Resources Top 5: Fin advances Canadian lithium hunt; Yellowcake on Pinnacle’s menu

Fin Resources expands its peggie hunting in Canada’s James Bay
Pinnacle excited about uranium potential at its new Wirrulla project in SA
Enova shapes to gain highly prospective Brazilian and REE tenenments

Here are some of the biggest resources winners in early trade, Wednesday January 17.

Fin Resources (ASX:FIN)

One of several ASX stocks on the hunt for lithium in Canada’s fertile, pegmatite-rich James Bay region, FIN looks to be recovering today from quite a harsh dip over the past week.

It has some news – first and foremost announcing the identification of “extensive regional targets” about 10-15km on strike length of the Archean-aged Lac Guyer greenstone belt, where prospective interpreted pegmatite trends remain to be explored.

~10-15km strike length of the Archean-aged Lac Guyer greenstone belt and prospective interpreted pegmatite trends to be explored.
Approvals for tdrill programme at the White Bear Lithium Discovery submitted.#lithium #exploration #EVs #asx

— Fin Resources (ASX: FIN) (@finresourcesltd) January 17, 2024

Essentially, a number of peggie outcrops have been identified at the company’s Cancet West project, and specific targets will be explored during the company’s planned spring fieldwork program, which will follow on from the upcoming White Bear drill operation.

Speaking of which, approvals for that have been submitted and are expected to be finalised in coming weeks.

Channel sampling at the White Bear discovery have revealed grades of up to 2.39% Li2O.

You can learn more about what’s in store for Fin by listening to Stockhead’s Sarah Hughan chat with the company’s technical project advisor Tom Ridges > here.

Pinnacle Minerals (ASX:PIM)

Diverse minerals (largely lithium) explorer Pinnacle is doing alright today with a +12% gain at the time of key tapping.

It’s announced that recent satellite and radar imagery analysis has highlighted potential for uranium within the Narlaby paleochannel in its newly granted Wirrulla project in South Australia.

High-grade uranium mineralisation at isoEnergy’s Yarranna project and ionic absorption REE mineralisation at the Boland site have been revealed, hosted in the Narlaby paleochannel.

The Yarranna project has uranium intercepts of up to 3,550ppm.

Pinnacle Minerals is pleased to announce that recent satellite and radar imagery analysis has highlighted the potential for #uranium (U3O8) mineralisation within the Narlaby paleochannel in its newly granted Wirrulla Project.

— Pinnacle Minerals (ASX:PIM) (@PinnacleMineral) January 16, 2024

Pinnacle Minerals MD Nic Matich said:

“The uranium spot price has increased dramatically over the past 18 months to more than US$100 per pound today (a 16-year high).

The investment thesis for uranium is strengthening as the drive towards net zero increases. South Australia is an ideal jurisdiction to explore for uranium given the state’s ‘pro-uranium stance’.

“High grade U3O8 mineralisation in paleochannels that are mapped with-in our Wirrulla Project is a positive indicator and one Pinnacle is investigating as a priority.”

PIM share price

Enova Mining (ASX:ENV)

(Up on… recent news)

This critical minerals hunter has been building nicely since late last year, when it was a sub-$10m market capper. It’s now grown to become a $15.38 million company – still a minnow, sure, but with a very decent recent narrative.

On Dec 18, the company was shaping to acquire highly prospective Caldeira REE and Brazilian Lithium Valley tenements.

As of January 10, it looks like that’s all set to go ahead, with the company announcing a commitment to acquire 100% of the Poços, Juquia, Resplendor, Carai, Santo Antonio and Salinas East prospects – all in Brazil comprising some 675.79km2 of land.

The majority of the tenements are in the renowned Poços deCaldas/Caldeira Rare Earth complex and “Lithium Valley” in the mining state of Minas Gerais.

The stated commitment comes after Enova completed its due diligence at the sites, revealing:

• Considerable outcrops of saprolite clay within the Poços REE project areas.

• Numerous pegmatite outcrops in the tenement regions of Resplendor, Carai, Santo Antonio & Salinas East – all indicative of potential lithium mineralisation.

Importantly for shareholders, too, the tenements are close to several world class deposits, including Sigma Lithium’s Grota do Cirilo Resource (77Mt at 1.43% Li2O + 8.5Mt at 1.43% Li2O Inferred) and Latin Resources’ (ASX:LRS) Salinas Project (45.2Mt at 1.32% Li2O).

ENV share price

Mandrake Resources (ASX:MAN)

Before a trading halt (pending a further announcement) on MAN, announced mid morning, the stock was trending in the right direction with a +18% gain.

Using Direct lithium Extraction (DLE) technology on salty brines, the $15.5m-funded explorer is hunting for lithium in Utah.

It owns 93,755 acres of leases in the Paradox Basin, which hosts oversaturated brines (40% minerals, 60% water), discovered during oil exploration 80 years ago.

And late last year, it made the following announcement, in which it entered into a DLE partnership with the Bill Gates’-backed US form Electroflow.

Innovative and less impactful, direct #lithium extraction is a key solution for sustainable EV battery mining: https://t.co/JhHLLsqjdc

We recently entered into a DLE partnership with Bill Gates backed Electroflow, to process brines from our Utah Lithium Project.$MAN

— Mandrake Resources Limited (@Mandrake_Res) January 3, 2024

MD James Allchurch seems clearly excited about the Gates connection:

“DLE technology is absolutely critical to the future of lithium and the broader global energy transition. Our research into DLE quickly identified Electroflow as one of the leading technologies in the ever-expanding DLE sector, having been selected by Bill Gates’ Breakthrough Energy Fellows programme as some of the best and brightest innovators to help the world transition to a clean energy future.”

As for the pending announcement, we’ll just have to stay tuned.

MAN share price

And… well, it was going well a short while ago (honest)

Alicanto Minerals (ASX:AQI)

Alicanto, an explorer on the hunt for copper-gold (as well as zinc, lead and silver) in Sweden was double digits up and to the right today on drilling results announced this week.

At the time of putting this one together it was +20% to the good. It’s since dipped dramatically.

Nevertheless… the drilling results regard the company’s main focus – its Falun copper-gold project, where the “high priority” Skyttgruvan-Naverberg target has fresh, eye-catching intersections of mineralisation, which increases the interpreted size of the system.

And not only that, according to the company there are reasons to believe Skyttgruvan-Naverberg is part of the same system as the historic Falun deposit – the company’s one-time world class copper-gold mine, which produced 28Mt at 4% copper, 4 g/t gold, 5% zinc, 2% lead and 35 g/t silver over an estimated 1,000 years of mine life.

Falun has received little follow up modern exploration since its closure in 1992 – that is, until now.

According to Alicanto, “proximal alteration, visual semi-massive sulphide mineralisation, and disseminated copper throughout the drillhole provide strong evidence that Skyttgruvan-Naverberg is part of the same system as Falun.

The mineralisation was intersected 120m to the north of multiple zones of semi-massive to disseminated sulphides previously.

Assays are pending.

AQI share price

At Stockhead we tell it like it is. While Fin Resources is a Stockhead advertiser at the time of writing, it did not sponsor this article.

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