Mt Malcolm hits 111g/t intercept at Golden Crown, shares double in just over a week
Not to be outdone, rock chip samples at iTech’s Reynolds Range find up to 182g/t gold
Australian Pacific Coal nears production restart at Dartbrook with US$60m funding
Here are the biggest small cap resources winners in morning trade, Friday, July 5.
Mt Malcolm Mines (ASX:M2M)
Knocking it out of the park today, M2M’s 111g/t gold strike at Golden Crown in WA is the perfect way to end the week on a high – a 40% one in fact – at trade kickoff.
Recent grade control RC drilling at the Golden Crown prospect has added weight to last week’s news of an initial sample processing study that returned an average 63.4% gold recovery, peaking at 87.7%.
M2M says it highlights a strong correlation between higher average grades of gold and improved gold recovery, and today’s assay reveal is confirmation of that.
Here’s the highlights reel:
14m at 16.78g/t gold from 4m, including 1m at 111g/t and 6m at 36.75g/t
9m at 21.12g/t gold from 12m, including 1m at 65.66g/t and 4m at 37.87g/t
9m at 15.77g/t gold from 9m, including 1m at 50.16 g/t and 5m at 26.89g/t
The explorer looks at Golden Crown as a nice, easy, low-cost cash cow, with high grades of near-surface gold to pluck.
It’s got a current exploration target of up to 79,000oz, but if grades like this keep coming in that’s likely going to be bumped higher in the near future.
Site preparation is currently ongoing for a bulk sampling program, which will target a mineralised corridor measuring 50m x 15m that was identified through the RC drilling campaign in February.
There’s been significant trade volume for the junior lately, with a couple of flickers until recent results shot a green candle up the chart.
Source: CommSec
Shares in M2M have more than doubled over the past week and were still sitting in positive territory after an initial sell-off, with a 17% rise to trade at 4.1c per share at the time of writing.
iTech Minerals (ASX:ITM)
Not to be outdone with spectacular intercepts today, rock chip assays from ITM’s Reynolds Range project in the NT have returned ultra-high gold grades of up to 182g/t.
That was found at the Sabre gold prospect, with further samples showing a new mineralised trend 1km southwest where rock chips returned up to 4.1g/t.
The mapping and sampling have confirmed the potential for widespread copper, gold, silver and even lithium mineralisation across the ~70km of strike at the Lander Shear Zone covered by the tenement package.
Exploration work continues as the junior eagerly awaits further results from the sampling program.
The junior’s stock price rose 21% early today to trade at 7.5c per share.
Australian Pacific Coal (ASX:AQC)
(Up on no news)
After securing a US$60m debt facility to restart the Dartbrook mine in NSW’s Hunter Valley, AQC has restructured the 80%-owned JV, de-watered the Hunter Tunnel and is now approaching first coal.
There’s significant infrastructure in place with a more than enough 6Mtpa ROM capacity for the 2.5Bt resource that currently contains 370Mt of marketable reserves.
Initial production is pegged for mid this year and a development extension to 2033 is underway as it ramps up to produce a peak ~2.7Mtpa coal by 2027.
A sell-off from 9.8c in early May plunged the share price to 6.5c by June 20, but it’s bounced back after the company revealed decent economic metrics to reboot the mine into action – with shares shooting up 32.5% today to 9.4c.
Peak Minerals (ASX:PUA)
Coming out of a trading halt, penny stock PUA is acquiring the Kitongo and Lolo uranium, and Minta rutile projects in Cameroon.
Six exploration permits that cover ~2400km2 include actively explored land in the West African nation that was actively explored by Canada’s Mega Uranium until 2011.
Minta covers a whopping 8800km2, with previous exploration identifying high-grade rutile and zircon zones across broad areas of the project, including:
64.02% rutile from auger drilling undertaken in 2023
30.62% zircon from grab samples taken in 2022.
PUA is raising $1.7m to cover acquisition costs (of ~$1m), as well as due diligence and preliminary exploration work at the sites to define exploration and drilling targets.
Shares in the $5.2m market-capped minnow have jumped 66.7% up to 0.5c on today’s acquisition news.
Southern Palladium (ASX:SPD)
(Up on no news)
A preliminary feasibility study (PFS) completed mid June might be the inherent cause for today’s catapult in SPD’s share price, where it’s proving up the Bengwenyama gold-PGE project within the Bushveld Complex in South Africa.
Some 82 drill holes for over 30,000m were completed, including 50 reef deflections that will tally into an upcoming indicated mineral resource in Q3 this year.
The previous estimate for the Bengwenyama project was released in 2021 for a 33.87Mt at 7.7g/t gold (4E) and 8.38Moz in inferred resources.
Metallurgical testwork is underway and further results are expected soon.
Shares in the $34m market-capped explorer are up 25% to 42.5c per share at time of writing.
At Stockhead we tell it like it is. While iTech Minerals is a Stockhead advertiser, it did not sponsor this article.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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