Resources Top 4: Venus has got it… lithium that is, while NRX surges on copper and uranium

Venus Metals stands out on the bourse today with some notable WA lithium results
But it’s copper and uranium narratives elsewhere, led by NRX and AKN
While things are afoot over in the Middle East for AKN and AUQ

Here are some of the biggest resources winners in early trade, Monday March 25.

Venus Metals (ASX:VMC)

Venus has got it… news that is, thankfully, as this was beginning to look like a no-ressie-news day a bit earlier in the piece.

Firstly, what’s Venus Metals?

It’s a $20.8m Aussie explorer that has a history of diverse mineral exploration, including its Youanmi base metals project mine, 500km northeast of Perth, but most recently has put its focus on lithium.

And that news?

The company announced to the ASX this morning an update on the exploration results at its 100%-owned Youanmi Lithium Project (VMC 100%), regarding recent drilling at the Deep South Lithium Prospect.

@VenusMetals #ASXNews #YOUANMI LITHIUM PROJECT
DRILLING CONFIRMS SIGNIFICANT HIGH-GRADE #LITHIUM DISCOVERY AT DEEP SOUTH

See for highlights$VMC

See full ASX Announcement https://t.co/W0QH7BrRFq pic.twitter.com/J4Wksl4dba

— Venus Metals Corporation Limited (@VenusMetals) March 24, 2024

What we knew already:

The exploratory RC drilling program tested areas with outcropping lithium-rich pegmatites, of up to 4.6% Li2O and distinct soil geochemical anomalies in areas with shallow soil cover.

What we now know as well:

Fresh results show that “significant intersections” of high-grade lithium pegmatite at East Zone, starting from surface or shallow depth include:

24m at 1.71% Li2O, including 14m at 2.54% Li2O
15m at 1.34% Li2O, including 8m at 2.19% Li2O
7m at 1.54% Li2O, including 3m at 2.89% Li2O

And then there was also high-grade lithium pegmatite intersected at North Zone including:

2m at 4.09% Li2O
3m at 1.89% Li2O, including 1m at 4.06% Li2O

The lithium pegmatites are reportedly strongly enriched in tantalum (up to 1439 ppm Ta2O5), while the East Zone target remains open along strike and things are looking good for Phase 2 follow-up drilling.

VMC share price

Noronex (ASX:NRX)

(Up on no news)

Wait… maybe there is news. And maybe Barry ‘Garimpeiro’ FitzGerald helped instigate it, sorta. The old Fitz factor.

On Friday, our legendary columnist tapped out an article about this junior copper stock, and look, we’re not saying for sure it’s this, but NRX is on a bit of a tear here on Monday (+36% at time of writing), with not much else kicking around as a definitive fresh narrative.

Copper is increasingly being regarded as an extremely strong future-facing commodity within the ressie, industrial and tech spaces.

As Fitz noted, he took a cue recently from none other than BHP that the commodity could be about to enter “a golden era”, thanks, too, to potential supply deficit.

Fitz then wrote about Noronex, a $7m market capper which has advanced projects in the Kalahari Copper Belt (KCB), Namibia and in Ontario, Canada.

“Like the KCB itself, Noronex’s copper hunt is an emerging story, one that is all the more interesting now that copper has broken out to more than $US4lb,” wrote Fitz, adding this…

“But wait, there’s more. Noronex has just added a Namibian uranium leg to its story.”

Two hot narratives for the price of one, and in two separate hot locations for copper, and for yellowcake.

“To support the uranium push, Noronex is pulling in $900,000 from a placement of shares at 0.86c each with attached three-year one-for-two options, exercisable at 1.4c each,” wrote Fitz.

Read his full take > here.

NRX share price

Auking Mining (ASX:AKN)

Right, what’s this one then? A $5.4m market capper up today on reasonable/modest volume.

It’s game, actually games, like NRX above are copper and uranium exploration, along with other base and precious metals.

The company is in the process of developing the Koongie Park copper/zinc project in northeastern WA and a suite of uranium licences in Tanzania, Africa. But it actually has fresh, Saudi-based news today that’s sending the AKN price upwards.

Auking has just announced it’s entered into a Memorandum of Understanding (MoU) with Barg Alsaman Mining Company (BSMC) – a subsidiary of the Segia Gulf Group (Segia).

The latter is reportedly a “substantial Saudi Arabian corporate group”, and the purpose of the MoU is to form an exploration and development coalition for mineral projects in the Kingdom of Saudi Arabia.

MD of Segia Gulf Group, Sheikh Abdullah Al-Qahtani talked up Aussie ressie expertise, noting: “The reputation of Australian explorers is first class and we look forward to working with AuKing’s technical team as we seek to identify and develop suitable mining projects.”

AuKing’s chairman, Asimwe Kabunga, meanwhile said: “There is little doubt that the Government of Saudi Arabia has a serious agenda to create a mining sector that attracts global attention and participation and already has many of the major mining players involved.”

AKN share price

Alara Resources (ASX:AUQ)

(Up on no news)

This $48.8m base and precious metals explorer and developer has projects in Oman and Saudi Arabia and is bursting up the bourse today on… not much to speak of.

The company has a few major projects spreading its energy and focus, including the Daris and Awtad copper-gold projects in Oman, but most recently, it’s Alara’s Al Wash-hi – Majaza copper-gold mine that has proved the most newsworthy.

That mine (and concentrate plant) is also in Oman and earlier this month, Alara announced the successful completion of commissioning and commencement of concentrate production at the 1 MTPA site.

The mine is actually owned and operated by Alara’s 51% joint venture company, Al Hadeetha Resources LLC (AHRL), and together the entities plan to ramp up production to full capacity over the next two to three months.

The sale of the first shipment – approximately 1000 dry metric tons of copper concentrate – to Trafigura is expected in April 2024, according to Alara.

Crushed copper ore stockpile and mill feed at Al Wash-hi – Majaza. Source: Alara Resources

Alara MD Atmavireshwar Sthapak regards the achievement in these terms: “The commencement of concentrate production is a momentous occasion for Alara and its shareholders.

“This represents the culmination of 12 years’ hard work, from project site identification through resource definition, detailed engineering studies, debt and equity financing and the construction phase just completed.”