MTM gains, then enters trading halt pending drilling results from Pomme REE-niobium project
\nLLI stumbles across 2.8m long spodumene \u2018Mega Crystal\u2019 while channel sampling in James Bay
\nPAM inks binding agreements to buy one of the largest lithium brine projects in South America<\/p>\n
Here are the biggest small cap resources winners in early trade, Tuesday January 2.<\/p>\n
\u00a0<\/p>\n
MTM flew out of the gate with volume on no official news, before entering a trading halt \u201cpending an announcement regarding assay results from previous drilling at its Pomme rare earths project in Quebec\u201d.<\/p>\n
The explorer formerly known as Mt Monger acquired the Pomme rare earths-niobium exploration project in February last year for $1m in cash and shares.<\/p>\n
The company says Pomme has similar geology to Geomega\u2019s advanced 266Mt Montviel carbonatite REE-Nb deposit, just 7km away.<\/p>\n
Just two holes were punched into Pomme back in 2012, but they both returned thick mineralised intersections interspersed with high grade chunks, including a highlight 508.3m @ 0.43% TREO, 413ppm Nb2O5 and 1.48% P2O5, from 73.7m depth.<\/p>\n
MTM\u2019s most recent 13-hole drill program has already returned thick, promising hits, like 398m @ 0.54% TREO (5,400ppm) and 0.05% Nb2O5 from 16m.<\/p>\n
The $10m capped stock raised $1m via convertible notes to institutional investors in November.<\/p>\n\n
<\/span><\/p>\n \u00a0<\/p>\n LLI has stumbled across a 2.8m long spodumene \u2018Mega Crystal\u2019 while channel sampling at its Trieste project in James Bay, Quebec.<\/p>\n Source: Loyal Lithium<\/p>\n The mega crystal, which usually grade 5-7% lithium, is the length of 1.5 LLI geologists.\u00a0Here\u2019s another one, 0.8 geologists long:<\/p>\n Pic: Loyal Lithium<\/p>\n The objective of channel sampling \u2014 collected along surface trenches, or floors and walls of underground workings \u2014 is to cut a linear channel across the vein or orebody for the most representative samples possible.<\/p>\n Best results from the trenching program included 11.5m at 1.72% and 21m at 1.01% Li2O. Bodes well for the upcoming drilling program at Trieste, which is a stone\u2019s throw from $200m capped Winsome Resources\u2019 (ASX:WR1) Adina-Jamar project.<\/p>\n \u201cThe Trieste greenstone is rapidly evolving, with five distinct spodumene discoveries now documented, including Winsome Resources\u2019 recently announced maiden Mineral Resource Estimate of 59 Mt at 1.12% Li2O at the Adina-Jamar Project, located just 10km west of Loyal Lithium\u2019s Trieste Lithium Project,\u201d LLI boss Adam Ritchie says.<\/p>\n \u201cWe firmly believe that understanding and maximizing the advantages of the metasediment host zone will distinguish the Trieste lithium project above other James Bay lithium projects.<\/p>\n \u201cThe potential mining and processing advantages could position Trieste as a low-cost producer, and we are eager to involve our loyal investors in this educational journey.\u201d<\/p>\n LLI has $9.6m in the bank to fund its upcoming drill program, set to kick off in the Canadian winter.<\/p>\n\n <\/span> The lithium minnow has inked binding agreements to buy one of the largest lithium brine projects in South America.<\/p>\n The 1200sqkm Tama Atacama project in Chile comes with \u201cextensive\u201d lithium surface anomalies with elevated lithium results up to 2,200ppm lithium and averaging 700ppm Li extending over 160km north to south. That\u2019s high grade.<\/p>\n PAM calls it a \u201ctier 1 asset in a tier 1 jurisdiction\u201d, but the company won\u2019t know that for sure until geophysics and drilling kick off in early 2024.<\/p>\n Chile alarmed investors in 2023<\/a> when it moved to take greater control over its lithium sector, the second biggest globally.<\/p>\n However, PAM boss and major shareholder (~26%) Paul Lock maintains its not as bad as it looks for overseas explorers.<\/p>\n \u201cThe recent MOU between SQM and Codelco quells speculation around nationalisation, which follows several strategic moves in Chilean lithium by multinational mining and chemical companies, including French based Eramet SA\u2019s recent purchase of early stage Li brine assets for ~A$150m, Codelco\u2019s acquisition of Lithium Power and its Maricunga Li brine assets for A$385m, and recent indications from BASF, BYD and Tsingshan that they plan to build lithium conversion plants in Chile,\u201d he says.<\/p>\n PAM says preliminary discussions with potential strategic partners are underway and PAM expects to have initial discussions with key Chilean government organisations in early 2024.<\/p>\n The $25m capped stock has ~$2.8m in the bank.<\/p>\n\n <\/span>\u00a0<\/p>\n (Up on no news)<\/strong><\/em><\/p>\n The tiny Chilean\u00a0copper explorer mostly had a year to forget in 2023 as its share price plunged 72%.<\/p>\n CPO\u2019s main game is the Fortuna project, where in December it reported \u201csignificant widths of visible copper mineralisation<\/a>\u201d in drilling at the El Quillay North prospect.<\/p>\n The company reckons this could be the edges of an Iron Oxide Copper-Gold (IOCG) hydrothermal system.<\/p>\n The two holes pulled up 40m and 23m wide copper-rich hits, which remain open in all directions. Assays are due this month, the company said.<\/p>\n \u201cIt is a fantastic result to immediately intersect visible copper so near to surface with our first two diamond holes at El Quillay North,\u201d CPO managing director Macx Tuesley says.<\/p>\n \u201cThis validates our initial work and confirms the prospectivity of this very exciting target.<\/p>\n \u201cIt also highlights the vast potential of the extensive El Quillay mineralised corridor, dominated by a wide, approximately 3km long zone, of outcropping copper mineralisation, the majority of which remains undrilled.\u201d<\/p>\n\n <\/span>\u00a0<\/p>\n (Up on no news)<\/strong><\/em><\/p>\n Last year PEC put its silica sand project on ice to focus on lithium exploration in Brazil\u2019s \u2018lithium valley\u2019, next door to big boys Sigma Lithium, Lithium Ionic Corp and ASX-listed\u00a0Latin Resources (ASX: LRS)<\/strong><\/a>.<\/p>\n PEC is still at the rock and soil sampling stage but early results are promising, it said mid-December<\/a>.<\/p>\n \u201cOur exploration team has promptly initiated follow-up fieldwork, underway currently, and looks forward to reporting follow up sampling results in the first quarter of 2024,\u201d PEC exploration maestro Allan Stephens said at the time.<\/p>\n The $10m capped stock had ~$2m in the bank at the end of September.<\/p>\n\n \ufeff<\/span><\/span>\u00a0 The post Resources Top 5: One of South America\u2019s largest brines projects and a SPODUMENE MEGA CRYSTAL<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"LOYAL LITHIUM (ASX:LLI)<\/a><\/h2>\n
\n\u00a0<\/p>\nPAN ASIA METALS (ASX:PAM<\/a>)<\/h2>\n
CULPEO MINERALS (ASX:CPO)<\/a><\/h2>\n
PERPETUAL RESOURCES (ASX:PEC)<\/a><\/h2>\n
\n<\/span><\/p>\n