Terra Metals is well up after finding ‘Bushveld style’ copper-PGE reefs at its Dante project
Aldoro Resources meanwhile is up on REE-related finds in Namibia
Uranium junior Haranga is energised after updating its mineral resource estimate
And WA-focused goldie Brightstar is also shining
Here are some of the biggest resources winners in early trade, Thursday June 20.
Terra Metals (ASX:TM1)
Terra Metals is a WA-focused critical minerals junior explorer. And yep, that hardly narrows it down, but the company and stock is standing out big time with a double-bagging 100% rise this morning on the back of some strong news.
Early-stage drilling at the company’s Dante project in WA’s West Musgrave region has confirmed the discovery of multiple “Platreef-style” copper platinum group element (PGE) reefs from surface.
Is there “nearology” at play here we often wonder? Yep – this find is only 15km from BHP’s (ASX:BHP) $1.7 billion Nebo-Babel mine development in WA.
The latest results come from a further 14 wide-spaced, “first-pass reconnaissance” drill holes at Dante Reefs, and these are defined so far over 4.5km of the Reef 1 and 2 targets, with mineralisation open along strike and downdip.
The Dante project is considered by the company to have potential to host a large sulphide deposit of copper, gold, PGEs, vanadium and titanium – which is also considered the first of its kind in Australia.
The reefs themselves are a geological formation that Terra describes as “a series of gentle dipping, laterally extensive, mineralised layers (similar to a coal seam) which outcrop from surface and in total run for 42km”.
They’re about 10m thick, with a high-grade basal layer of about 5m.
Source: Terra Metals
Highlights from the latest find include:
• 6m at 0.40% Cu, 0.79g/t PGE3, 0.66% V2O5, and 19.9% TiO2 from 4m, also including:
• 2m at 0.62% Cu, 0.85g/t PGE3, 0.71% V2O5 & 22.3% TiO2 from 6m, and
• 5m at 0.34% Cu, 0.84g/t PGE3, 0.81% V2O5, & 21.2% TiO2 from 21m
Assays are pending from a further 16 drillholes covering an additional 4.5km of strike at Reef 2.
“We are excited to have discovered multiple Platreef-style copper-PGE sulphide reefs from a first pass-reconnaissance drilling program at the Dante project; the first of its kind in Australia,” managing director and CEO Thomas Line said.
“The discovery of similar style reefs in the Bushveld Province of South Africa has resulted in some of the world’s largest, longest running and most profitable PGE, copper, nickel, gold, vanadium and titanium mining operations with over 100 years of ongoing production.”
Read more > here.
Aldoro Resources (ASX:ARN)
Nickel-hunting small cap Aldoro is double-digiting nicely on the back of… rare earths elements (REE) news.
The company made an update this morning on its large-scale geological mapping campaign at the Kameelburg Carbonatite project in Namibia, southwest Africa.
There, it’s been targeting priority areas across the southern and eastern margins of a large carbonatite mineralisation zone.
Results from 74 newly collected samples are in and those highlight the REE-rich nature of the carbonatite with TREO(+Y) assays ranging from 1.16 to 9.89%.
There’s niobium in them thar dykes, too. Regarding that, the most notable assays reveal up to 10.38% Nb2O5 and 9.89% TREO.
The broad mapping operation is now nearing completion and preparations are reportedly being made for a maiden diamond drilling campaign.
Haranga Resources (ASX:HAR)
Junior uranium and goldie Haranga’s main game is in West Africa, primarily Senegal. The company’s portfolio spans Senegal, Cote d’Ivoire, and Burkina Faso, covering 2,702sqkm across seven tenements.
Today HAR is energised after noting it’s upgraded uranium resources at its Saraya project in West Africa to 16.11 million pounds, with the majority of this within 140m from surface.
More specifically, the upgraded Mineral Resource Estimate (MRE) reveals an Indicated Mineral Resource of 6.04 million pounds of eU3O8 at a grade of 752 ppm eU3O8, and an Inferred Mineral Resource of 10.1 million pounds of eU3O8 at a grade of 484ppm eU3O8, totaling 16.11 million pounds at 558ppm eU3O8 (cut-off grade of 250ppm).
About 80% of the resource is near surface and suitable for open pit mining, with mineralisation extending along strike, down-dip, and down-plunge.
The company notes that laboratory assay results from 29 RC holes completed in Q1 will inform further updates.
The Saraya project in Senegal covers 1,650sqkm and reportedly shows potential for significant exploration expansion beyond current known mineralisation.
Haranga MD Peter Batten added further context, noting:
“The Saraya permit has a real prospect of significant growth through the Saraya deposit extensions, the six surrounding geochemical and radiometric coincident anomalies already identified and the radiometric anomalism sitting in the southeast of the permit.”
Brightstar Resources (ASX:BTR)
Gold explorer Brightstar is also shining on the bourse with a 20% intraday gain at the time of four-finger key tapping.
News? There’s been a “change of interest for a substantial shareholder” in the company this week – namely Collins Street Asset Management and its Collins St Value Fund.
“This change is the result of dilution from the recent new issue of shares,” notes the ASX release, which you can read in more detail here.
Earlier this month, drill assays from Brightstar’s Menzies gold project returned shallow, high grade gold up to 29.1g/t amid the company’s massive >30,000m drilling campaign.
That campaign is being funded by a $6.5m cash injection from small-scale gold production via its Selkirk JV with BML Ventures and the recent placement to strategic investors including St Barbara (ASX:SBM) and institutions such as Collins Street Asset Management and Lion Selection Group (ASX:LSX) (ASX: LSX) which raised $12m.
The drilling campaign is targeting resource growth and higher confidence category ounces at its 1.45Moz gold portfolio in WA ahead of project feasibility work.
Drilling is also going on at the Linden Gold Alliance assets which BTR is acquiring, including the operating Second Fortune mine and the 293,000oz Jasper Hills project.
Read more > here.
At Stockhead we tell it like it is. While Terra Metals, Haranga Resources and Brightstar Resources are Stockhead advertisers, they did not sponsor this article.
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