Desert Metals is pumping on the back of its West African gold and lithium projects acquisition, and an oversubscribed share funding placement to boot
\nEV Resources also has funding news to the tune of $2m to further its Peruvian copper hunt
\nSRI, NNL and HRN also having a decent day on the bourse so far<\/p>\n
Here are the biggest resources winners in early trade, Thursday December 6.<\/p>\n
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Lithium spot prices<\/a> may be in the toilet right now but there is still a lot of simmering below the surface in the world of battery metal hunting, especially on the ASX, and especially regarding lithium.<\/p>\n And that brings us to Desert Metals, which is currently leading the daily ressie gainers with a very decent +60% pump on the back of an oversubscribed $3.75m funding placement to help support the company\u2019s gold and lithium acquisition in C\u00f4te d\u2019Ivoire \u2013 CDI Resources Limited.<\/p>\n Okay, we\u2019ve got lithium on the brain lately, so we\u2019d best mention the prominent gold factor here, too, as well as the fact the funding will also help further the company\u2019s WA exploration focus, which has a strong yellow metal, nickel, copper, gold and zinc bent.<\/p>\n CDI Resources, through subsidiaries CDI Minerals and CDI Lithium, holds interests in seven gold and lithium projects (with a combo of granted permits and permit applications) in West Africa, covering a total area of more than 2.76km2.<\/p>\n These projects include: the Tengrela South gold project; Adzope gold project; Agboville lithium project; the Vavoua and Vavoua West gold projects; and the Kounahiri and Kounahiri West gold projects.<\/p>\n DM1 notes that it\u2019s received commitments of $3.75 million (for a 12-month funding budget) through a \u2018heavily over-subscribed\u2019 conditional placement, with bids over $6 million.<\/p>\n It\u2019s talking sophisticated and professional investors \u2013 no riff-raff here, thanks \u2013 at $0.0325 (3.25c) per share. Not a bad premium, that, given DM1 is currently trading for $0.053.<\/p>\n And for this, CPS Capital Group has been appointed as the lead manager, broker and corporate advisor to Desert Metals.<\/p>\n @cpscapitalgroup<\/a> is pleased to have acted as Lead Manager & Broker to the Desert Metals $DM1 oversubscribed $3.75M placement at 3.25c with a 1:2 Option to support C\u00f4te d\u2019Ivoire #gold<\/a> and #lithium<\/a> acquisitions.#ASX<\/a> #Exploration<\/a> pic.twitter.com\/fxoM3lJ3vJ<\/a><\/p>\n \u2014 CPS Capital (@cpscapitalgroup) December 5, 2023<\/a><\/p>\n\n Desert Metal managing director Robert Stuart noted that: \u201cCDI has an impressive portfolio of highly prospective gold and lithium projects in C\u00f4te d\u2019Ivoire, including, in particular, the Tengrela South project in the multi-million-ounce Syama-Boundiali greenstone belt.\u201d<\/p>\n DM1 share price<\/strong><\/p>\n\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> Global copper \u2018n\u2019 battery-metals-hunting small cap EV Resources is moving along nicely today, although its latest news of note came a couple of days ago.<\/p>\n That regarded funding of $2m to help further the company\u2019s prime focus at present \u2013 the exploration for copper in the Americas, specifically at the Don Enrique copper-silver project in Peru, where EV is itching to get a 2,000m diamond-drilling campaign underway.<\/p>\n The funds will also go towards general \u201cworking capital\u201d and will help complete final drill permitting at the high-grade Parag copper-molybdenum project, also in Peru.<\/p>\n Those good ol\u2019 sophisticated investors are at it again, offering some firm commitments to EVR. Here\u2019s the tweet\u2026<\/p>\n #ASXNews<\/a>$EVR.AX<\/a> is pleased to announce that it has received firm commitments from sophisticated and institutional investors to subscribe for a placement of 200 million Ordinary shares at an issue price of $0.01 per share to raise A$2,000,000 million.https:\/\/t.co\/TSxFRwu8MK<\/a> pic.twitter.com\/4cFeotp8Al<\/a><\/p>\n \u2014 EV Resources Limited (@EVResources_EVR) December 3, 2023<\/a><\/p>\n\n EVR share price<\/strong><\/p>\n\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span><\/p>\n \u00a0<\/p>\n (Up on no news)<\/strong><\/em><\/p>\n Down 21% YTD but up about 25% for the month (and about 20% over the past 24 hours) Sipa Resources is a junior Aussie gold, base metals and REE explorer sniffing around various WA locations.<\/p>\n We\u2019re not seeing much that\u2019s spurring its positive price action pivot, so we\u2019ll revert to its most recent announcement of note, which regarded the company\u2019s AGM presso on the back of a quarterly activities and cashflow report.