It’s a wrap for Q3 and here are some of the latest highlights from a few ASX juniors on their activities for the three months to the end of September.
Dynamic Metals (ASX:DYM)
Recon sampling at DYM’s Woodgiemooltha project south of Kalgoorlie, WA defined a 2.8km lithium trend at the Pioneer Dome West prospect, as well as a potential mineralised structure at Higginsville in first-pass AC drilling.
While also looking for gold within the tenure, AC drilling at the Mandilla prospect returned a bottom-of-hole assay of 1m at 3.1g/t.
At the Dordie Far West nickel prospect, a maiden drill campaign for five RC holes across a 300m strike encountered significant >1% Ni including 16m at 1.96% Ni including 5m at 2.84% Ni.
Up at DYM’s Lake Percy project in WA’s Mid West 102 holes for 6,372m were completed across five identified targets and inferred a nickel sulphide system and high content PGE’s at the LP1 and LP2 prospects.
DYM finished the quarter with a cash balance of $3.7m and is trading at 16c/sh with a market cap of $5.6m.
Victory Metals (ASX:VTM)
During the quarter, VTM produced a maiden resource of 250Mt at 520ppm total rare earth oxides (TREO) for a contained 130,000t at its North Stanmore REE project in WA.
Importantly, it identified a substantial 33% heavy rare earth oxide (HREO), positioning it as one of Australia’s most enriched HREO deposits.
North Stanmore has further exploration upside as the resource estimate only covers 18% of the area drilled within confirmed REE mineralisation.
Additionally, metallurgical beneficiation testwork conducted suggested to VTM the potential to increase plant feed upgrades by up to 148%.
The explorer is looking to further increase the resource and has kicked off an 11,500m AC drilling and 700m diamond drilling program, as well as a 1,100m AC program 7km north of the existing resource targeting mineralisation extensions.
The company has $3.09m cash on hands, a market cap of $17.8m and a share price of 21c.
Raiden Resources (ASX:RDN)
Exploration at RDN’s Andover South project in WA’s Pilbara during the quarter defined a ~3.5km long, 600m wide pegmatite field with pegmatites outcropping up to 50m in width.
Multiple swarms were mapped throughout and returned up to 2.42% Li2O from the first 81 results out of 301 rock chip assays.
RDN has now commenced a maiden drill program with a focus on the outcropping high-grade pegmatites and mapping teams are continuing to evaluate the identified targets to define the strike and dip orientations.
The company also acquired LCT rights over its Arrow project and metallurgical work is underway at Mt Sholl to evaluate recovery rates of nickel, copper sulphide and PGE by-products.
RDN has $5.7m cash on hand, a market cap of $77m and a share price of 3.2c.
West Wits Mining (ASX:WWI)
The quarter saw a significant update of WWI’s definitive feasibility study (DFS) for its Qala Shallows gold mine in South Africa.
Qala Shallows has an ore reserve of 4.03Mt at 2.71g/t for 351,400oz at an improved all-in sustaining cost (AISC) of US$871/oz and will cost US$54m for a 4.1yr payback period post-construction.
It also outlined a 38% increase in gold recovery rates which indicates a lift in total production of 924,000oz over an 18yr mine life at 70,000ozpa – a 27% increase on previous estimates.
And it has attracted a cornerstone investment of US$10m from its largest shareholder Wingfield, which adds to the US$16m that South Africa’s Industrial Development Corporation of South Africa (IDC) invested.
That’s 50% of the project development costs already.
West Wits has a $32.5m market cap and a share price of 1.4c.
Dynamic Metals, Raiden Resources, Victory Metals and West Wits Mining are Stockhead advertisers.
The post Quarterly Wrap: Victory for North Stanmore’s REEs and West Wits gets funding for Qala Shallows appeared first on Stockhead.
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