Chris Ellison backed lithium explorer Kali is now up ~100% since debuting on the ASX yesterday
\nSI6 has shareholder approval to buy 50% interest in 10 Brazilian rare earths, lithium exploration licences
\nChariot says maiden drill results from its Black Mountain lithium project expected this month<\/p>\n
Here are the biggest small cap resources winners in morning trade, Tuesday January 9.<\/p>\n
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Junior explorer SI6 has shareholder approval to buy a 50% interest in 10 rare earths and lithium exploration licenses covering ~17,000ha in Brazil.<\/p>\n
Initial 2024 exploration will focus on the Caldera project in south Minas Gerais, nearby significant rare earths discoveries made by Meteoric Resources (ASX:MEI) and Viridis Mining and Minerals (ASX:VMM).<\/p>\n
In a mixed 12 months for critical mineral stocks MEI and VMM have been standout performers, piling on 500% and 835% respectively.<\/p>\n
SI6 will also focus on three licences in Minas Gerais\u2019 \u2018Lithium Valley\u2019, which hosts major and emerging players like Latin Resources (ASX:LRS)<\/a>, SIGMA Lithium (NASDAQ:SGML)<\/a> and Rio Tinto (ASX:RIO)<\/a>.<\/p>\n \u201cThe Board of Si6 is thrilled that our shareholders have approved the acquisition of the Brazil assets and the company is excited to commence an exploration program initially at the highly prospective Caldera REE Project nearby significant REE discoveries recently made by Meteoric and Viridis,\u201d SI6 boss Jim Malone says.<\/p>\n \u201cThe Lithium Valley Project is also of equal interest to us as it is located amongst Tier 1 discoveries by Latin Resources and Sigma Lithium to name a few, close to S-Type G4 Supersuite granites that are typically known to host lithium in spodumene-bearing pegmatites.<\/p>\n \u201cOur first program at the Caldera project will commence with field reconnaissance, mapping and soil sampling to determine follow-up targets for future auger drilling.\u201d<\/p>\n Vendor Foxfire Metals will be the manager of the JV, with Si6 committed to spend $1m in the first year. Foxfire will be \u2018free carried\u2019 (not pay anything) until completion of a Bankable Feasibility Study (BFS).<\/p>\n A BFS is the most advanced, highest confidence study completed prior to project development.<\/p>\n Private Aussie company Foxfire \u2013 which has a +380,000 hectare portfolio in various states Including Minas Gerais, Bahia, Goias, Piaui Mat Grosso, Ceara, and Amazonia \u2013 says it has been operating in Brazil since 2013.<\/p>\n It is led by Patrick Volpe, a former chairman of SI6.<\/p>\n\n <\/span> This Chris Ellison backed lithium explorer is now up almost 100% since debuting on the ASX yesterday.<\/p>\n It\u2019s been a tough 12 months for IPOs in general, with just eight currently in the green.<\/p>\n Despite spodumene and chemicals prices falling precipitously, four of these are lithium stocks, including KM1.<\/p>\n The spinout of gold stock Kalamazoo Resources (ASX:KZR) managed to raise its target IPO amount of $15m very quickly, with heavy hitters like Ellison joining the register.<\/p>\n Its focus will be Kalamazoo\u2019s portfolio of Australian lithium assets in the Pilbara region of WA and the Lachlan Fold Belt of northeast Victoria and southern NSW.<\/p>\n It includes a SQM Earn-in Agreement at the DOM\u2019s Hill and Marble Bar projects where the major Chilean producer \u2014 which produces ~19% of the world\u2019s lithium supply \u2014 is solely funding exploration.<\/p>\n KM1 will also snap up the lithium rights at the Higginsville gold project owned by TSX-listed miner Karora Resources. The expansive project is surrounded by known deposits and mines like Bald Hill, Pioneer Dome and Buldania.<\/p>\n \u201cThe Higginsville project contains ample evidence of pegmatite intrusive activity and several confirmed LCT pegmatites,\u201d the company says.<\/p>\n \u201cSeveral areas within the tenure have already been identified in previous work that warrant early investigation by drilling.