Resources Top 5: Yesterday’s news drives today’s winners

Condor Energy and Green Critical Minerals take out joint winners on Friday
Most of today’s biggest winners have no fresh news
Lightning Minerals confirms spodumene in pegmatites at Esperanca

Here are the biggest small cap resources winners in morning trade, Friday, January 10. Prices accurate at time of writing.

Condor Energy (ASX:CND)

(Up on yesterday’s news)

Hot stock CND is still up some on yesterday’s announcement, which revealed an independent assessment increased best estimate (2C) contingent resource by a massive 147% to 1 trillion cubic feet at the Piedra Redonda gas field off Peru.

The increase from the previous 2C contingent resource estimate of 404 billion cubic feet of gas follows the reprocessing of 3D seismic over the discovery that was integrated with geological, petrophysical, and geophysical studies.

It is based on the C-18-X discovery well and the C-13-X appraisal well and offers the potential for significant upside along the interpreted eastern edge of the stratigraphic pinch-out that defines the Piedra Redonda structure.

Condor has already high-graded a number of oil prospects and is in the advanced stages of completing more detailed mapping over these prospects and performing resource estimates. Once this work is completed, it will engage an independent auditor to review and certify resources for the selected high graded oil prospects.

Green Critical Minerals (ASX:GCM)

(Up on yesterday’s news)

In equal first place with CND is GCM, also up on yesterday’s news, with the development of its VHD technology pilot plant.

The first run of Line 1, conducted as part of the wet commissioning process, has successfully produced 12 test samples of VHD graphite coins for initial testing.

The samples, each measuring 25mm in diameter and 4-7mm in thickness, were designed to test and validate the pilot plant’s full operational cycle.

Despite this being an unoptimised first run for commissioning purposes, GCM says the initial results generated were excellent and exceeded industry benchmarks.

Lightning Minerals (ASX:L1M)

Brazil lithium explorer L1M has confirmed spodumene within pegmatites at the Esperança project in the country’s esteemed ‘lithium valley’ region of Minas Gerais.

The company has also received ‘the highest tenor lithium results to date’ from its soil sampling programs with peak assays of up to 429ppm lithium from the Caraíbas asset.

L1M is hoping to start a 2,000m drilling campaign this year at Esperanca once it has engaged drilling contractors.

“I have always believed in being aggressive in our exploration strategy and with the results and targets we have generated so far in Brazil believe in the potential this region holds for us,” L1M managing director Alex Biggs said.

Heavy Minerals (ASX:HVY)

(Up on no news)

HVY listed on the bourse last year with its Port Gregory Garnet project in WA, which boasts a JORC-compliant resource of 166Mt at 4% total heavy minerals with 5.9Mt of contained garnet.

Garnet sand is a good abrasive and a common replacement for silica sand in sand blasting, waterjets to cut steel and in water filtration.

Demand is forecast to outstrip supply in the coming years with a widening deficit already happening this year and into the future unless additional supply comes online.

The company’s CEO, Andrew Taplin, resigned in December last year but will remain with HVY for his three-month period to lead the completion of the pre-feasibility study.

Nimy Resources (ASX:NIM)

(Up on no news)

Emerging explorer Nimy is on the critical metals hunt in WA having recently completed a capital raise to expand its gallium and copper hunt across the Mons Belt in WA.

The company completed a soil-sampling program on the asset last year, which extended the mineralised footprint and potential size of the gallium system.

Results from that work will underpin upcoming step-out drilling, paving way for the establishment of a maiden JORC resource at Block 3 East within the project area.

Gallium is a critical mineral used in several cutting edge technologies such as powerful semiconductor chips. China has a near monopoly on its supply and has slashed exports of the metal following strict limitations imposed by the Chinese government last year.

At Stockhead, we tell it like it is. While Green Critical Minerals is a Stockhead advertiser, it did not sponsor this article.