Resources Top 5: Uranium explorer Haranga explodes as historical drilling confirms strong prospectivity at West African project
Here are the biggest small cap resources winners in early trade, Monday August 8.
HAR listed on the ASX earlier this year with a bunch of uranium and gold projects up its sleeve in West Africa.
Included in our ‘dirt cheap ASX uranium stocks with upside’ yarn, HAR’s advanced-stage and large greenfields exploration project, Saraya, has been identified as a ‘highly prospective’ uranium target following a review of historical drilling.
Significant equivalent uranium intersections not previously reported from historical drilling include 47.8m at 1,630ppm eU from 72.4m, 46.2m at 1,548ppm eU from 42.2m, 10.1m at 5,537ppm eU from 27.7m and 4.6m at 8,660ppm eU from 28.1m
HAR non-executive chairman Michael Davy says not only is the company seeing significant widths of uranium across numerous holes at shallow depths, but also high-grade mineralisation.
“The anticipated commencement of drilling at the Saraya prospect will coincide well with the ongoing regional permit-wide termite mound sampling program.
“Interestingly, historical drilling was only concentrated over 0.5 square kilometres of the 1,650-kilometre permit and numerous other large radiometric anomalies have already been identified for follow-up drilling.”
This ~$12.2m market cap lithium explorer has received assay results from an additional 56 rock chip samples taken over about 10km of strike of the Kawana and Mt Correll pegmatite swarms at the Newington Project in Western Australia.
Of the samples assayed, 33 (approximately 60%) contained anomalous lithium, tantalum, tin or caesium.
Peak values included 3.62% lithium, 335ppm tantalum, 208ppm tin and 0.54% caesium from an apparent siliceous lepidolite.
Another sample of weathered pegmatite located 460m south returned 1.32% lithium showing consistency with prior sampling.
Pegmatite mapping and sampling is being ramped up in sub-crop areas and auger drilling is being undertaken on the most prospective soil covered corridors.
MM1 is preparing for reverse circulation (RC) drill sites at intervals over about 8km strike of the Kawana East pegmatite belt.
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Shares in this $18m market cap goldie are on a tear this morning.
AWV’s historical Big Springs project in Nevada produced ~386,000oz between 1987 and 1993, when mining ceased due to the gold price environment.
In 2014, a 1Moz JORC resource was established, which included a 415,000oz high grade component (ore grade of 4g/t). AWV believes there is a lot more to find here.
Recent IP survey results confirmed parts of the Big Springs gold deposit are anomalously chargeable, providing a robust approach for ongoing exploration targeting.
“IP data for all three lines is of excellent quality and shows strong chargeability anomalies associated with Brien’s fault; one of two controlling NE structures bounding the core of the Big Springs deposit,” the company said.
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Copper Mountain is a dual-listed (ASX-TSX) copper producer with its flagship being the 75% owned Copper Mountain Mine in British Columbia, which currently produces ~45,000t of copper equivalent per year – with average annual production expected to increase to approximately 63,500 tonnes of copper equivalent.
It is also advancing its development-stage Eva copper project in Queensland, which is expected to add over 45,000t of copper production per year.
In December 2021 a feasibility study update highlighted the project’s after-tax net present value (NPV) of $622 million – that’s a 42% increase compared to the May 2020 feasibility study which the company said was mostly due to higher metal prices.
Total initial development capital is estimated to be ~$836 million.
Detailed engineering is currently underway, a final investment decision is expected this year, and commissioning is flagged for late 2024.
Drilling is underway at GED’s ‘VERY’ high-grade Khusib Springs Copper-Silver deposit in Namibia – a blind discovery stumbled upon in the early 1990s by Goldfields.
The initial discovery went into production from 1995, closing in the early 2000s having produced around 300,000t of ore at a very high grade of 10% copper and 584g/t silver.
Four shallow diamond drill holes will test shallow targets below surface copper mineralisation above the mined area of the deposit as well as a key target for a repeat of the high-grade copper-silver massive sulphide deposit along strike to the northeast.
Three to five deeper diamond drill holes will then test for the extension of the very-high grade Khusib Springs copper-silver orebody at depth to the south of a normal/wrench fault that is interpreted to have offset the mineralised zone.
GED CEO Jon Dugdale says the company will carry out a deep penetrating electromagnetics program to detect other blind massive sulphide zones along strike and will look to drill test during the current program.
“Discovery of extensions or a repeat of this very high-grade copper-silver orebody would be a major breakthrough and provide a springboard to re-establishing production from the existing decline at the Khusib Springs Mine.”