Siren sells off Reefton for $20m to focus on Sam\u2019s Creek
\nA Namibian niobium explorer lab tests samples and whips up 5.5% Nb2O5
\nMinRes pays Dynamic $4m to kick off Widgiemooltha farm-in deal<\/p>\n
Here are the biggest small cap resources winners in morning trade, Monday, July 15. Prices accurate at time of writing.<\/p>\n
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SNG has just offloaded its Reefton gold project for a cool $20m to Canadian miner RUA Gold so the latter can consolidate the Reefton Goldfield on New Zealand\u2019s South Island.<\/p>\n
RUA already owns 100% of three permits in the Reefton Goldfield covering over 342km2, which includes many high-grade orogenic and epithermal targets, with historical production grades of 16-60g\/t gold.<\/p>\n
The transaction will create the largest tenement package on the high-grade Reefton Goldfield across 1242km2 and give SNG a 30.2% share in RUA, giving it a sizeable exposure to the project and RUA\u2019s high-grade Glamorgan project in NZ\u2019s North Island.<\/p>\n
As part of the deal, RUA will give the ASX explorer $18m-worth of shares in the company and a $2m cash payment, which SNG will use to focus on its Sam\u2019s Creek project, which contains an 824,000oz gold resource.<\/p>\n
\u201cSiren\u2019s vision for the Reefton region has been to create a significant high-grade gold producer with a central processing facility fed by numerous underground mines,\u201d SNG MD Victor Rajasooriar says.<\/p>\n
\u201cThis transaction is a significant step in realising this vision and a great outcome for Siren shareholders.<\/p>\n
\u201cSiren can focus on the multi-million-ounce potential at Sams Creek while RUA can continue to explore the consolidated Reefton project.\u201d<\/p>\n
Shares are up over 11.84% in early trade, swapping at 8.5c.<\/p>\n
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\ufeff<\/span><\/span>\u00a0<\/p>\n It wouldn\u2019t be a Resources Top 5 lately without a not-so-token niobium hunter to make the list.<\/p>\n That\u2019s because niobium is currently king of the critical minerals jungle in the exploration space, mainly thanks to intrinsic demand for new tech and WA1 Resources (ASX:WA1)<\/strong><\/a> proving up one of the biggest deposits of the element seen outside Brazil.<\/p>\n Click here for Stockhead\u2019s latest hot take on the commodity\u2019s bull run: Niobium\u2019s rise in West Arunta sparks ASX juniors into global hunt<\/a>.<\/p>\n Insert ARN, which has released results of recent metallurgical test work by Bureau Veritas Minerals which achieved a successful open cycle niobium recovery level of 62.4% from a sample taken from its Kameelburg niobium-REE project in Namibia.<\/p>\n If this stock wasn\u2019t on your niobium radar, but a 54% bump in stock price this morning could make you sit up and take notice.<\/p>\n The metallurgical wizardry ARN consigned for Kameelberg has taken a ferrocolumbite-based 0.78% Nb2O5 head feed sample up to 5.5% during testing.<\/p>\n The explorer says the results have boosted its confidence ahead of maiden drilling that\u2019s targeting rich niobium dykes across the tenure.<\/p>\n Prep for a diamond drill rig and relevant personnel are advancing, with the initial drill program targeted to commence at the end of Q3, subject to regulatory approvals.<\/p>\n Shares went galactic on the news, up 54.9% to be this morning\u2019s biggest riser and is trading at 11c.<\/p>\n \u00a0<\/p>\n\n <\/span>\u00a0<\/p>\n Lithium hunter DYM\u2019s farm-out JV of Widgiemooltha with Mineral Resources (ASX:MIN)<\/strong><\/a> has started to bear fruit after pre-conditions were satisfied and the latter coughed up a $4m payment.<\/p>\n Widgiemooltha is between major lithium projects in WA\u2019s Goldfields, including MinRes\u2019s 71.3Mt at 1.37% Li2O Mt Marion and its newly acquired 26.5Mt at 1.0% Li2O Bald Hill operation; as well as Liontown Resources (ASX:LTR)<\/strong><\/a> Buldania.<\/p>\n The deal, etched in March, gives MIN a 40% share in the lithium rights of the project (after a further $1m payment next year), which will bump up to 65% as long as it spends $15m on exploration within the next four years.<\/p>\n While DYM has been searching the tenements for nickel prospectivity<\/a> of late, MinRes is expected to start hitting the ground shortly to further prove up identified lithium targets \u2013 especially at Widgiemooltha\u2019s Pioneer Dome West target.<\/p>\n The junior shot up the market ranks today upon the completion of the deal, up 18.52% to 16c per share.<\/p>\n \u00a0<\/p>\n\n <\/span>\u00a0<\/p>\n (Up on recent news)<\/strong><\/em><\/p>\n Penny stock MDI announced on Friday last week it got the NT government to cough up $300,000 for a drilling collab at its Barkly IOCG project near Tennant Creek.<\/p>\n Three diamond holes are being funded at the Wilma, Pebbles and Dino prospects which are targeted for copper, gold and base metals mineralisation from analysing geophysical data back in April.<\/p>\n \u201cWith these grants, MDI is now set to commence drilling planning for the 2024 season,\u201d MDI CEO Roland Bartsch said.<\/p>\n \u201cMDI is delighted to have again been awarded collaboration grants under the NT Government\u2019s Resourcing the Territory program.<\/p>\n \u201cThis is a competitive program, and to be the only company to have received the maximum grant allowed is an endorsement of the concepts and targets developed by the team\u2019s systematic approach.\u201d<\/p>\n Shares in the minnow rose 23.5% to 2.1c per share in trade.<\/p>\n \u00a0<\/p>\n\n \ufeff<\/span><\/span>\u00a0<\/p>\n At Stockhead we tell it like it is. While Dynamic Metals is a Stockhead advertiser, it did not sponsor this article.<\/em><\/p>\n This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n The post Resources Top 4: Siren sounds Reefton sell off and only ONE big niobium gain today<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Aldoro Resources (ASX:ARN)<\/strong><\/a><\/h2>\n
Dynamic Metals (ASX:DYM)<\/strong><\/a><\/h2>\n
Middle Island Resources (ASX:MDI)<\/strong><\/a><\/h2>\n