Patagonia Lithium has reported high lithium concentrations at its flagship brine project in Argentina
Rincon identifies a promising IOCG mineralisation trend in Western Australia
Sun Silver and Antilles Gold also shining on respective news
Here are some of the biggest resources winners in early trade, Tuesday June 18.
Patagonia Lithium (ASX:PL3)
Lithium brines explorer Patagonia Lithium burst out of the blocks earlier this morning after reporting “exceptional” results from Well Two at the Formentera project in Argentina.
A packer sample from the aquifer zone showed a high lithium assay of 582ppm. Porosity tests conducted on Well One also revealed extremely high total porosity ranging from 27% to 47%.
Further tests indicated the aquifer extends more than 200m in depth. Although the End of Hole (EOH) for the second well was at 347m, it remained open at depth.
“These results are exceptionally encouraging – high porosity, with lithium values concentrating at depth,” PL3 exec chair Phil Thomas says.
“I have never seen core porosity at such high levels of 47% at 280m depth and lithium values at that porosity of 572ppm.
“Pumping from well 2 during the 48 hours didn’t reduce the brine level in well 1, 300m away, so we are confident we have a very large aquifer open at depth.”
Assay results from our Formentera Project in Argentina have revealed high lithium concentrations with a peak of 582ppm.
Porosity tests showed high porosity values ranging from 27% to 47%, indicating aquifer depth exceeding 200m.https://t.co/GUYdrcpmLK#lithium #ASX #news pic.twitter.com/6yTswqYWfD
— Patagonia Lithium (@PataLithium) June 18, 2024
Rincon Resources (ASX:RCR)
This critical metals (REEs, niobium, copper, gold) junior is up about 21% today at time of key tapping, and more than 220% so far this year.
Today’s needle-moving news – the company has announced the identification of three “high-priority” iron oxide copper-gold (IOCG) targets following the results of a geological survey (DDIP – dipole-dipole induced polarisation) at the Pokali Prospect, within its West Arunta Project in Western Australia.
The project is prospective for IOCG style mineralisation as well as “orogenic” gold mineralisation.
This latest surveying has highlighted a 2.7km-long ‘induced polarisation’ (IP) chargeability trend along the southern extent of the Pokali IOCG mineral system and remains open to the west and east, although with the caveat that it appears to weaken in the eastern direction.
In a nutshell, then, this means confidence from the company that it could very well intersect high-grade copper sulphide at this newly discovered mineralisation trend.
Sun Silver (ASX:SS1)
This ASX newbie has made a decent start to life on the local bourse, up about 150% since listing.
And it’s up decently today so far, too, after a high-grade target zone with exceptional silver intercepts wasidentified on the northwest boundary of the Maverick Springs resource, in Elko County, Nevada, USA.
Historical drilling data highlights impressive results, including an intercept of 6,216g/t silver over 1.5m within a broader 54.86m interval at 303.08g/t silver, and another intercept of 5,340g/t silver over 1.5m within a 54.86m interval at 278.41g/t silver.
The Maverick Springs project has an inferred mineral resource of 292,000,000 oz AgEq at 72.4gt Ag.
What happens next? Drill targets for the company’s inaugural drilling campaign currently being finalised based on fieldwork and high-grade zone assessment results.
Sun Silver executive director Gerard O’Donovan said he believes that defining this high-grade target zone, along with defining drill targets provides validation for all the analytical work the company has conducted at the site so far.
“Mapping high-grade results near the north-western border of the current Resource has boosted confidence in potential for extension of mineralisation beyond defined boundaries and the potential for discovering higher grades,” he noted.
Antilles Gold (ASX:AAU)
Minnow copper-goldie Antilles is attempting to arrest a slide in its share price that’s been largely trending that way ever since late April.
AAU is up more than 20% today, though, based on some capital raising news.
The company has announced it’s undertaking a non-renounceable entitlement offer of one new share for every one held by ‘Eligible Shareholders’ on Thursday, 20 June 2024 at an issue price of $0.004 per share, along with one free attaching option for every two shares applied for.
The plan there is to raise up to $3,986,139, to be applied in various ways, but namely towards the completion of an in-fill drilling program, revised Mineral Resource Estimate, Preliminary Feasibility Study and permitting for the company’s flagship Nueva Sabana gold-copper mine development in Cuba.
In early May Antilles revealed results from a Scoping Study regarding the proposed Nueva Sabana gold-copper mine.
Details from that reveal that the Nueva Sabana deposit has a small 3g/t gold cap, an underlying copper-gold zone, and a deeper sulphide copper zone open at depth at 150m, and could potentially transition into the El Pilar porphyry copper deposit which is offset to the south.
At Stockhead we tell it like it is. While Sun Silver is a Stockhead advertiser at the time of writing, it did not sponsor this article.
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