Resources Top 4: Rincon basks in glow of ‘bullseye’ hit; AKM’s road to Mongolian gains

Rincon Resources keeps on surging on the back of its ‘bullseye’ Avalon IOCG discovery
AKM has big aspirations for its Mongolian coking coal ops after getting road-building approval
Meanwhile, Adelong Gold and Lanathein shine on gilt-edged news

Here are some of the biggest resources winners in early trade, Monday April 29.

Rincon Resources (ASX:RCR)

Rising critical metals junior player Rincon is now up 222% over the past week as news of its recent uncovering of a ‘bullseye’ target at its project in the West Arunta region of WA continues to turn heads.

And that’s a target, dubbed Avalon, “of similar size and character” to WA1 Resources’ (ASX:WA1) Luni carbonatite, and IOCG (iron oxide copper-gold) deposits like Prominent Hill and Ernest Henry.

RCR continues to drive further up and to the right today, with a 26% intraday gain at the time of writing, pushing its market cap further above $19m.

There’s no other fresh news today we’re seeing regarding Avalon, so we’ll revert to our recent reporting, per Stockhead‘s Reuben Adams, as follows:

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.”

Meanwhile, WA1 is up an astounding 12,730% since discovering niobium paydirt in the West Arunta late 2022.

We’re pleased to announce that the completed detailed ground gravity surveys at West Arunta outline multiple new anomaly high targets and enhance three existing targets in the Pokali IOCG prospect.

— Rincon Resources (@RinconResources) April 22, 2024

RCR share price

Aspire Mining (ASX:AKM)

Aspire Mining’s main game is the development of its coking coal assets in Mongolia.

The company has been working through major permits and approvals required to begin mining at the flagship, 100% owned Ovoot project as it prepares updates to its JORC coking coal reserve estimates.

Today, the company notes that the final one of those important approvals has been ticked off the to-do list.

It’s a Detailed Environmental Impact Assessment (DEIA) for the construction of a public road from the Ovoot project, given the nod by the Professional Council of the Ministry of Nature, Environment and Tourism (MNET).

This will support product haulage from Ovoot and it represents a major milestone for Aspire as it’s the last of the major permits needed to progress development of the coking coal project.

Aspire can now get on with formal financing endeavours related to its flagship operation.

The company’s CEO, Sam Bowles, noted: “Behind the scenes, we have been busy progressing updated JORC Resource & Reserve estimates, an Independent Technical Report with updated project economics, and undertaking target market analysis.”

As an aside, locals will benefit from the construction of the road, too, which will also be for public use.

AKM share price

Adelong Gold (ASX:ADG)

Gold/base metals and lithium junior Adelong is up an impressive 33% at the time of writing.

There’s a clear and simple financial reason for that – the explorer, which owns the namesake goldfield in NSW and lithium tenure in Mina Gerais, Brazil, has raised $360,000 via share purchase plan.

Adelong’s MD Ian Holland noted that the funds will be used to “continue assessing production pathways for the existing Adelong gold mine”.

Holland was appointed to the managing directorial role earlier this year, having most recently been the MD of Navarre Minerals (ASX:NML). He was responsible for acquiring the Mt Carlton Mine and Cush Creek project and transitioning that company from explorer to producer.

Gold marks second consecutive month of massive gains, hitting fresh record highs. https://t.co/tBXqjvG8kZ

Exciting news from Adelong Gold (#ASX:ADG) aligns with the ongoing surge in #gold prices.

Positive results from soil sampling program suggest potential…

— Adelong Gold (ASX:ADG) (@Adelong_Gold) April 3, 2024

ADG share price

Lanthanein Resources (ASX:LNR)

Battery metals-focused hunter Lanthanein Resources believes it could be in the early stages of a large lithium discovery at the Lady Grey project in WA.

That said, its fresh news today comes via the uncovering of gold, copper and nickel soil anomalies at the lithium-targeted operation, which is right beside Covalent Lithium’s (SQM & Wesfarmers) Earl Grey Mine – 189Mt @1.53% Li2O – at Mount Holland in the Forrestania Greenstone Belt.

Earl Grey is one of the largest operating lithium mines in WA.

The gold anomaly isn’t small – LNR notes it’s 2km long and is “coincident with structural flexure” with a peak result of 256ppb Au, with a total of 87 samples returning more than 25ppb Au.

New Gold Anomalies at the Lady Grey lithium project. Pic: LNR

Recent exploration across the 77km2 of prospective tenure, which hosts a mapped continuation of the Earl Grey pegmatite, has resulted in the identification of a large lithium caesium anomaly smack bang in the middle of Lady Grey.

With a strike length of +4km and assays peaking at 454ppm Li2O, LNR’s interest is more than piqued.

Regarding the gold, copper and nickel finds, though, LNR’s technical director, Brian Thomas, said the new finds add “another dimension to the project-wide prospectivity following the recent discovery of two large lithium anomalies, Godzilla and Avenger”.

Lanthanein Resources is fast-tracking drilling after uncovering a massive Godzilla lithium anomaly with striking similarities to the giant next door.

Could this be the next big lithium discovery?

Link below $LNR #Lithium pic.twitter.com/XYN7uDNM3W

— Equities Club (@EquitiesClub) April 22, 2024

Lanthanein says it will aim to accelerate its operations and approvals processes to be drilling its new targets by mid-year.