<\/p>\n And from that, we can tell you:<\/p>\n \u2022 The Paterson North copper-gold Project saw a diamond drill program completed and core assaying was underway.<\/p>\n \u2022 The Skeleton Rocks project in WA\u2019s Goldfields had aircore drilling of Ni-Cu and pegmatite targets completed with assays confirming and extending existing nickel anomalism.<\/p>\n \u2022 The Murchison project (Goldfields) was sold to Ora Gold (ASX:OAU)<\/strong><\/a> for $1.4M with 50% of the shares voluntarily escrowed for 12 months.<\/p>\n \u2022\u00a0At the end of the September quarter, SRI had $2.9m in its coffers.<\/p>\n More, here\u2026<\/p>\n ICYMI: Sipa Resources is pleased to share the Company’s AGM Presentation for November 2023: https:\/\/t.co\/2PdYm4jW25<\/a> $SRI<\/a> $SRI.ax<\/a> #exploration<\/a> #copper<\/a> #gold<\/a> #ASX<\/a> pic.twitter.com\/jEghjQ3hFY<\/a><\/p>\n \u2014 Sipa Resources Limited (@SipaResources) November 15, 2023<\/a><\/p>\n\n SRI share price<\/strong><\/p>\n\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> (Up on no news)<\/strong><\/em><\/p>\n Nordic Nickel, as its name might suggest, is on the hunt in beautiful Finland \u2013 a country where we\u2019d quite like to be.<\/p>\n Does it have news today that\u2019s pushing its share price up roughly 18%. Ei.<\/em> (That\u2019s Finnish for no, not really.)<\/p>\n But\u2026 it did have some head-turning news not so long ago, roughly about the time Australia was in the midst of spectacularly winning its sixth men\u2019s cricket World Cup, and England wasn\u2019t.<\/p>\n Mid November, the company reported positive assay results from its drilling operations at the Pulju nickel project, in northern Finland, within the Central Lapland Greenstone Belt.<\/p>\n We\u2019re talking impressively high grade here, too \u2013 up to 2.4% nickel intersected in addition to multiple disseminated nickel sulphide intersections of up to 195m.<\/p>\n Here\u2019s a tweet\u2026<\/p>\n Nordic Nickel is pleased to report further significant assay results received from drilling completed at its Pulju #nickel<\/a> project, with high-grade #nickel<\/a> intersected outside the Resource. https:\/\/t.co\/zdwjVoLDWf<\/a>#NNL<\/a> #nickel<\/a> #exploration<\/a> #ASX<\/a> #Finland<\/a> #growth<\/a> #discovery<\/a> #ASX<\/a> pic.twitter.com\/tp1psMW8jI<\/a><\/p>\n \u2014 Nordic Nickel (@NordicNickel) November 14, 2023<\/a><\/p>\n\n NNL share price<\/strong><\/p>\n\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> (Up on no news)<\/strong><\/em><\/p>\n This $48m market capped goldie is also double digits up at time of key tapping on no fresh announcements.<\/p>\n Horizon\u2019s main game is the \u2018Gum Creek\u2019 gold project in WA\u2019s Mid West, which historically produced more than 1 million ounces (Moz) of gold from 37 open pits and three underground mines.<\/p>\n Some highlights per the company\u2019s last quarterly activities and cashflow report, for the quarter ending in September:<\/p>\n \u2022 A scoping study at Gum Creek (near surface open pittable gold resources) commenced and is scheduled for completion in Q1 2024.<\/p>\n \u2022 The study will assess the potential to recommence production through a processing plant located at the previously permitted Gidgee mill site using the free milling portion of the current gold resource (32.97Mt at 1.22g\/t Au for 1.30Moz) which represents 61% of the total gold resource estimate.<\/p>\n \u2022 The study is based on current free milling Whittle optimised in-pit gold resources and is considering 2Mt to 3Mt per annum processing throughputs.<\/p>\n \u2022 The company also made an acquisition of 60.8 million shares in Alto Metals (ASX:AME)<\/strong><\/a>, which represents 8.5% of AME\u2019s issued capital.<\/p>\n \u2022 A Rights Issue was announced to raise up to $7.5 million with funds planned for the Gum Creek gold project scoping study, further resource drilling, repayment of debt, and general working capital.<\/p>\n HRN share price<\/strong><\/p>\n\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span><\/p>\n \u00a0<\/p>\n At Stockhead we tell it like it is. While Nordic Nickel is a Stockhead advertiser, it did not sponsor this article.\u00a0<\/em><\/p>\n <\/span><\/p>\n The post Resources Top 5: Desert Metals rides $3.75m funding wave for West African gold and lithium hunt<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
\n\u00a0<\/p>\nEV Resources (ASX:EVR)<\/strong><\/a><\/h2>\n
SIPA Resources (ASX:SRI)<\/strong><\/a><\/h2>\n
\n\u00a0<\/p>\nNordic Nickel (ASX:NNL)<\/strong><\/a><\/h2>\n
\n\u00a0<\/p>\nHorizon Gold (ASX:HRN)<\/strong><\/a><\/h2>\n