Resources Top 5: Who’s back in the game today?
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• Former Fintech stock Ookami back with a bang as a global minerals explorer
• Dateline Resources soars on rare earths potential at Colosseum gold mine
• Canadian coal developer Atrum recovers ground
Back in the mining downturn there were any number of undercapitalised junior explorers who packed it in and wound up moving into more fashionable areas like tech.
Now the wheel appears to have turned and strong markets for resources companies and junior explorers has sent the vehicle in the other direction.
Former fintech stock Ookami came out of a long suspension this morning into its new guise as a minerals explorer, hunting battery metals in Africa. After raising a tick under $6m to relist on the ASX it is up ~1100% at 26.5c on its last price of 2.2 cents as an ASX listee.
It holds a 57% interest in Valhalla Minerals, 90% owner of the “advanced” Boulbi copper project in Senegal, and 100% of the Messok East nickel-cobalt project in Cameroon.
Dateline completed a review of US Geological Service data in conjunction with the acquisition of the Colosseum Gold Mine in California and the outcome is prospectivity for rare earths. Cue 65% charge for the $48m capped junior.
Making the announcement a bit more real is the fact the US’ only rare earths producer is nearby. Mountain Pass, which is owned by $6bn capped NYSE listed MP Materials Corp, bears a similar potassium and thorium anomaly.
The radiometric anomaly was identified within the Colosseum tenement, and the potential for rare earths in addition to the known gold occurrences is a positive advancement for the project.
(Up on no news)
Errawarra Resources owns the Binti Binti Gold Project and other tenures in the historic Gindalbie goldfield, around 75km north east of Kalgoorlie.
Recent assays from aircore drilling at Binti Binti included hits of 8m at 2.76g/t from 26m, with an interval of 4m at 5.09g/t and 1m at 6.61g/t from 15m.
Around 200 holes are being drilled in the 10,000m aircore program. Errawarra also holds early stage nickel ground in the Fraser Range, where drilling by IGO (ASX: IGO) on tenements owned by Matsa Resources (ASX: MAT) and Boadicea (ASX: BOA) has caught interest this week.
(Up on no news)
Atrum is one of a class of juniors hit by regulatory hurdles with proposed coking coal operations in the Canadian Rockies.
The most notable is Gina Rinehart’s Riversdale Resources, which copped a call from authorities that its $800 million Grassy Mountain coal mine was not in the public interest.
Atrum said at the time “it is Atrum’s expectation that the Elan Project will be judged on its own merits.”
It picked up some gains today to move up around 30%.
Castillo Copper rose on news core from its Big One deposit in Queensland’s Mt Isa copper belt included 34m of copper mineralisation.
That came in an RC hole from 153-187m deep, with another 11m from 89-100m in hole BO_318RC.
“Hitting copper mineralisation seven times from seven starts is an outstanding way to progress the drilling campaign at the Big One Deposit,” said Castillo MD Simon Paull.
“Moreover, the result from drill-hole 318RC is excellent, throwing off two zones of visible mineralisation totalling 45m and confirms massive copper sulphides are apparent.
“In addition, the Board is delighted there is clear evidence that known copper mineralisation has been extended and looks forward to releasing interpreted insights from upcoming assays results.”