Resources Top Stocks: Visible gold, ‘imminent’ nickel discoveries, and a giant 4.37moz resource
Link copied to
Here’s your top ASX small cap resources winners in morning trade Wednesday, October 21.
Pilbara explorer Thor Mining (ASX:THR) is picking up visible gold in stream sediment sample panning as it narrows down targets for drill testing at the Ragged Range project.
13 of the 54 stream sediment sites had visible gold in panning. Here:
“[Thor is] another step closer in the process of narrowing down Ragged Range drill target selection, with visible gold again found in the stream sediment samples consistently along the 13 kilometre corridor of anomalous gold,” exec chairman Mick Billing says.
“We look forward to the laboratory assays from this work [and] also to receiving the results from and interpretation of the airborne magnetic survey recently completed.”
The stock is up +140 per cent in early trade for a cumulative +500 per cent gain over the past six months.
South African explorer West Wits Mining (ASX:WWI) has added another 700,000oz of gold to the Witwatersrand Basin Project (WBP) resource.
That’s a monstrous 4.37 million gold ounces all up as West Wits heads towards development and first production.
“4.37moz at a robust grade of 3.88g/t gold further solidifies the fact that we have a substantial project at the WBP,” West Wits boss Jac van Heerden says.
“We are confident in the anticipated granting of the Mining Right and that we will be able to bring the WBP into production relatively quickly, given our plan for toll treatment at nearby facilities and easy access to the underground workings.
“The excellent analysis work carried out by Shango Solutions has highlighted higher grade zones such as the K9A’s 1.5moz gold zone grading 5.3g/t, which for an underground operation is outstanding material to mine.”
The ~$90m market cap stock is now up +760 per cent over the past 12 months.
Down hole electromagnetic (DHEM) surveying involves sending a probe attached to a wire cable down a completed drill-hole.
The probe is then able to “see” conductive mineralisation up to 75m away.
Every conductor with similar characteristics in the Cathedrals Belt has turned out to be massive sulphides with high grades of nickel, copper, cobalt and PGEs.
“The MAD184 conductors are particularly exciting as they are the deepest conductors ever identified in the Cathedrals Belt and located 800m to the west of previously intersected massive sulphides on the Cathedrals Belt,” St George exec John Prineas says.
“With a 100 per cent success rate in testing these kinds of conductors in the Cathedrals Belt, we are confident that our next significant discovery of massive nickel-copper sulphides is imminent.”
Drilling of the new conductors will kick off early next week.
In July, Conico (ASX:CNJ) acquired the early stage Ryberg gold-base metals project in Greenland.
The former cobalt explorer says melting glaciers have caused ice coverage around Ryberg to shrink rapidly, leading to new discoveries such as the early stage Sortekap gold prospect.
Earlier this week Toro Energy (ASX:TOE) kicked off a 1,500m drilling program at the Dusty nickel prospect in WA.
The program is designed to follow up a 2.6m of massive nickel sulphides grading 3.45 per cent nickel, 0.15 per cent cobalt and 0.18 per cent copper intersection announced in September.
Drill will test a zone of high grade gold — where previous drilling hit 4m at 78g/t — and a prospective zone where there is no previous drilling.