue Dam mill.

New results including 33m at 1.02g/t from 90m were intersected in the same rocks hosting significant gold deposits like the 6.5Moz Kanowna Belle mine.

Furthermore, the geology indicates “that we are potentially on the periphery of potentially higher-grade gold mineralisation”, OZM says.

“Our current interpretation is that faulting is clearly a fluid pathway for mineralising oxidised fluids sourced from a deeper enriched intrusive body.”

Exciting times.

Planned Reverse Circulation (RC) drilling will commence on 28 November, testing new structural targets and extensions of the Demag Zone. Drilling will culminate in a maiden resource expected to be completed in Q1 2023.

“OzAurum continues to advance its highly prospective Mulgabbie North project which has delivered further excellent diamond drilling results,” OZM boss Andrew Pumphrey says.

“The Mulgabbie North maiden mineral resource estimate, planned in Q1 2023, is a huge milestone for the company to achieve in just two years since listing on the ASX, and is testament to the scale of our advanced exploration programs.”

SOUTHERN CROSS GOLD (ASX:SXG)

SXG has ridden the coattails of a recent 305.8m @ 2.4g/t AuEq drill hit (hole SDDSC050) at the Sunday Creek gold-antimony project into a $16m cap raise.

Only 67% of SDDSC050 has been assayed so far, with assays reported from 0m to 651m downhole, with the hole completed at 923.7m.

The hole is the deepest hole on the property by 404.5m, SXG says.

As an indication of its popularity, the raise will be conducted at 58c per share – a 1.5% premium to the 15-day volume-weighted average price (VWAP) and a tiny 1.7% discount to the last traded price prior to the placement being announced.

The cash will be used to add an additional two drill rigs — with five diamond drill rigs planned all up — to advance exploration at the Victoria-based project.

The recently listed stock is up 205% on its IPO price of 20c per share.

ASTON MINERALS (ASX:ASO)

Drilling at the Edleston project in Canada is uncovering a nickel-cobalt sulphide system “of tremendous scale”, says ASO.

New hits across the Bardwell prospect include a highlight 217.35m at 0.28% Ni and 0.012% Co starting from 288.5m, and ending in mineralisation.

The system has been defined to a strike length of 6.5km, to a depth of 650m below surface and appears to average around 100m to 300m in thickness, ASO says.

“We are awaiting the results of the final six drill holes in order to complete the maiden mineral resource estimation across Bardwell,” managing director Dale Ginn says.

The initial drill testing of the B2 Target has revealed shallow mineralisation of a similar grade, thickness and style 3km along strike from Bardwell.

“In conjunction with the release of the maiden mineral resource estimation across Bardwell, an exploration target will also be released to assist in the quantification of the overall potential of the system,” Ginn says.

“To discover such a large, mineralised unit with such a considerable step out from the areas of known mineralisation provides a high degree of confidence towards the scale potential of this project.”

Meanwhile, modelling of a gold resource at Edleston Main and Sirola is well underway.

Both appear to be on track for delivery in mid-December.