Resources Top 5: Copper-gold hunter Strategic Energy Resources rakes in $2m. Cazaly also up there

Copper-gold hunter SER has strategically raised a whopping $2 million
RareX is the latest to nose around niobium, gaining itself a large East Yilgarn project
Kalgoorlie Gold drills into some thick, high-grade mineralisation
Strickland Metals and Cazaly are also flying high in early ASX trade

Here are some of the biggest resources winners in early trade, Thursday May 23.

Strategic Energy Resources (ASX:SER)

Strategic Energy Resources is leading the ressie gainers pack at time of writing with a 58% burst out of the intraday gates.

The company has raised $2m via placement to explore the Achilles 1 polymetallic, copper-gold prospect in the South Cobar Basin of NSW.

The placement, done at a small 8.3% discount to the last traded price, is cornerstoned by Datt Capital and Lowell Resources Fund (ASX:LRT).

The company notes that the funds raised will also be used to explore SER’s broader South Cobar Project along with advancing SER’s other exploration assets and general working capital.

Another piece of news highlighted by the company is the Tony Gu, Datt Capital’s partner and head of research, has been appointed to the SER board as a non-executive director.

SER share price

RareX (ASX:REE)

Niobium is having something of a moment this week, and RareX is the latest to jump on the bandwagon, buying up a large, early stage project in WA’s East Yilgarn region.

It comes after the completion of successful $1.5m, internally brokered, capital raise. That news has pushed up the share price of the rare earths explorer/developer by an eye-catching 44% at time of writing.

The acquisition has been dubbed the Khaleesi Project and is located along strike from the “highly endowed” Ponton Dyke deposit (most recently held by Galaxy Resources (ASX:GXY), since merged with Orocobre (ASX:ORE)), which has reportedly returned some of Australia’s best rare earth intersections – up to 28m at 10% total rare earth oxides (TREO) including 6m at 20.57% TREO.

Some other nearology – Khaleesi is also right next to the Mulga Rocks deposit owned by Deep Yellow (ASX:DYL) subsidiary Narnoo Mining, and not far from RareX’s Red Dragon REE project.

RareX describes Khaleesi as a district scale project, which consists of six tenements acquired for the company (one granted, five pending), totalling 966km2 over the Albany-Fraser Orogen in the Eastern Yilgarn region.

Historically, the site’s exploration focused on gold and half the holes were reportedly not assayed for niobium or rare earths.

There’s strong evidence of the latter, however, with data from the other half that were tested for REEs and niobium showing “broad areas of elevated niobium – up to +1,000ppm”.

Source: RareX

The company says it will “immediately commence a highly targeted exploration program” at Khaleesi.

REE share price

Kalgoorlie Gold Mining (ASX:KAL)

This WA junior gold explorer is well up today on its fresh discovery of extensive, thick gold mineralisation and anomalism at its Wessex target at the Pinjin project, following the first pass aircore drill program.

New intercepts include: 28m at 1.27g/t Au from 36m, and 12m at 1.17g/t Au from 52m.

Pinjin is situated at the southern end of the Pinjin Goldfield and is about 140 km northeast of Kalgoorlie–Boulder.

KalGold MD noted that the results were exceptional for aircore drilling adding further context:

“Thick, coherent zones of shallow gold mineralisation were defined across the tenement boundary from historically recorded gold anomalism.

“The shape, geometry, and style of gold mineralisation at Wessex displays parallels with Hawthorn Resources’ (ASX:HAW) neighbouring Anglo Saxon gold deposit, located less than 1 km to the northeast.

“Mineralisation at Wessex is open along strike both to the north and south, and down-dip to the east.”

KAL share price

Cazaly Resources (ASX:CAZ)

(Up on no news)

Cazaly is also up there. On no fresh news, but a hell of a lot of trading volume and a 33% gain.

And besides, any chance we get to say Cazaly is “up there”, we’re going to take it.

Not sure entirely, or at all, actually, what’s going with CAZ today to substantiate this rise, however. Perhaps the ASX can find out.

The last piece of news of note was detailed in the company’s Quarterly Activities and Cashflow Report in April. Some highlights from that:

• A drilling contractor was secured for the first drilling program in more than 50 years at the company’s Carb Lake REE project in Ontario, Canada.

• Drilling is set to get underway there in Q3, pending approvals.

• Meanwhile, environmental surveys were completed in the recent quarter for first phase of drill testing of a large lithium target at the Kaoko project in Namibia.

CAZ share price

Strickland Metals (ASX:STK)

Strickland Metals is also enjoying gold’s glow today after drilling results – including a highlight 17m at 10.6g/t Au from 144.7m – at the Palomino prospect “exceeded expectations”.

Palomino is a prospect at STK’s 100% owned Yandal Gold Project in WA.

These latest assays have turned high grade at “significant width”, says the company, and in addition to the highlight above, results also included: 13.7m at 6.3g/t Au from 133.4m (incl 3m at 20g/t Au).

Further Palomino assays are “due shortly”, along with IP survey results, notes the company, which remains very well funded with about $51.4m in cash at the time of writing.

In other STK news, recently the company snapped up the Rogozna gold project in Serbia from Zlatna Reka Resources that contains a mammoth 5.4Moz of gold endowment.