Resource Mining Corp defines nine big copper-gold targets at newly acquired Tanzania project
Narryer Metals to buy 70% of two lithium projects in the Northwest Territories of Canada
Southern Cross Gold to dual list in Canada, home to over 40% of the world’s mining companies
Here are the biggest small cap resources winners in early trade, Tuesday March 12.
RESOURCE MINING CORP (ASX:RMI)
The small cap battler shot up +100% in early trade after pXRF soil sampling defined nine big copper-gold targets at the newly acquired Mpanda project in Tanzania.
pXRF is used by explorers to analyse the composition of soils and rocks in minutes, instead of the weeks it takes to get assays back from the lab.
They are no substitute for lab assays though, which are far more accurate.
It might be RMI’s failure to mention this which has forced the company into a Trading Halt while it works on a “corrective announcement”.
So far though, RMI says pXRF is right on the money.
Two large 5km long targets, called Stalike and Mpanda Ndogo, have now been confirmed by assays. Assays for seven other areas are pending.
“These initial results from the Mpanda copper-gold project grading up to 13.6% copper and 3.2gpt gold are extremely exciting and opening a valuable new opportunity for RMC within the Tanzanian project portfolio,” says exec chair Asimwe Kabunga.
RMI acquired the Mpanda and Mbozi projects in February this year.
Copper mining in the Mpanda mineral field started in the 1930s and continues today with the development of the very high grade Singililwa mine, along strike from RMI’s tenements.
Mbozi was initially explored by BHP, the company says, with a high-grade copper project called Luez Hill also up strike from the tenements.
The company had just $664,000 in the bank at the end of December.
NARRYER METALS (ASX:NYM)
In a case of ‘better late than never’ NYM has stonked +100% after announcing plans to buy 70% of two lithium projects, Big Hill and Fran, in the Northwest Territories of Canada.
Big Hill shares a boundary with $200m capped Li-FT Power (TSXV:LIFT) which is drilling into thick, high grade lithium across multiple pegmatites you can see from space.
Yellowknife Lithium Project https://t.co/rxeGUBP5y1 via @YouTube
— Li-FT Power (@Li_FTPower) December 4, 2023
Maiden drilling at Big Hill, where channel sampling has returned 5m at 1.15% lithium, is pencilled in for mid-year.
NYM has completed a $1m cap raise at a 43% premium (unheard of!) to fund initial exploration.
“Canada will be the first part of the supply chain for future lithium battery development in North America, and Narryer Metals sees the future of hard rock lithium exploration in the Archaean cratons of northern Canada,” NYM managing director Gavin England says.
“The company is excited about the acquisition of lithium focused projects close to Yellowknife in Northwest Territories, Canada.
“The Big Hill project area contains spodumene-bearing pegmatites identified along strike from mineralisation currently being drilled by Canadian-listed Li-FT Power at its BIG Lithium Project.
“The Big Hill mineral claims have drill ready targets, which with our ongoing lithium exploration in Ontario and Quebec, will provide NYM with an exciting 2024 exploration season.”
IRON ROAD (ASX:IRD)
(Up on no news)
A much-needed win in early trade today for the ambitious port developer/ iron ore hopeful, which has been on a downward trend since peaking early 2021 at over 30c per share.
IRD has been trying to attract partners to build a mammoth multi-use port in South Australia called Cape Hardy since 2012, which it needs in order to economically develop its stranded $US1.74 billion CEIP (Central Eyre Iron Project).
At 31 December 2023, the $60m capped company held cash reserves of $540,000, with $430,000 of that to be spent on “operating and investing activities” in the current quarter.
SOUTHERN CROSS GOLD (ASX:SXG)
The ASX spinout of TSXV-listed Mawson Gold intends to dual list on one of the Canadian exchanges, which are collectively home to over 40% of the world’s mining companies.
The Toronto Stock Exchange (TSX) hosts mammoth gold, uranium, copper mining companies which dwarf our own, while the TSXV (V stands for venture) is home to the next crop of big names.
The Canadian Securities Exchange (CSE) is also located in Toronto.
Mawson, which owns 51% of SXG shares, intend to distribute these to individual shareholders after escrow ends 16 May.
SXG says the dual listing will coincide with this distribution. It will not result in a change in the number of SXG shares issued and outstanding.
“A dual listing by SXG in both Australia and Canada will provide direct exposure to a diverse class of global investors, including those North American investors who have over the last 7 years directly benefited from the huge capital growth that has come from the Victorian goldfields,” SXG managing director Michael Hudson says.
“Additionally, a dual listing will greatly facilitate the planned distribution of Mawson’s 51% SXG shareholding to North American-domiciled shareholders at the start of Q3 2024.
“This will leave SXG well positioned to become both a recognised growth and high-grade gold story across both the Australian and North American markets.”
SXG came to market in 2022 chasing riches in the historic mining state of Victoria, where new discoveries and mines have run dry in recent years.
Its main game is Sunday Creek, a large and high grade ‘Fosterville-like’ gold system.
Ongoing drilling success has seen the explorer’s share price balloon 930% since listing.
The post Resources Top 4: Juniors charge 115-130% on Canadian lithium acquisitions, copper finds appeared first on Stockhead.
