Assay results due from Emu\u2019s \u2018Monte Cristo\u2019\u00a0 (gold, tungsten) and Todd River\u2019s \u2018Berkshire Valley\u2019 (nickel, copper, PGE) projects
\nCarnaby Resources hits more thick, shallow high-grade copper-gold at \u2018Greater Duchess\u2019 IOCG project<\/p>\n
Here are the biggest small cap resources winners in early trade, Monday May 9.<\/p>\n
\u00a0<\/p>\n
(Up on no news)<\/strong><\/em><\/p>\n The WA explorer has four main projects: \u2018Badja\u2019 (gold, tungsten), \u2018Graceland\u2019 (nickel, copper, PGEs), Viper (nickel, copper), and \u2018Sunfire\u2019 (nickel, copper).<\/p>\n In early April the company noted \u201cthe possibility of further and imminent discoveries\u201d at Badja\u2019s \u2018Monte Cristo\u2019 gold-tungsten target, where assay results from 24 drillholes are due any day now.<\/p>\n Meanwhile, 2,500m and 500m drilling campaigns are due to kick off on some nickel sulphide targets at \u2018Graceland\u2019 and \u2018Viper\u2019 respectively, with timing \u201cdepending on rig availability\u201d.<\/p>\n The ~$12m market cap stock is down 20% year-to-date. It had $1.6m in the bank at the end of March.<\/p>\n\n <\/span>\u00a0<\/p>\n (Up on no news)<\/strong><\/em><\/p>\n A mid-2021 study found the economics of a standalone operation at MDI flagship \u2018Sandstone\u2019 gold project in WA was \u201cmarginal\u201d at $2,500\/oz. Ouch.<\/p>\n The stock was thumped. It subsequently sold Sandstone for just $12m and refocused on the \u2018Barkly\u2019 copper-gold IOCG project in the NT.<\/p>\n At Barkly\u2019s \u2018Crosswinds\u2019 prospect, spot pXRF readings have picked up copper grades of between 24.8% and 76.2%, which is promising.<\/p>\n A survey was completed mid-April to dial in on the potential target at depth.<\/p>\n Meanwhile, an airborne geophysics survey totalling 40,000km is due to be completed this quarter to uncover more targets.<\/p>\n The ~$20m market cap stock is up 45% year-to-date. It had $6m in the bank at the end of March.<\/p>\n\n <\/span>\u00a0<\/p>\n (Up on no news)<\/strong><\/em><\/p>\n TRT has 5-6 projects, the most interesting right now being its copper-nickel-PGE ground near Chalice Mining\u2019s (ASX:CHN)<\/a>\u00a0 Julimar called \u2018Berkshire Valley\u2019.<\/p>\n Early drill results have been mixed so far, but TRT reckons there is something big lurking. A bunch of drilling results are expected within the next month.<\/p>\n A new land access agreement also now paves the way \u201cfor drilling on the largest mafic ultramafic intrusion at Berkshire Valley to date\u201d, called the \u2018Havoc\u2019 prospect.<\/p>\n Initial aircore drilling will be completed during the current quarter with RC drilling to immediately follow if warranted.<\/p>\n TRT is talent packed. Managing director Will Dix was part of the team that discovered the \u2018Waterloo\u2019 nickel mine and the 2Moz \u2018Thunderbox\u2019 gold project, which is probably where he met non exec director Mark Bennett,\u00a0best known for his leadership of small cap success story Sirius Resources.<\/a><\/p>\n Also on the board is Stu Crow, non-exec chairman at white hot lithium stock\u00a0Lake Resources (ASX:LKE).<\/a><\/p>\n The $28.5m market cap stock is down 33% in 2022. It had $5.5m in the bank at the end of March.<\/p>\n\n <\/span>\u00a0<\/p>\n The CNB and DCX \u2018Greater Duchess\u2019 joint venture has announced another \u201cstunning drill result\u201d \u2014 this time 68m at 2.4% copper and 0.4g\/t gold from 40m.<\/p>\n The 1,022sqkm project in QLD includes the recently announced \u2018Nil Desperandum\u2019 and \u2018Lady Fanny\u2019 IOCG discoveries, 3km apart.<\/p>\n Iron oxide copper gold ore (IOCG) deposits, like\u00a0BHP\u2019s (ASX:BHP)<\/a>\u00a0Olympic Dam, can be tremendously large, simple-to-process concentrations of\u00a0copper,\u00a0gold\u00a0and\u00a0other economic minerals. In FY21 Olympic Dam produced a record-breaking 205,000t of copper and 146,000oz gold.<\/p>\n This new hit from Lady Fanny includes a 42m-long section grading 3.6% copper, 0.5g\/t gold from 63m.<\/p>\n The JV has now hit wide, high grade and very shallow copper gold over 300m length \u201cwhich remains strongly open\u201d, CNB says.<\/p>\n There\u2019s more to come, with a new hole hitting 30m of very strong copper sulphides 60m away. Assays are pending.<\/p>\n \u201cThe Lady Fanny discovery is continuing to show exceptional potential for a large open pittable resource which continues to grow with ongoing drilling,\u201d the company says.<\/p>\n At Nil Desperandum, drilling to date has defined high grade copper gold mineralisation over a down-plunge extent of over 600m.<\/p>\n This high-grade zone remains completely open at depth, CNB says.<\/p>\n Drilling across the project continues with two drill rigs.<\/p>\n \u201cThese stunning drill results clearly demonstrate the resource and development potential of the Greater Duchess Copper Gold Project,\u201d CNB managing director Rob Watkins says.<\/p>\n \u201cWe are discovering and building a pipeline of exceptional and highly desirable copper gold deposits whose intrinsic value will only grow over time as we define and grow the maiden resource and move towards a development timetable.\u201d<\/p>\n In December last year CNB announced a brand-new discovery at Nil Desperandum after hitting a 41m long intercept at 4.1% copper \u2014 which included a 9m chunk grading 10.3%.<\/p>\n The CNB share price is up ~350% since then. DCX (17.5% project interest) is up ~112%.<\/p>\n\n \ufeff<\/span><\/span>\u00a0<\/p>\n The post Resources Top 5: Bargain juniors and an emerging IOCG colossus<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"MIDDLE ISLAND RESOURCES (ASX:MDI)<\/a><\/h2>\n
TODD RIVER RESOURCES (ASX:TRT)<\/a><\/h2>\n
CARNABY RESOURCES (ASX:CNB)<\/a> and DISCOVEX RESOURCES (ASX:DCX)<\/a><\/h2>\n