Gold and lithium hunting junior Dart nails double-bagger target this morning, up 129%
In fact, a few other goldies are trading well amid fresh bullion highs
Dateline Resources, Hammer Metals both up, Carnavale, too
Any lithium? Lord has news, while Asra brings a REE update
Here are some of the biggest resources winners in early trade, Monday April 2.
Dart Mining (ASX:DTM)
(Up on… pause in trading?)
Garimpeiro strikes again. Mining and resources expert Barry Fitzgerald that is. With no info regarding its pause in trading yet released by this “honest toiler” junior explorer, we’re wondering if the Fitz Factor has been in full swing here so far today.
And that’s because, after our legendary columnist put fingers to keys late last week regarding this near $9m market capped Victorian gold and lithium hunter, the DTM share price rocketed 130% on the first morning of ASX trading after the Easter break.
Hmm… a response to ASX price query just landed…
Source: ASX announcement
The fact Dart announced a temporary pause in trading suggests it might be sitting on some info of import, which certainly adds intrigue into the mix for itchy trigger-fingered traders.
Dart has big ground positions in central Victoria (gold), and in the northeast (gold and lithium) and has piqued Barry’s interest. So until we learn what the trading pause is about, here’s a reminder of a few things he mentioned…
One of those is Jim Mellon, “the billionaire stock-trader with a knack of picking trends early”, who Fitz reminds us holds 19% of the stock.
“Some refer to him as the UK’s version of Warren Buffett which he doesn’t enjoy, partly because he lives an upmarket lifestyle and Buffett doesn’t,” said the Garimpeiro journo.
Also of note: Dart’s JV lithium hunting operation with none other than Chilean lithium giant SQM paying the bills.
“It is early stage stuff but certainly enough to more than cover Dart’s modest market cap,” noted Fitzgerald.
And then there’s Dart’s gold hunt, in which it is going “hammer and tongs” at its Rushworth gold project.
An overlooked “historic” and “high grade” gold field region, says Barry.
Read his full thoughts on Dart > here.
DTM share price
Dateline Resources (ASX:DTR)
Junior goldie Dateline Resources has been building very nicely so far this year with a +70% YTD gain and is (or at least was at the time of writing) up again more than 20% today.
As previously discussed here, the company’s main game is its gold mining and exploration in North America, with flagship operations at the Colosseum gold mine in California ramping up of late.
Last month, Dateline reported it had expanded its ongoing drill program at the site after making high-grade hits.
Today, it’s delivering further impactful news, with a “major expansion” of Colosseum’s high-Grade gold zone, noting an “exceptional intersect” of 88m at 4.18g/t Au in a diamond drill hole, including 22.8m at 8.17g/t Au.
Also hit, in a separate hole: 19.8m at 4.19g/t Au.
Analysis of past geophysical data at the site is currently underway.
MD Stephen Baghdadi had this to say about it all: “The drilling program has been accelerated and expanded at Colosseum. Both of these diamond drill holes have intersected wide zones of gold mineralisation outside of the known high-grade sedimentary breccia unit.
“This is an encouraging development because the felsite breccia unit is the most voluminous rock type at the Colosseum.”
DTR share price
Hammer Metals (ASX:HMX)
This exploration company is focused on gold, iron ore and copper projects in Australia – specifically in the Yandal gold region of WA, and the Mt Isa copper/gold province of northwest Queensland.
Early this morning it banged some news onto a bourse frothing to get back into it all after the break.
The company announced it’s selling 70% of its Mount Hope gold and copper prospect sub blocks to its neighbour Carnaby Resources (ASX:CNB) for a cool $20 million.
Some finer details here, but notably, Hammer will retain 30% equity and will be free-carried by Carnaby to production from the three sub Blocks:
Hammer Metals has agreed to sell a 70% interest in it’s Mount Hope Sub-Blocks for up to $20million. Hammer will retain a 30% equity in the project area and to be free-carried by to production from the three Sub-Blocks. #copper #gold $hmx
Read more: https://t.co/6zOBctX2X3 pic.twitter.com/s3gby7LVSO
— Hammer Metals (@HammerMetals) April 1, 2024
Hammer MD Daniel Thomas said that “the transaction delivers very positive outcomes for both parties”, adding: “We see this as a good example of the emerging mining sector working collaboratively to deliver value to shareholders through a pragmatic and commercial approach to the advancement of copper-gold assets.”
