• Forrestania Resources leads the way today, eyeing up iron ore with a new WA acquisition
  • Falcon Metals is flying on a high-grade mineral sands discovery in Victoria
  • Meanwhile Marquee Resources is buying a promising gold and silver project in Sardinia


Here are some of the biggest resources winners in early trade, Tuesday May 28.


Forrestania Resources (ASX:FRS)

Known as a gold, lithium and nickel hunter, Forrestania’s focus is in the Eastern Goldfields of WA, but also Canada (lithium).

Its news today, however, is related to iron ore, in the Yilgarn region, sending it triple-bagging upwards, about 200% at the time of writing.

The company has announced it’s entered into an option agreement with shareholders of Netley Minerals to acquire 100% of issued shares in Netley, which is the holder of highly prospective iron ore tenements right next to Mineral Resources’ (ASX:MIN) Koolyanobbing operations.

Potentially big for FRS, that, which enters into a three-month option period, in which the company will drill test several iron ore targets identified by Netley and its advisors.

The potential is there, with surveys and rock chip sampling correlating with the geophysical trends, indicating mineralisation potential.

All else, including infrastructure – road, rail, port and service centres – lines up well.

Forrestania’s chairman, John Hannaford, said:

“This is a compelling opportunity to explore for hematite in an ideal location with abundant existing infrastructure.

“The option allows us to drill-test the targets extensively prior to exercising, so we can validate the significant iron ore targets modelled by the vendors. If the drilling during the option period proves successful, then following exercise of the Option we can proceed directly with the drill out of several substantial iron ore targets.”



Falcon Metals (ASX:FAL)

Bendigo-focused goldie Falcon Metals is also into mineral sands, and it’s the latter resource that’s the wind beneath its wings today – soaring it roughly 50% at the time of key tapping.

Falcon has has received high-grade results for its 91-hole aircore (AC) drilling program at its Farrelly mineral sands prospect in Victoria, which is a follow-up on high-grade reconnaissance drilling results announced in early March.

The new results confirm Farrelly as a high-grade mineral sands discovery with a thick zone of mineralisation (Main Zone) now defined covering an area of about 1,200 metres by 600 metres and remaining open in several directions.

Significant drill intercepts include: 26m at 8.9% THM (total heavy mineral concentrate) from 6m, with 15m at 12.9% THM from 13m; and 22m at 9.2% THM from 8m, including 12m at 15.1% THM from 16m as well as 3m at 20.3% THM from 21m.

The company also notes that “several additional high-grade intercepts up to 5km from the discovery indicate a potentially significant scale strandline-style system which requires further drilling to define”.

Zircon, ilmenite, and rutile are in play here, as well as potential rare-earth-element bearing monazite and xenotime, which are in-demand critical minerals.

In addition to being used as components in many household uses, mineral sands are being increasingly used in energy transition infrastructure.

Falcon Metals’ MD Tim Markwell said:

“The results at Farrelly are quite outstanding and define what appears to be a discovery of a continuous zone of high-grade heavy mineral sands over a sizable area, which remains open.

“While it is early days in our understanding of Farrelly, with more drilling and test work required, it is shaping up to become a significant mineral sands deposit, in proximity to other major deposits, but at far higher grades.”



Marquee Resources (ASX:MQR)

Battery metals and precious metals hunter Marquee has inked an option agreement with two parties to buy a gold and silver project in Sardinia, Italy, called Sa Pedra Bianca.

Shareholders are enjoying the 30% rise in MQR that’s come on the back of the news today.

The Sa Pedra Bianca project covers a large portion of the old Osilo project, which contained a non-JORC resource of 1.65Mt at 7.06g/t gold and 29.7g/t silver for a total of 376,140oz gold and 1.58Moz silver.

Timothy Spencer is named as one of the two parties and is the ex-MD of Essential Metals, which was acquired by Develop Global (ASX:DVP) in November last year.

Spencer will be appointed as a consultant of the company and will join the Marquee board on exercise of the option agreement.

Based on its due diligence so far, Marquee believes the Sardinian project to have “exceptional upside with real potential to become a 1Moz+ gold district”.



AusQuest (ASX:AQD)

Copper-gold hunter AusQuest has news from its Peruvian operations – it’s now begun drilling at its new copper-gold target at the Cerro de Fierro project.

The company believes their “is room for a sizeable deposit to be found”, affirmed by historic drilling returning multiple copper-gold intersections at the prospect.

The RC drilling program will test a structural target close to a drill hole that intersected multiple zones of copper-gold mineralisation, including 30m at 0.43% Cu, 0.16g/t Au; 43m at 0.43% Cu, 0.35g/t Au; 28m at 0.42% Cu, 0.15g/t Au and 33m at 0.24% Cu, 0.13g/t Au.

The project is located at the southern end of a recognised IOCG metallogenic belt in southern Peru and is within ~150km of the Mina Justa deposit (~337Mt @ 0.76% Cu) – being developed by the Marcobre JV.

Assay results are expected within four weeks of this drilling program.


Kincora Copper (ASX:KCC)

This broad-searching copper hunter has signed itself a $50m earn-in and joint venture agreement with a unit of the NYSE-listed AngloGold Ashanti for KCC’s Northern Junee-Narromine Belt (NJNB) copper and gold project in New South Wales.

This is located in the near-unexplored undercover extension of a porphyry-related, rich gold and copper mineralised zone known as the Macquarie Arc.

Some deets per the company’s ASX announcement:

AngloGold will have the right to spend up to $50 million to earn a 80% interest through:

• $25 million of exploration expenditure to earn a 70% joint venture interest (Phase I) including a minimum A$2 million expenditure obligation, with Kincora the initial operator for a 10% management fee.

• Completion of a Pre-Feasibility Study (PFS) or funding of a further $25 million of expenditure to earn a 80% joint venture interest (Phase II).

The company notes that a “wide range of virgin, large intrusive-related copper-gold targets will be drill tested” under the new agreement.