Resources Top 5: Who’s making hay from battery-grade lithium carbonate today?

JLL produces battery-grade lithium carbonate (>99.5%) for the first time at the McDermitt project
ASE up on release of its quarterly highlighting the Red Mountain lithium discovery
FRB, ASE and GRV up on no news

Here are some of the biggest small-cap resources winners in early trade, Wednesday July 31. Prices correct at time of writing.

Jindalee Lithium (ASX:JLL)

JLL, formerly named Jindalee Resources, is making some noise this morning on news it has produced battery-grade lithium carbonate from ore at the McDermitt project in Oregon.

These findings were made during test work completed at Hazen Research Inc in collaboration with Fluor, the lead engineer for the PFS currently underway.

McDermitt holds the crown as the largest lithium deposit in the US by contained lithium with a resource of 3Bt at 1,340 parts per million (ppm) for 21.5Mt lithium carbonate equivalent, somewhat larger than Lithium America’s advanced 19.1Mt Thacker Pass asset, 30km away.

All steps of the processing flowsheet for McDermitt from ore beneficiation and leaching to purification and production of battery-grade lithium carbonate have now validated, demonstrating the potential for McDermitt to supply lithium chemicals to the expanding US battery value chain.

It also supports the outcomes of a highly anticipated pre-feasibility study, due for release in Q4.

Astute Metals NL (ASX:ASE)

ASE, formerly known as Astro Resources and run by Pilbara Minerals (ASX:PLS) original Tony Leibowitz, is up this morning on release of its quarterly which highlights the significant lithium discovery made at its Red Mountain project in Nevada.

The first three holes of a 10-hole drilling campaign returned high-grade mineralisation in June with stand-out results including 59.4m at 1,300ppm Li from 73.2m and 15.2m at 810ppm Li from 15.2m.

These initial results have confirmed the anticipated discovery of sub-surface lithium mineralisation at Red Mountain, which has clear potential to emerge as a significant project in the context of North American exploration efforts for battery metals.

The next phase of exploration at the project will include follow-up drilling in the second half of the calendar year.

Firebird Metals (ASX:FRB)

(Up on no news)

Manganese explorer FRB is making headway on its plan to build a battery-grade manganese operation inside an established chemical ‘park’, taking ore from the Oakover project in the Pilbara and converting it in China – home of the world’s largest EV industry.

It also recently executed a farm-out agreement for Macro Metals (ASX:M4M) to acquire an 80% interest in FRB’s Wandanya, Disraeli and Midgengadge tenements in WA’s Eastern Pilbara region.

The agreement will see M4M invest $150,000 over 12 months across the Wandanya, Disraeli and Midgengadge tenements and complete at least 10 RC drill holes with 100m to be drilled on each of the tenements.

“This allows Firebird to continue its strategic focus on the Oakover Project and our Chinese LMFP strategy,” FRB managing director Peter Allen said earlier this month.

“By partnering with Macro, we leverage their expertise and resources to drive the development of these tenements.”

Aruma Resources (ASX:AAJ)

(Up on no news)

Shares in penny stock explorer AAJ have bolted out the gate for the second time this week on the excitement of very high-grades of copper from historical samples at the Fiery Creek project in QLD.

Grades of up to 36% copper were found at multiple prospects across the project area, which majors have long held yet has been underexplored due to depressed copper prices.

That took away exploration interest from other majors such as BHP, Glencore and Rio Tinto that also held the tenure.

AAJ reckons Fiery Creek has high prospectivity for an economic resource within the fertile Mt Isa copper belt.

“The under-explored nature of the project area combined with the positive historic results and favourable geological setting in the prolific Mt Isa minerals district provide an exciting exploration opportunity for Aruma,” AAJ MD Glenn Grayson says.

Greenvale Energy (ASX:GRV)

(Up on no news)

GRV holds a 75% interest in an exploration permit (EP145) in the Amadeus Basin of central Australia, an area with a long history of hydrocarbon production.

The permit hosts an existing prospective resource estimate, with a “Best Estimate” of 440 billion cubic feet (Bcf) total gas, including 26.4 Bcf of helium and 26.4 bcf of hydrogen.

Helium and hydrogen production have been proven through exploration drilling, with some of the highest concentrations of helium globally, highlighting its potential to become a world-class province for helium and hydrogen.

Preparations are now underway for a seismic program that will be completed before the end of 2024 to guide targeting for drilling in 2025.

At Stockhead we tell it like it is. While Greenvale Energy is a Stockhead advertiser, it did not sponsor this article.