Encounter Resources is the standout ASX ressie stock so far today, with a niobium-news-based +60% gain
Burley Minerals is muscling its way on up the bourse, too, amid some tea, biscuits and boardroom shuffling
RWD and KTA also reaping some share price rewards at time of publishing
Here are some of the biggest resources winners in early trade, Monday June 24.
Encounter Resources (ASX:ENR)
Critical minerals explorer Encounter Resources is focused on discovering major copper and niobium/REE deposits in Australia.
This morning, it’s the ressie gains pack leader with a strong 60% intraday burst. There appears to be a very clear reason for that.
As we flagged earlier in our Top 10 at 10, the company has drilled into thick, high grade niobium at the Crean carbonatite, part of the Aileron project in the red-hot West Arunta region of WA.
Highlights include 52m at 3% Nb2O5 from 81m to end of hole, including 16m at 6% Nb2O5.
The shallow mineralised trend is now reportedly more than 800m long, and appears to be strengthening to the west and remains open for further exploration.
The first aircore drill results from 2024 drill program at the Aileron project in West Arunta have returned high-grade, near-surface niobium-REE mineralisation.
Highlights include:
– 52m @ 3.0% Nb2O5
– 32m @ 2.5% Nb2O5
– 15m @ 1.5% Nb2O5
https://t.co/kH7CRRYli4$ENR pic.twitter.com/GScttnLpCH
— Encounter Resources (@Encounter_ENR) June 24, 2024
What next? A second batch of aircore samples, which includes further samples from Crean as well as samples from the Emily and Hurley targets, is now at the lab, with assay results expected in July.
The company’s MD Will Robinson said this, among other things:
“Aircore drilling is opening up new fronts of shallow niobium-REE carbonatite hosted mineralisation at Aileron. The aircore rig completed over 10,000m of drilling in its first month on site.
“This drilling has expanded the near surface footprint of the Crean, Hurley and Emily carbonatites. The aircore rig has now moved to the untested Green and Joyce targets located east of WA1 Resources’ Luni carbonatite discovery. Drilling will start with broad spaced aircore traverses and then move to closer spaced drilling based on initial observations.”
Burley Minerals (ASX:BUR)
Iron ore and lithium hunter Burley is also muscling its way up the local bourse at time of tapping on keys, hunched over, looking at a screen all morning.
It looks to be rising today on a boardroom shuffle of note, with markets veteran Dan Bahen joining the company as non-executive chair.
Burley highlights that Bahen has more than two decades of capital markets and financing experience in both iron ore and lithium sectors to bring to the table. This includes more than 22 years of with Paterson Securities and then Canaccord Genuity in various roles.
He has also been an investor since Burley’s IPO, holding a 5.1% interest.
Bryan Dixon will now be moving out of his role as chairman and will continue on as a non-exec director and consultant.
Notably, Burley is on the hunt for iron ore in WA at its Broad Flat Well and Cane Bore prospect in the renowned Hammersley iron ore region. Meanwhile its lithium hunt is targeting Tier 1 mineralisation provinces in Canada, including Quebec and Manitoba.
Reward Minerals (ASX:RWD)
Reward announced this morning that the International Preliminary Examining Authority (IPEA) has issued a positive report on the patentability of its processing technology for extracting Potassium Sulphate (SOP) directly from concentrated seawater and other high-sulphate brines.
Investors liked this – RWD is currently up about 25% today.
The IPEA confirmed that claims 1-17 meet the requirements for novelty, inventive step, and industrial applicability under the Patent Cooperation Treaty.
Next steps involve Reward filing national/regional patent applications by February 2025 in selected countries/regions where protection is desired.
While the list of countries/regions is still being finalised, it will include Australia and locations known for significant solar salt production from seawater.
Krakatoa Resources (ASX:KTA)
(Up on no news)
Critical minerals-hunting junior Krakatoa Resources may not be in eruption mode, but its share price is bubbling nicely today with a 16% gain.
There’s no fresh news we’re spotting, so we’ll revert to its last ASX release of note for that, which landed a couple of weeks back.
Recently, the company identified a promising new niobium-REE gravity target at the Mt Clere tenement, located in the northwestern margins of the Yilgarn Craton in Western Australia.
It’s a target that continues to emerge – a 40km long catchment area with potential for alkaline intrusive systems including carbonatites.
Infill soil sampling is underway to “enhance and close off the extensive gravity target area”.
A gravity survey is also in line to be completed soon in conjunction with the soil program to aid with drill targeting.
The post Resources Top 4: Encounter’s thick, high-grade niobium find strengthens westwards; Burley muscles up appeared first on Stockhead.
