5.12% Li2O sampled at Critical Minerals Resources\u2019 Mavis Lake
\nPioneer Lithium jumps on completing REE augur drilling
\nTesoro drills into a significant gold intersection east of its 1.3Moz Ternera gold deposit<\/p>\n
Here are the biggest small cap resources winners in morning trade, Tuesday, July 2.<\/p>\n
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Hard rock lithium explorer CRR has results back from the lab after grab sampling its Mavis Lake project in Ontario and has revealed some tasty grades of up to 5.12% Li2O.<\/p>\n
Mavis Lake is in Ontario\u2019s burgeoning lithium district which is supported by battery producers and carmakers that are spending billions to set up shop in Canada\u2019s emerging critical minerals supply chains.<\/p>\n
READ MORE:<\/strong> North America is opening its doors to lithium refinement. These ASX juniors are stepping in to help<\/a><\/p>\n \u00a0<\/p>\n Critical Minerals\u2019 Mavis Lake and surrounding projects in Ontario. Source: CRR<\/p>\n \u00a0<\/p>\n The samples were taken at the surface along extensions of pegmatites seven and 24, with other decent grades of spodumene showing up to 2.74% Li2O elsewhere.<\/p>\n CRR has an exploration target of 18-20Mt at 0.8-1.2% Li2O, so the higher grades are encouraging ahead of planned drilling at targets to the south and east of the project\u2019s Main Resource Zone.<\/p>\n A stripping and channel sampling program is expected to get underway this month.<\/p>\n It\u2019s welcome news on the investor scale as shares had plummeted from 5.5c per share in late July last year and bottomed out at 0.7c per share.<\/p>\n The news has lifted the junior in early trade today, rising 28.5% to 0.9c per share.<\/p>\n \u00a0<\/p>\n\n <\/span>\u00a0<\/p>\n Shifting its focus from its Root Lake tenements in Ontario (which it\u2019s still currently exploring), PLN has completed early-stage drilling at its new 73,000 hectare Verde Valor REE project in Brazil.<\/p>\n Every man and his exploration company seems to be snapping up tenure in Brazil \u2013 and why not, there\u2019s proven high-grade REEs in a pro-mining region that can capitalise on its proximity to North American markets.<\/p>\n Gina Rinehart-backed Brazilian Rare Earths (ASX:BRE)<\/strong><\/a> has a world-class 510Mt ultra-high grade REE-niobium-scandium tenement package and has just recently an oversubscribed $80m to fund development.<\/p>\n Equinox Resources (ASX:EQN)<\/strong><\/a> is charging ahead with its own REE project adjacent to BRE in Bahia State too<\/a>, with grades averaging >2000ppm TREO.<\/p>\n Australian Mines (ASX:AUZ)<\/strong><\/a> and Gold Mountain (ASX:GMN)<\/strong><\/a> also have have huge tenement packages in the REE-rich Brazilian state.<\/p>\n PLN\u2019s targeted drilling campaign consisted of 30 holes across 300m to reach depths down to 20m to analyse the soil-rich clays that may contain high grades of rare earths.<\/p>\n The company\u2019s exec chair Robert Martin says the short sharp augur campaign was a cost-effective method to determine REE prospectivity.<\/p>\n \u201cAs previously announced, the tenements contain anomalisms that may coincide with REE-rich mineralised zones.\u201d<\/p>\n Assays are pending for the $5.5m market-capped junior which had its shares climb a whopping 18% without any actual results being posted and are trading at 19.5c per share.<\/p>\n \u00a0<\/p>\n\n <\/span>\u00a0<\/p>\n South American gold seeker TSO has struck gold just 300m east of its 1.3Moz Ternera gold deposit at its El Zorro project in Chile. \u201cThis discovery at Ternera East is one of the most significant results from El Zorro and has the potential to materially change its scale,\u201d Reeves says.<\/p>\n \u201cThe identification of this well-mineralised EZT represents a potential uplifted extension or offset of the main Ternera deposit, which could rapidly add substantial ounces to our existing 1.3Moz mineral resource.\u201d<\/p>\n The company says it will now accelerate drilling programs to rapidly define the potential of the Ternera East target.<\/p>\n The find just adds that little bit more flavour to the potential of El Zorro, after earlier in June revealing high gold grades west of Ternera at Drone Hill.<\/p>\n Tesoro Gold discovers very high-grade gold at Drone Hill with first-pass drilling returning up to 173g\/t gold!<\/p>\n Highlights https:\/\/t.co\/L9DYCGd6W4<\/a>$TSO<\/a><\/p>\n \u2014 Tesoro Gold (@TesoroGoldLtd) June 13, 2024<\/a><\/p>\n\n TSO shares were up 7.14% after kick off to trade at 3c per share.<\/p>\n \u00a0<\/p>\n\n <\/span>\u00a0<\/p>\n (Up on yesterday\u2019s news)<\/strong><\/em><\/p>\n WA gold hunter CLZ jumped in early trade today after again confirming a US$60m deal with AuResources to fund the development of its Forrestania projects.<\/p>\n The projects have a combined 377,946oz of contained gold and an initial US$10m will be given to the junior to develop production capacity across the Kat Gap, Lady Magdalene and Lady Ada gold deposits.<\/p>\n The rest of the cash is planned to be drip fed in further US$10m payments each quarter up to the US$60m agreed upon amount.<\/p>\n The less-than penny stock climbed 50% in eary trade today and is trading at 0.1c per share and has a market cap of $755,000.<\/p>\n \u00a0<\/p>\n\n <\/span><\/p>\n (Up on no news)<\/strong><\/em><\/p>\n A recent uranium and REE land acquisition late last month might be the reason there\u2019s a flame under NPM\u2019s stock price today after it snapped up the Strange Lake North and Stewart Lake tenement packages in Quebec.<\/p>\n The minnow reckons there\u2019s pretty good prospectivity for both uranium and rare earths, with the Strange Lake project already containing a 278Mt at 0.93% TREO mineral resource.<\/p>\n There\u2019s lots of compiled datasets the explorer is sifting through ahead of planned surveys that the company hopes will define targets for future drilling of the projects.<\/p>\n The company is rejuvenating itself into critical minerals and has an Argentine gold asset it says it\u2019s getting rid of and is raising $500,000 through a rights issue to to drive exploration in North America.<\/p>\n The nearly $3m market-capped explorer is up 33% out of the gate today trading at 2.4c per share.<\/p>\n \u00a0<\/p>\n\n <\/span>\u00a0<\/p>\n At Stockhead, we tell it like it is. While Tesoro Gold is a Stockhead advertiser, it did not sponsor this article.<\/em><\/p>\n The post Resources Top 5: Strong lithium results resonate and Brazil\u2019s ASX explorers rocket<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Pioneer Lithium (ASX:PLN)<\/strong><\/a><\/h2>\n
Tesoro Gold (ASX:TSO)<\/strong><\/a><\/h2>\n
\nIts MD Zeff Reeves reckons the gold grades hit \u2013 which show up to 3.64g\/t \u2013 could be a game changer for the trajectory of the project and is encouraging for any future resource upgrades.<\/p>\n
\n\u2013 1.8m @ 77.15g\/t Au from 59.2m, incl. 0.8m @ 173.00g\/t Au
\n\u2013 3.0m @ 2.48g\/t Au from 111.0m, incl. 1.0m @ 7.06g\/t Au<\/p>\nClassic Minerals (ASX:CLZ)<\/strong><\/a><\/h2>\n
NewPeak Metals (ASX:NPM)<\/strong><\/a><\/h2>\n