Resources Top 5: Who’s the mystery investor?
Here are the biggest small cap resources winners in early trade, Friday August 20.
The gold explorer has raised $2m from an “unrelated sophisticated investor” at 22.5c per share – a slight premium to the current share price.
This mystery investor will own about 4.5% of the shares on issue, Iceni says.
The explorer, which only listed on the ASX in April, say the funds raised will ensure that the company’s planned exploration program at the flagship 14 Mile Well project “will not be impeded”.
“As previously announced, the company has completed its initial diamond drilling campaign at the Deep Well Target and is currently undertaking its initial drilling campaign at the TOTK Target,” Iceni says.
“Drilling to date has identified significant hydrothermal alteration associated with existing gold anomalism and the company considers that this drilling justifies a more extensive drilling program than was initially planned.
“Funds raised under the placement will be applied toward further diamond drilling at the Deep Well and TOTK Target areas as well as to undertake a detailed seismic survey along the 35km long Danjo Batholith to build on the exploration work undertaken on the 14 Mile Well project to date.”
(Up on no news)
Newly listed gold-silver explorer Prospech is drilling hard in Slovakia.
Its main game is called Hodrusa-Hamre, which has produced ~2.4 million ounces of gold and 120 million ounces of silver, as well as 70,000 tonnes of zinc, 55,000 tonnes of lead and 8,000 tonnes of copper over the last ~1000 years.
But the company reckons Hodrusa-Hamre is far from mined out. A new drilling campaign is due to kick off to test the high-grade gold-silver epithermal vein system at the ‘Anton’ target in late August or early September.
Drilling is also underway or penned in for the promising ‘Nova Bana’, ‘Cejkov’ and ‘Pukanec’ projects.
Final results from an early-stage drilling program released yesterday define several mineralised gold zones over a 7km long strike length.
The 7km extent of the mineralised trend provides encouragement for higher grade gold discoveries at depth, Bulletin says.
$37m market cap Nagambie has permission to build a gold toll treatment plant at its mothballed mine site in VIC.
Toll treating – or processing another company’s ore for a fee – is perfect for gold deposits too small to justify their own large-scale plant development.
NAG is finalising a 50:50 JV agreement with Golden Camel Mining (GCM) for the initial treatment plant with capacity of 180,000 tonnes of ore per annum.
Importantly, project manager GCM will pay to get the plant up and running, with initial ore to be trucked from GCM’s nearby Golden Camel mine.
Construction of the facility is planned by GCM to kick off in the December 2021 quarter and be completed in the June 2022 quarter.
(Up on no news)
Last year, a discovery at Manhattan’s ‘Tibooburra’ gold project in NSW sent the stock soaring.
The share price has since fallen back but work to discover the next multimillion ounce deposit is ongoing.
MHC is planning on completing a further 5,000m drilling at ‘New Bendigo’, anticipating the required approvals to be received in August, with drilling to commence shortly after (dependent upon the COVID-19 restrictions in place at the time).
Drilling has also been planned to test additional historic mining areas within the ‘Northern Corridor’.
These upcoming drill programs only focus on 25km of strike within 220 strike-km of gold-anomalous structures controlled by MHC “which are similar in age and tectonic features to the Victorian goldfields which holds potential for multi-million-ounce orogenic gold discoveries”, the company says.