Infinity increases Central Goldfields gold project resource by 2700oz to 63,000oz
Rincon now up 80% since uncovering a ‘bullseye’ target earlier this week at its project in the West Arunta region of WA
Also up on no news: Celsius (copper, gold), Orion (copper)
Here are the biggest small cap resources winners in morning trade, Friday April 26.
INFINITY MINING (ASX:IMI)
A cute 2700oz maiden resource at Great Northern, part of the 63,000oz Central Goldfields project, was enough to give IMI a nice share price bump in early trade.
IMI is aiming for a resource of 500,000oz across the project area, which comprises 10 mining and prospecting licences in the Eastern Goldfields region of WA.
The small explorer reckons the 63,000oz uncovered so far has “good mining potential” because the gold starts at surface, is wide enough and of sufficient grade for open pit mining.
In January, the ASX told IMI to retract an aspirational presentation comparing its trajectory to that of 2023 Pilbara lithium standouts Azure Mining (ASX:AZS) and Wildcat Resources (ASX:WC8).
The company said it was “rapidly evolving into the next major lithium developer in Australia”, despite having no resource or a major discovery of any kind.
RINCON RESOURCES (ASX:RCR)
( Up on no news)
RCR is now up +80% since uncovering a ‘bullseye’ target at its project in the West Arunta region of WA “of similar size and character” to WA1 Resources’ (ASX:WA1) Luni carbonatite and IOCG deposits like Prominent Hill and Ernest Henry.
The so-called Avalon gravity target is 3km long east-west and represents “either carbonatite-Nb-REE or IOCG mineral target for drill testing”, the company says.
RCR has approval to drill a bunch of targets, including Avalon.
“Multiple new gravity targets are a fantastic outcome from our recent ground gravity surveys at the West Arunta project,” RCR boss Gary Harvey says.
“The new Avalon target is one of the best bullseye targets for carbonatite-Nb-REE or IOCG mineralisation styles that we have seen in the West Arunta region.
“We hope to emulate the success other companies such as WA1 Resources have had drilling these types of targets in the region.”
WA1 is up an astounding 12,730% since discovering niobium paydirt in the West Arunta late 2022.
ORION MINERALS (ASX:ORN)
(Up on no news)
Another gainer with legs.
Earlier this week ORN announced some big ‘ol copper hits from its Okiep project in South Africa, including 49m at 4.86% and 10.23m at 12.47%.
Good timing, with copper prices closing in on US$10,000/t fast.
The record of a touch over US$10,700/t was set in May 2021.
You can read more about “the best South African copper intercept in 40 years” here.
CELSIUS RESOURCES (ASX:CLA)
(Up on no news)
This ambitious minnow is hoping to develop its monster 338Mt MCB copper-gold project in the Philippines, which contains 1.6Mt copper and 1.3Moz gold at a 0.2% copper cutoff.
The company slumped precipitously mid-2023 after a takeover offer from US$630m capped Silvercorp Metals (TSX:SVM, NYSE:SVM) fell apart.
SVM remains a substantial shareholder in CLA, having recently participated in a small placement to keep its stake above 10%.
The post Resources Top 4: 70%? 80%? These small cap winners have legs appeared first on Stockhead.