HMX share price
Carnavale Resources (ASX:CAV)
It’s gold, gold, GOLD today in Ressieville. And that’s perhaps got something to do with bullion prices hitting another all-time high level overnight.
Could it be that the gold equities disconnect from this is a closing gap?
In any case, what news does this $20m market capper have that’s pushing it up a handy 20%?
Carnavale has reported a new, shallow high-grade gold discovery at the Kookynie Gold Project, which is about 60km south of Leonora in Western Australia, some 200m NE of the project’s McTavish East prospect.
Significant RC drilling results at the Tiptoe prospect include: 5m at 4.91g/t Au from 87m; 3m at 3.13g/t Au from 97m; and 6m at 1.41g/t Au from 83m.
Additionally, extensions to high-grade gold mineralisation have been made at the Champion South prospect, with 3m at 6.83g/t Au from 107m intersected.
Mineralisation remains open along strike and down dip at both targets, while a Maiden Mineral Resource Estimate (MRE) and mining study evaluation is underway for McTavish East, and that is expected to be ready some time this quarter.
CEO Humphrey Hale said this, among other things:
“These new shallow high-grade gold results in fresh rock represent new target and provide exciting new resource targets along strike from the bonanza style mineralisation at McTavish East. Exploration continues with the recently completed aircore program targeting additional high grade structural gold targets at Kookynie.”
CAV share price
Lord Resources (ASX:LRD)
Nearology a-gogo.
This absolute toddler WA-focused metals explorer recently turned heads after receiving a clear vote of confidence for its Horse Rocks lithium project from mining heavyweight Mineral Resources (ASX:MIN), which has executed a farm-in agreement to earn 40% of the WA asset.
Horse Rocks is within 8km of Mineral Resources’ (ASX: MIN) operating Mt Marion lithium mine, which is almost certainly one of the reasons behind the farm-in decision.
It is also close to MinRes’ recently acquired Bald Hill lithium mine and processing plant and Liontown Resources’ (ASX:LTR) undeveloped Buldania project – an indicator the project is within potential “world-class” lithium territory.
More context on that here, but what’s going on for LRD today that warrants another burst up the bourse?
The company revealed that infill soil sampling at the Jingjing lithium project is beginning this week, in order to refine four priority lithium targets in advance of first drilling, which is slated to begin in Q3.
“Ongoing geochemical review highlights the potential of the Jingjing Lithium Project,” noted Lord.
Jingjing is not far from MinRes’s Bald Hill lithium mine Liontown’s Buldania deposit.
LRD share price
Asra Minerals (ASX:ASR)
Lastly, but not necessarily leastly, why’s this WA Goldfields-focused gold and REE exploration ‘n’ development company surging 20% or so? Maybe…
Phase 1 metallurgical test results are in from the Yttria Deposit, which sits on the company’s Mt Stirling Project, near Leonara in WA.
Results have exceeded Asra’s initial expectations and have reportedly confirmed strong REO extraction potential of high-value heavy and magnet Rare Earth Elements (REEs).
The results, notes the company, improve confidence of a highly competitive REE project in the Tier 1 Goldfields jurisdiction in WA – a project that’s close to all required infrastructure, reagent supplies and services.
This is some positive news at least ahead of the maiden MRE and Exploration Target the company is preparing to deliver this quarter.
We are pleased to announce an update for ongoing metallurgical test work at our Yttria Rare Earth Element (REE) deposit, located at our Mt Stirling Project near Leonara in Western Australia.
Read the full announcement here https://t.co/7lzdWkGdw0 pic.twitter.com/XtT0drJyue
— Asra Minerals (@AsraMinerals) April 2, 2024
The REE work will continue in tandem with Asra’s exploration activities on its Mt Stirling gold project and lithium portfolio in the Goldfields.
Asra’s MD Rob Longley reckons “it’s a lot about location”, extrapolating:
“Yttria is a highly prospective project with high value Heavy and Magnet rare earth oxide content close to surface, with no significant radioactive values, and now we see the ability to achieve strong metallurgical recoveries.”
Talking it up furher, he added:
“Results to date surpass expectation and reinforce the remarkable potential this project has to deliver critical minerals in high demand around the world.”
ASR share price
At Stockhead we tell it like it is. While Lord Resources, Hammer Metals and Dateline Resources are Stockhead advertisers at the time of writing, they did not sponsor this article.
The post Resources Top 6: ‘One hundred and… twenty nine!’ Gold and lithium junior Dart flies appeared first on Stockhead.
