Resources Top 5: It’s to Infinity and beyond (47pc) for INF and its Spanish lithium hunt

Spain-focused Infinity Lithium grabs the ressie ball and runs with it this morning, bursting up 47%
Meanwhile, Ronin Resources is cutting a swathe through lithium-hunting competition in Canada 
And it’s clearly all about lithium today, because TG6, KRA and FL1 are all jostling for attention, too

Here are the biggest resources winners in early trade, Monday November 13.

Infinity Lithium (ASX:INF)

Infinity Lithium is rocketing up the bourse today thanks to an announcement it’s made regarding significant Spanish government funding received by Tecnología Extremeña del Litio for advancement of the San José lithium project – which, you can probably gather, is in Spain.

It’s an award of €18.8 million(A$31 million) grant funding from the government’s Ministry of Industry, Trade and Tourism, and INF’s MD and CEO Ryan Parkin is describing it as a “significant milestone” for Infinity Lithium and the project, of which it owns 75%.

Spain appears to be laying some serious chips on the table when it comes to advancing operations in the electric vehicle battery chain. It’s now awarded a total of €528.7 million to 26 major projects, including €200 million to the Extremadura giga-factory.

The San José project is in the Extremadura region of Spain and boasts the EU’s second-largest JORC-compliant hard rock lithium resource.

A recent scoping study by INF assessed potential for a “significant increase” in production of battery-grade lithium hydroxide monohydrate from the company’s proposed integrated lithium chemical conversion facility.

Parkin continued:

“The company welcomes the government’s commitment to recognising the critical importance of lithium and its endorsement of the project. These first funding commitments for the processing of critical raw materials in Spain places the company at the forefront of future funding pathways at both the national and European level.”

@InfinityLithium is pleased to announce the award of an €18.8 million grant from the Spanish Government for the advancement of the San José #Lithium Project.

For full details please see https://t.co/uq25TJPOK4$INF pic.twitter.com/hK8i6z2h51

— Infinity Lithium (@InfinityLithium) November 12, 2023

INF is currently up about 8.3% YTD.

INF share price

 

Ronin Resources (ASX:RON)

(Up on no news)

This junior explorer sliced its way to to the top of the daily ressie gainers pack earlier, but specific company news from the past 24 hours or so doesn’t appear to be readily visible.

We can tell you, though that, beyond its flagship Colombian projects, including Vetas, a large, high-grade thermal coal operation, it’s also joined the recent frothy hunt for white gold in Canada. Lithium, that is.

It’s been focusing on the Hornby Lake lithium project in Ontario, where, about a week ago on Nov 6, it confirmed the sighting of numerous pegmatites, which it’s in the process of assessing for LCT-based mineralisation.

Those assay results are expected some time in December.

Familiar shot of geologist on peggie incoming…

Source: Ronin Resources ASX announcement, Nov 6.

RON is up about 18% YTD.

RON share price

 

TG Metals (ASX:TG6)

Last Friday, Lake Johnston-focused lithium explorers were firmly in the spodlight, and TG Metals has today dodged the long hook, refusing to budge from the stage.

It has further news regarding its activities in that particular WA greenstone belt, revealing this morning it’s expanded its lithium soil anomaly associated with its Burmeister spodumene pegmatite discovery.

The new lithium-targeting ground is dubbed the Jaegermeister prospect, and is larger in scale than the Burmeister soil anomaly, covering some 5.7km in strike and 2.3km in width. Analogies to the massive Earl Grey pegmatite, host of SQM and Wesfarmers’ (ASX:WES) global top 10 Mt Holland lithium resource, were sure to capture the eye as well.

Drilling preparations are underway.

■ #Lithium soil anomaly associated with Burmeister spodumene pegmatite discovery extended
■ Anomaly now covering 5.7km in strike x 2.3km wide
■ Anomaly covers lithologies considered favourable to host pegmatites
■ Drilling Prep’s underway

https://t.co/XvePfKaia2#TG6 pic.twitter.com/6PJIqX9NIc

— TG Metals Limited (@TGMetals) November 12, 2023

TG Metals CEO David Selfe said this about it:

“Since the discovery of the spodumene pegmatites at Burmeister, the deposit models we have been considering have been based on the Earl Grey lithium mine area. With this in mind, the lithologies at Jaegermeister were always going to be a target.

“The current drilling at Burmeister, targeting up dip, down dip and along strike of the known high grade lithium pegmatites, will provide knowledge we can apply to the Jaegermeister area and provides us with another quality drill target for early 2024. We are eagerly anticipating the next drilling results from Burmeister, which we expect assays back in the next two weeks.”

TG6 is up 900% YTD.

TG6 share price

 

Krakatoa Resources (ASX:KTA)

(Up on no news)

Krakatoa was, for a time, king of the mountain last week. Today, its gains (currently +26%) are bubbling up once more, although we’re not seeing fresh news this week thus far.

Let’s quickly reprise its recent explosive news:

The critical minerals-hunting junior erupted on news of pegmatite intersections of the thick kind, at the former tantalum mine that is King Tamba – now a site with strong lithium-caesium-tantalum potential.

We’re talking up to 39m pegmatite under the 4.3% Li20 rock chip at the Wilsons prospect at the 42km2 King Tamba in WA’s mid west, where KTA recently began a reverse circulation (RC) drill program to test high-grade lithium targets.

The company reports that a total of 16 holes have now been drilled beneath high-grade lithium oxide rock samples, with 1,806 metres completed.

And of those 16 holes, 13 have hit pegmatites with consistent intersections of flat-lying pegmatite logged from a depth of 70 metres.

Special Report: Krakatoa Resources has completed drilling at its King Tamba project in WA’s Mid West region, which has been expanded after the intersection of a thick pegmatite with a width of up to 39m under the target area. https://t.co/rNqrVRLrxP #ad #ASX @Krakatoa_Res

— Stockhead (@StockheadAU) November 8, 2023

KRA is now up about 115% over the past 30 days, but is still down a fraction (-2.27%) YTD.

KRA share price

 

First Lithium (ASX:FL1)

A total of 912m has now been completed as part of the company’s monster 6,000m diamond drilling campaign, and today’s news continues the company’s good form with it thus far.

All holes have reportedly intersected significant spod mineralisation and remain open at depth and along strike to the north and south. FL1 highlights three holes in particular, with mineralisation at 115.5m, 73.55m and 67.28m.

Assay results are expected in about 2-3 weeks and deeper drilling is planned.

First Lithium #FL1 is pleased to announce Spodumene mineralised pegmatite intersected in all 8 holes drilled at #Blakala

Assays will be fast tracked with results from the first holes expected in 2-3 weeks pic.twitter.com/MaR1TdbKMp

— First Lithium Ltd (@FirstLithiumLtd) November 12, 2023

 

At Stockhead we tell it like it is. While First Lithium and Krakatoa Resources are Stockhead advertisers at the time of writing, they did not sponsor this article. 

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