Prodigy Gold rejigs Lake MacKay JV with major miner IGO
\nTuraco Gold hits high grades in drilling
\nDiscovEx JV partner\u00a0Carnaby Resources has continued to hit more high copper-gold grades at potential company maker \u2018Nil Desperandum\u2019<\/p>\n
Here are the biggest small cap resources winners in early trade, Friday, June 17.<\/p>\n
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The recently listed spinout of private\u00a0project generator<\/a>\u00a0Tali Resources has three WA exploration projects \u2014 the flagship \u2018West Arunta\u2019 plus \u2018Madura\u2019 (IOCG) and \u2018Hidden Valley\u2019 (nickel, copper, PGEs).<\/p>\n Iron oxide copper gold ore deposits (IOCG) \u2014\u00a0like BHP\u2019s Olympic Dam mine or more recent Oak Dam discovery\u00a0<\/a>\u00a0\u2014 can be huge, and simple-to-process concentrations of copper, gold and other elements like uranium.<\/p>\n A recent soil\/rock chip sampling program at West Arunta has also highlighted rare earths anomalism.<\/p>\n Meanwhile, Hidden Valley contains a number of potential intrusive bodies considered prospective for Ni-Cu-PGE sulphides, \u00e0 la\u00a0Chalice Mining\u2019s (ASX:CHN)<\/a>\u00a0Julimar.<\/p>\n Today, WA1 announced that non-exec director Paull Parker is stepping down due to increasing work commitments as principal technical geologist at copper miner Sandfire Resources (ASX:SFR).<\/p>\n Is that the sort of thing that sparks a +40% share price increase? Probs not.<\/p>\n The leadership team still includes non-exec chair Gary Lethridge, who was CFO at the highly successful Jubilee Mines until its $3.1 billion takeover by Xstrata.<\/p>\n \u201cPaull is currently principal technical geologist at Sandfire Resources Ltd and has juggled his day-to-day work commitments to support WA1 through the Initial Public Offering process and beyond,\u201d Lethridge says.<\/p>\n \u201cHis contribution, initially as a technical consultant and more recently as a director, has provided an important foundation for the upcoming work programs at all of our projects.\u201d<\/p>\n WA1 is down 15% on its February listing price of 20c per share. It had $4.1m in the bank at the end of March.<\/p>\n\n <\/span>\u00a0<\/p>\n This hard drilling Cote d\u2019Ivoire gold explorer is run by Justin Tremain, who led Exore Resources ahead of its ~$80m takeover by Perseus Mining (ASX:PRU)<\/a>.<\/p>\n He also headed Renaissance Minerals before its takeover by Asian gold producer\u00a0Emerald Resources (ASX:EMR)<\/a>.<\/p>\n Today, new step out drilling results announced from \u2018Nyangboue\u2019 \u2014 part of the Boundiali project (89% owned) \u2014 included a highlight 4m @ 8.34g\/t gold from 21m.<\/p>\n This thing is open all over the joint, TCG says, with aircore drilling also hitting a new subparallel, 400m long shallow zone of gold mineralisation immediately north of the prospect.<\/p>\n \u201cThese latest results demonstrate the potential to continue to extend mineralisation defined at the Nyangboue prospect, along strike, at depth and from new gold zones at surface,\u201d Tremain says.<\/p>\n Assay results are pending for over 7,000 drill samples across the \u2018Eburnea\u2019 and \u2018Tongon North\u2019 projects, where drilling is ongoing.<\/p>\n The $30m market cap stock is down 37% in 2022. It remains well funded with ~$10m in the bank at the end of May.<\/p>\n\n <\/span>\u00a0<\/p>\n (Up on no news)<\/strong><\/em><\/p>\n The gold focused explorer-cum-mine developer recently bought the 784,000oz \u2018Sandstone\u2019 gold project from troubled Middle Island Resources (ASX:MDI)<\/a> for $12m in cash and shares.<\/p>\n A mid-2021 study by MDI found the economics of a standalone operation at Sandstone was \u201cmarginal\u201d at $2,500\/oz.<\/p>\n Ouch. The stock was thumped, naturally.<\/p>\n But AUN sees Sandstone \u2013 which includes a processing plant \u2014 as a complementary asset to its nearby 64,700oz \u2018Johnson Range\u2019 resource, which has been amalgamated into the project.<\/p>\n Drilling campaigns to build resource inventory are ongoing.<\/p>\n The stock is also dabbling in lithium at the \u2018Mt Palmer\u2019 project, where first pass drilling recently \u201cintersected multiple pegmatite units with an indication of fertility for lithium\u201d.<\/p>\n The $15m market cap stock is down 20% year-to-date. It had $3.7m in the bank at the end of March.<\/p>\n\n <\/span>\u00a0<\/p>\n The IGO-managed Lake Mackay JV with explorer\u00a0PRX 400km north of Alice Springs, was first inked in 2014.<\/p>\n Now, the wider JV (70% IGO) has been restructured to give PRX majority interest in the gold tenements (30% IGO, 70% PRX) while retaining its 30% position in the base metal tenements.<\/p>\n In return, PRX will sole-fund agreed drilling programs which have now commenced \u201cwith all JV interests frozen for the duration of these programs\u201d.<\/p>\n Diamond drilling at the \u2018Phreaker\u2019 prospect is underway to follow up deep hits like 4.5m @ 3.03% Cu, 1.78g\/t Au and 14g\/t Ag from 562m, and 17.47m @ 2.13% Cu, 0.21g\/t Au and 9g\/t Ag from 575.23m.<\/p>\n 3,000m of gold drilling for gold has also commenced in two new targets near the \u2018Arcee\u2019 prospect, which returned hits like 12m at 3.79g\/t gold back in 2019.<\/p>\n The RC drilling programs are expected to take 3-4 weeks to complete.<\/p>\n $6.6m market cap PRX is down 50% year-to-date. It had $4.4m in the bank at the end of March.<\/p>\n\n <\/span>\u00a0<\/p>\n DCX\u2019s \u00a0JV partner\u00a0Carnaby Resources (ASX:CNB)<\/a>\u00a0has continued to hit more high copper-gold grades at potential company maker \u2018Nil Desperandum\u2019 (17.5% DCX).<\/a><\/p>\n \u201cDrilling continues at Nil Desperandum, with additional favourable results outlining a ~800m long zone of coherent mineralisation,\u201d DCX boss Toby Wellman says.<\/p>\n \u201cOf particular encouragement is the southernmost hole, showing significant copper sulphides over favourable downhole widths.\u201d<\/p>\n We are truly witnessing the emergence of two outstanding copper gold discoveries at Nil Desperandum and adjacent discovery \u2018Lady Fanny\u2019 (100% CNB owned), CNB managing director Rob Watkins says.<\/p>\n \u201cOn top of that we believe the potential for more near-term discoveries is high from the imminent start of drilling at Mount Hope and the extensive Induced Polarisation surveys which have recently commenced targeting the >5km Nil Desperandum corridor,\u201d he says.<\/p>\n\n \ufeff<\/span><\/span><\/p>\n The post Resources Top 5: Junior gold stocks shining bright as investors flee to safety<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"TURACO GOLD (ASX:TCG)<\/a><\/h2>\n
AURUMIN (ASX:AUN)<\/a><\/h2>\n
PRODIGY GOLD (ASX:PRX)<\/a><\/h2>\n
DISCOVEX RESOURCES (ASX:DCX)<\/a><\/h2>\n