Iron ore and gold explorer Legacy Iron Ore is up 555 per cent so far this week. Image: Getty
Resources Top 5: Which ASX iron ore stock is up 555 per cent so far this week?
Mining
share
- Star performer Legacy Iron Ore is up 555 per cent so far this week
- Nigerian iron ore and steel company Kogi leaps 50 per cent
- Nickel and gold explorer GME Resources picked up speed
Here are your top ASX small cap resources winners in morning trade Wednesday, December 16.
Legacy Iron Ore (ASX:LCY) consolidated its gains in morning trade and is up a whopping 555 per cent so far this week, delivering windfall profits to shareholders.
The WA-based iron ore, base metals and gold explorer said Wednesday it is ready to start drilling at its Yilgangi gold deposit within its South Laverton gold project.
South Laverton includes the Mt Celia, Patricia North, Sunrise Bore and Yerilla gold deposits, and Yilgangi comprises two exploration tenements.
A series of drill-ready targets were generated for Yilgangi from previous exploration activity, including surface sampling carried out last year.
The drilling will delineate mineralised zones at depth and along strike of the Golden Rainbow deposit which has a JORC resource.
“We continue to work towards the upgrading of resources at the Mt Celia project as we move toward our goal of beginning production,” chief executive, Rakesh Gupta, said.
Legacy Iron Ore has a joint venture for its Mt Bevan magnetite iron ore project in WA with ASX explorer Hawthorn Resources (ASX:HAW) whose share price rose ~30 per cent Wednesday.
“Mt Bevan is considered to hold excellent potential for further definition of major magnetite resources located relatively close to existing road, rail and port facilities,” said Legacy Iron Ore in a recent report.
Another early riser Wednesday was Kogi Iron (ASX:KFE) which plans to build a cast steel plant in Nigeria’s Kogi state in West Africa.
The plant will use ore from the company’s iron ore deposits and supply cast steel feedstock to steel manufacturers in Nigeria and overseas.
Investors may be interested in the company’s iron ore assets given current high iron ore prices driven by China’s seaborne demand.
Kogi Iron’s Agbaja project on Nigeria’s Agbaja plateau plays host to an extensive, shallow, flat-lying channel deposit of 45.7 per cent grade iron ore.
The project has an estimated mineral resource of 205 million tonnes and is 200km from Nigeria’s capital of Abuja.
The explorer started work on a $10m definitive feasibility study for its Agbaja cast steel project last year.
Another ASX stock to make solid gains is Tempus Resources (ASX:TMR) which published some drilling results for its Blackdome-Elizabeth gold project.
After an initial 2,000m drilling program, the explorer has detected visible gold in one drill hole at the project in Canada’s British Columbia province.
A total of 12 drill holes were completed in the southern portion of the project, and another 6,000m of drilling is planned for early 2021.
The Southwest vein at Elizabeth hosts a historical inferred gold resource of 522,840 tonnes at 12.26 grams per tonne gold for 206,130 ounces.
Nickel and gold explorer GME Resources (ASX:GME) made strides higher Wednesday without releasing any fresh news to the market.
The company reported high grade gold intercepts from drilling at its Fairfield deposit back in November, its last substantive ASX announcement.
The Fairfield deposit is 25km north of Laverton in WA’s Northeast Goldfields region.
GME Resources’ principal asset is its nickel-cobalt NiWest project adjacent to Glencore’s Murrin Murrin nickel operation in WA, also near Laverton.
The NiWest nickel project is poised to benefit from the growth in nickel and cobalt demand from EV and battery makers.
Nickel prices are trading this week at a one-year high of $US17,650 per tonne ($23,370/tonne) cash basis on the London Metal Exchange.
