Pic: John W Banagan / Stone via Getty Images
Resources Top 5: Which ASX gold, iron ore and copper stocks took off today?
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- WA gold explorer Bryah Resources jumps on mega drill hit
- Kincora Copper surges after hitting the ASX boards in an IPO
- Red Hill Iron gains without any update on its Pilbara iron project
Here’s your top ASX small cap resources winners in morning trade Tuesday, March 30.
WA-focused gold explorer Bryah Resources soared in morning trading after it announced an impressive hit of 182 grams per tonne (g/t) gold at its Gabanintha project.
The hit was one of 17 holes drilled at Gabanintha and shows high-grade gold occurs in a cross-cutting fault zone within the project’s vanadium-titanium-magnetite deposit.
Australian Vanadium (ASX:AVL) has a 7.3 per cent equity stake in Bryah Resources and holds the rights to vanadium, titanium, iron ore and cobalt at Gabanintha.
“Recording exceptionally high-grade gold assays of 10 metres grading 27.5 g/t gold with 1 metre assays of up to 182 g/t gold within a fault cross-cutting the high-grade vanadium zone opens up a whole new exploration concept for the company to target,” managing director, Neil Marston, said.
The NSW copper explorer made stunning gains Tuesday as it arrived on the ASX boards following a $10m IPO that was well supported by institutional shareholders and retail investors.
Kincora Copper aims to use the IPO proceeds to accelerate drilling at its Trundle Park and Mordialloc targets at its project in NSW’s Lachlan Fold Belt porphyry district.
Trundle is within the westerly rifted-off section of the Northparkes igneous complex that hosts 5.5 million ounces of gold and 4.5 million tonnes of copper.
The explorer has also undertaken some exploration activity in Mongolia’s Southern Gobi copper-gold belt and retains a mining licence in part of the Bronze Fox project.
Iron ore explorer Red Hill Iron performed strongly in morning trade without releasing any substantive news since its regular operations report in January.
The company has a 40 per cent stake in iron ore rights for the Red Hill joint venture’s Pannawonica project in WA’s West Pilbara region.
The balance of the Red Hill iron ore venture is owned by Aquila Steel, part of China’s Baosteel Group, and American Metals and Coal International.
The parties have continued to analyse potential development options for the Red Hill iron ore joint venture to achieve a viable way forward.
Results are pending for some drilling at the project’s tenements that were undertaken in the September quarter.
The South Australia-focused precious metals explorer has been quiet since its last release a week ago announcing follow-up drilling at its Gibraltar halloysite-kaolin project.
Its 2,500m drilling program will focus to the north of previous exploration activity which returned high-grade halloysite results in saprolitic clays.
Gibraltar is adjacent to Andromeda Metals’ (ASX:ADN) Mt Hope kaolin-halloysite project on South Australia’s Eyre peninsular.
OAR Resources also has its Crown project in WA that is situated near to the Julimar polymetallic discovery of Chalice Mining (ASX:CHN).
Tanzania-based graphite project developer Black Rock Mining has said little to the market since announcing in early March its deal with Korea’s Posco had been cleared by the FIRB.
Posco Group is acquiring a 15 per cent stake in the ASX explorer’s Mahenge graphite project with an equity injection of $US7.5m to pay for engineering and planning studies and site clearance.
Mahenge has a mineral resource estimated at 212 million tonnes at 7.8 per cent total graphite content – enough to support a 16-year mine with production of 350,000 tonnes per year.
Posco is negotiating an off-take agreement for Mahenge graphite and Black Rock Mining has lined up a further five other off-take customers for its graphite product.
