Pic: John W Banagan / Stone via Getty Images
Mining
Here are the biggest small cap resources movers in morning trade Friday, February 19.
Former vanadium explorer Pursuit is up ~400 per cent since picking up the Warrior project near Chalice Mining’s (ASX:CHN) mammoth Julimar discovery in WA late last year.
Now, five strong electromagnetic (EM) conductors — with potential to be platinum group elements, nickel, and copper — have been identified at Warrior.
EM maps sub-surface changes in electrical conductivity and is a useful tool for finding nickel sulphides — but it is far from perfect because nickel sulphides aren’t the only thing in the ground that are conductive.
The overall EM survey is expected to be completed before the end of March, and delivery of the final data is expected in mid-April 2021, Pursuit says.
The explorer plans to start drill testing high priority targets during the second/third quarter (April–September) this year.
(Up on no news)
This small cap explorer is up +266 per cent since making a copper-gold discovery last month.
Thick intercepts like 55m at 1.12 per cent copper and 0.3 g/t gold were pulled up in two wide-spaced holes at Trafalgar, part of the Mount Isa JOGMEC joint venture (JV) in Queensland.
In February, two follow-up holes confirmed the project’s potential.
The JV is now reviewing results and plan a return to Trafalgar in the second quarter of this year (April–June).
(Up on no news)
This humble fertiliser farmer is up 51 per cent this week on no news.
Centrex is about to start mining its Ardmore phosphate project in Queensland, where a tender was awarded in January for an initial phase of mining for 25,000t of rock.
Good timing, it seems. A shortage of phosphate fertilisers has driven the price up across the country in only the past two weeks.
An ABC source calls it “the worst fertiliser shortage he had seen in his lifetime”.
(Up on no news)
Aussie explorer Encounter finds promising early stage projects, then attracts cashed-up joint venture partners to fund later stage exploration and development costs.
It is called ‘prospect generation’, a company model renowned resources investor Rick Rule passionately advocates for.
The ~$47m market cap copper-gold explorer currently has lucrative joint ventures with IGO (ASX:IGO) and BHP (ASX:BHP), worth $15m and $22m respectively, plus a bunch of wholly owned projects.
(Up on no news)
Formerly European Cobalt, Aston’s new main game is the Edleston gold project in Canada.
On Monday, the company announced a maiden 5000m drilling program to test some juicy targets, where previous intersections include 5.3m at 81g/t gold.
The stock is up +24 per cent this week so far to pare its losses over the past six months.
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