Resources Top 5: Viridis makes colossal REE find, while Pacgold is a high-grade champ
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Here are the biggest resources winners in early trade, Monday November 20.
Diverse minerals hunter Viridis is coming out of a trading halt with some big assay-result news from its newly acquired Colossus rare earths (REE) project in Minas Gerais, Brazil.
The company recently entered into a binding agreement to acquire 100% of the rights to the REEs comprising the Colossus project, consisting of 41 Licenses (including 2 Mining Licenses) covering 56km2 “within South America’s largest known alkaline complex”.
Today, the company has announced ‘major ionic clay rare earth discoveries’ at Colossus, with 46.0m at 3,285 ppm Total Rare Earth Oxide (TREO) from surface making the headline.
The VMM share price has subsequently shot up more than 69% at the time of writing.
Viridis Mining and Minerals $VMM pleased to announce
“Major Ionic Clay Rare Earth Discoveries at Colossus: 46.0m @ 3,285ppm TREO from surface”
— Viridis Mining and Minerals Limited (@Viridis_VMM) November 19, 2023
These are VMM’s first set of assay results for auger and diamond drilling at the project, which it says confirms it as a ‘world class Ionic Adsorption Clay (“IAC”) discovery’.
Initial diamond drilling revealed an IAC body ranging from 10 to 20 metres thick with a ‘remarkable weighted average grade’ of 2,938 ppm TREO at the Fazenda prospect and an ‘even more impressive’ IAC body was discovered, 15 to 45 metres thick, with a weighted average grade of 3,460 ppm at Cupim South Prospect.
The company believes Colossus could become the highest-grade deposit globally for Ionic Clay Rare Earths.
VMM’s executive chairman Agha Shahzad Pervez gave a sense of the excitement with this:
“These are simply world class Ionic Adsorption Clay Rare Earths ‘IAC REE’ results and affirms the confidence the management team has in the Colossus Project.
“As we advance with our exploration program, we are encountering widespread thick saprolite clay profiles, exemplifying the potential for Colossus to host a world-class resource in terms of size and grade.”
VMM share price
Not unlike the gold-wearing ODI world champs today, Pacgold is feeling pretty good about itself, with a golden 20%+ daily gain at the time of trying to concentrate on resources instead of reading about Aussie dressing room celebrations.
The small goldie, focused on an ‘entire gold corridor’ at the Alice River project in Queensland, has some news – namely, the identification of multiple new regional structures.
And that comes after the company did some rock chip geochemical tests, which have confirmed new high-grade gold mineralisation hosted by outcropping quartz lodes at the project.
Some further deets, per the company’s morning ASX report:
• Surface rock chips up to 47.4g/t Au define a new structure >2km in strike length hosting the historical Jerry Dodds prospect workings, located 0.6km southwest of and sub-parallel to the high-grade Alice River fault zone.
• Significant extension of the Alice River fault zone defined 3.8km north of the Northern Target, with rock chip results to 2.2g/t Au at the Kapok prospect.
• Widespread anomalous rock chip results up to 1.5g/t Au returned from a new zone (Stockade prospect) located 0.6km west of the Southern Target define a new north-west trending regional structure.
Pacgold MD Tony Schreck said:
“These reconnaissance sampling results highlight the potential for multiple gold-mineralised regional-scale structures in addition to the Alice River fault zone which hosts the high-grade Central and Southern Targets.
“What is most exciting for shareholders and investors is how rapidly we are defining new prospective high-grade gold structures and new areas of exposed mineralisation which have been overlooked or underexplored by previous companies.”
PGO share price
(Up on no news)
Lithium, nickel and gold exploration junior TG Metals has been making a few ripples of late with ASX surges, especially after announcing an interception of high-grade lithium at its Lake Johnston Li-Ni-Au project in the Lake Johnston Greenstone Belt of WA.
The company has nothing fresh to report today that we can see specifically, however, there is certainly some action going on in the Lake Johnston area with some other projects of note, which could be helping to move neighbouring junior explorer share prices today.
What’s doing then?
Fellow battery metals hunter Charger Metals (ASX:CHR) and mining behemoth Rio Tinto (ASX:RIO) have signed a farm-in agreement for what’s known as the Lake Johnston Lithium Project (a different project from TG6’s), while Charger has simultaneously entered into a binding agreement with Lithium Australia (ASX:LIT) to purchase its minority interest in the project for $2 million to increase Charger’s interest to 100%.
You’d think that’d be sending the CHR and LIT prices skywards, by the way, wouldn’t you? Er, at the time of key tapping, CHR and LIT are both in the red. Certainly good news for the juniors of the Lake Johnston rush more generally though that Rio Tinto is taking an interest.
Late last week, meanwhile, TG6 gave this positive update on its Burmeister prospect at its Lake Johnston Li-Ni-Au project…
⚒️A further 7 holes planned
⚒️Phase 2 drill samples commenced with first assays due within 2 weeks
— TG Metals Limited (@TGMetals) November 16, 2023
TG6 share price
(Up on no news)
Gold, copper and REEs exploration minnow Killi Resources is also busting a move today, with a +32% gain, although there’s not a lot to report here.
For the company’s last piece of major news, we travel back briefly in time to October 30, when it announced soil assay results from the Baloo prospect at its Mt Rawdon West project in Queensland, highlighting extensive copper-gold-molybdenum anomalies at surface.
And that appears to be a large system that extends the historical Cu-Au-Mo soil anomaly to 4.5km x 1.5km along a structural corridor – interpreted as the linking structure between the two mineralised regional faults.
At the time, the company’s CEO, Kathryn Cutler said, regarding the find: “We remain convinced we are potentially looking at a new copper-gold mineral discovery for the region.”
KLI share price
(Up on no news)
Also baffling ASX ressie share price observers today is Nordic Nickel, up a cool 24% at the time of wondering what pic to use for this article.
We’re not seeing a lot of news today for this battery metals hunter, which is searching for high purity class 1 nickel sulphides over in Finland.
Something may or may not be simmering below the surface, but in the meantime, we refer you to its news from November 14 – some positive assay results from its drilling operations at the Pulju nickel project, which is in northern Finland, within the Central Lapland Greenstone Belt.
It’s talking high grade – up to 2.4% nickel intersected in addition to multiple disseminated nickel sulphide intersections of up to 195m.
Nordic Nickel is pleased to report further significant assay results received from drilling completed at its Pulju #nickel project, with high-grade #nickel intersected outside the Resource. https://t.co/zdwjVoLDWf#NNL #nickel #exploration #ASX #Finland #growth #discovery #ASX pic.twitter.com/tp1psMW8jI
— Nordic Nickel (@NordicNickel) November 14, 2023
NNL share price
At Stockhead we tell it like it is. While Charger Metals and Nordic Nickel are Stockhead advertisers at the time of writing, they did not sponsor this article.