Flynn Gold soars on a new gold vein discovery with rock chips of up to 99.4g/t at Golden Ridge
Resource & Energy Group keeps climbing on imminent first gold pour from East Menzies
Argosy shows demand for Argentine lithium product with carbonate sale to Korean partner
Here are the biggest small cap resources winners in morning trade, Friday July 19. Prices accurate at time of writing.
Flynn Gold (ASX:FG1)
The discovery of multiple high-grade gold veins 250m north of the main Trafalgar gold prospect at FG1’s Golden Ridge project in Tassie has the company – and investors – pretty excited.
It could lead to a potential expansion of the current 2.5km-long mineralised zone, which remains open in all directions.
Two assays from trench sampling have also been logged, with a highlight 11m at 2g/t gold, including 3.3m at 6.3g/t.
“These gold veins were exposed in trenching over an area of historical mine workings which appear unrecorded since they were dug about a century ago,” CEO Neil Marston says.
“The vein system potentially expands the footprint of gold mineralisation at Trafalgar to a 500m wide corridor which remains open in all directions, once again confirming the potential for significant scale at the Golden Ridge project.”
Carrying to those facts, FG1 has adjusted its ongoing diamond drill program to test beneath the old workings.
Shares have been swapping hard in early trade and were up 65.38% at the time of writing to 1.4c per share.
Recharge Metals (ASX:REC)
(Up on no news)
REC has shone in the trading day, yet the last time we heard from them was on July 8, when tech analysis of its Brandy Hill South copper-gold project by highly regarded geo Dr Steve Beresford flagged the potential for higher-grade porphyry style copper mineralisation than previously discovered.
Visual logging, pXRF data, laboratory assay results from REC’s previous drilling programs across a 500m open strike length have spurred the explorer to put new eyes on the tenure while still keeping focus on its North American projects.
“We are encouraged by Steve’s observations and findings, which has provided a relatively simple low-cost work program to advance Brandy Hill South,” REC MD Felicity Repacholi said at the time.
“Copper is one of the key commodities in the global energy transition yet there are relatively few new projects which have emerged in recent times.
“Should exploration be successful, we anticipate substantial interest in Brandy Hill South going forward.”
Shares in the ASX junior have upped 14.81% in trade today to 3.1c.
Resources and Energy Group (ASX:REZ)
(Up on no news)
Since first gold pour from its Maranoa, East Menzies project on US independence day, shares in REZ have kept a pretty steady climb from 1.2c to 1.9c.
That comes on the back of a cap raise in May and submitting of mining proposals for a vat leach program with ore sourced from the Maranoa high-grade gold target that will complement the East Menzies campaign it’s running with Lamington Minerals.
The Maranoa and Goodenough gold deposits contain a combined 51,000oz, and the near-term mining opportunity is being accelerated based off $2600/oz gold price that showcased high profitability back in FY22.
Since the gold price is floating around $3650/oz at the moment, there’s even more incentive to get up and running.
Shares are up 11.76% and trading at 1.9c.
Alara Resources (ASX:AUQ)
A third copper shipment from AUQ’s Al Wash-hi Majaza JV with Al Hadeetha Resources has been dispatched, containing 120 metric tonnes of contained copper and just over 4kg of gold during its 21-day cycle.
The ramp up in production from its 51%-owned JV has been chasing ore production rates of 1Mtpa, with AUQ just now hitting over nameplate capacity.
The miner has overcome manufacturing defects of its mill earlier this year and has been shipping copper and gold to offtake partner Trafigura for the past three months.
AUQ aims to become a mid-tier copper producer and is advancing exploration at its other Omani JVs to increase output.
Shares in the $38m-market-capped junior have jumped 9.43% to 5.8c on the news today.
Argosy Minerals (ASX:AGY)
A lithium spot sale contract has been executed using Fastmarkets’ spot pricing with a Korean chemical company for 20 metric tonnes of battery-grade lithium carbonate from AGY’s staged Rincon project in South America.
Rincon’s brine resource has a current 687kt LCE at 329mg/L estimate and Argosy is ramping up production to 10,000tpa out of the Argentine project once fully developed.
“We received strong interest for our high quality Li2CO3 product and we’ll review our sales strategy for our current available product,” AGY MD Jerko Zuvela says.
“This milestone further confirms Argosy’s ambitions and near-term growth phase to fully develop our Rincon lithium project.”
AGY expanded the scale of its Rincon project to 8606 hectares last month.
Shares in the lithium producer are up 5% to 8.4c.
At Stockhead we tell it like it is. While Recharge Metals 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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