\u201d<\/p>\n\n <\/span> CC9 announced yesterday that maiden drill results from its Black Mountain lithium project were expected this month.<\/p>\n Six diamond holes for 652m have been completed thus far of the program, which has been halted for the year end holiday period.<\/p>\n CC9 says drill progress has been hampered by \u201charsh early winter conditions\u201d but plans to restart drilling this month, weather permitting, which will continue until 1 March 2024.<\/p>\n \u201cThe early winter conditions in Wyoming were harsher than expected in late November to early December 2023, including high wind-speeds at the top of Black Mountain of up to 60km per hour, temperatures as low as -15\u00b0C,\u201d the company says.<\/p>\n \u201cThe early winter conditions led to a series of challenges, including freezing of the water source for drilling operations, freezing of water and diesel lines, water truck breakdowns and blocked access roads from fresh snowfall and snow drifts.\u201d<\/p>\n CC9 managing director Shanthar Pathmanathan\u00a0looking cold on Black Mountain. Pic: CC9<\/p>\n One of the biggest lithium IPOs of 2023 hit the bourse with a market cap of $67.5m at 45c per share, briefly surging above $1.30\/sh on buzz surrounding Black Mountain.<\/p>\n This project has never been drilled \u2014 until now \u2014 despite 60cm long spodumene crystals (~6-7% lithium) being observed back in 1997 and subsequent early-stage exploration returning assays up to 6.68% Li2O from rock chips. That\u2019s high grade.<\/p>\n READ: How Chariot outsmarted a major to get a mountain of lithium. Literally, a mountain.<\/a><\/p>\n\n <\/span> The MTM share price continues to thrash around on higher than usual volumes, today hitting its highest point since May last year.<\/p>\n The explorer formerly known as Mt Monger is now up 525% over the past month.<\/p>\n Its main game is the Pomme rare earths-niobium project in Canada, where the results of four diamond drill holes were released last week.<\/p>\n The assay results, received by management way back in mid-December \u2013 when the current share price surge began \u2013 took a while to hit the ASX due to \u201cincomplete analysis and interpretation\u201d.<\/p>\n But MTM\u2019s ace in the hole is recently acquired ground in the West Arunta niobium-REE province of WA, where a red hot\u00a0WA1 Resources (ASX:WA1)<\/strong><\/a>\u00a0continues to stack on the gains.<\/p>\n Since making its niobium discovery in late 2022 WA1 has gained a ludicrous 9800%, and on Thursday hit an all-time high of $14.78\/sh.<\/p>\n READ:\u00a0Massive gains saw these 10 ASX miners become Monsters of Rock in 2023<\/a><\/strong><\/p>\n The immediate focus at MTM\u2019s new ground \u2014 nestled between WA1 and\u00a0Encounter Resources (ASX:ENR)<\/strong><\/a>\u00a0\u2014 is to complete heritage agreements and proceed with a first-pass exploration program.<\/p>\n\n <\/span> Led by the veteran ex-Cassini Resources team, Killi Resources (ASX:KLI)<\/strong><\/a> \u00a0owns three \u2018belt scale\u2019 (large) copper-gold projects: West Tanami (WA), Ravenswood North and Mt Rawdon West (QLD).<\/p>\n It recently sold the 103Mt Balfour manganese project to Black Canyon (ASX:BCA)<\/a> for scrip, making it BCA\u2019s second largest shareholder with a 4.38% stake. KLI retains copper rights over the project.<\/p>\n In November, it said a potential acquisition had fallen through.<\/p>\n \u201cKilli remains committed to further developing its existing projects as well as continuing to review and evaluate new projects to add to its portfolio where it is considered value accretive for the company,\u201d it said at the time.<\/p>\n The $4m capped minnow has been quiet since November last year, but has gained 33% in 2024 so far.<\/p>\n\n <\/span>\u00a0 The post Resources Top 5: Lithium IPO up 100pc since debut, rare earths speccy soars 520pc in a month<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
\n\u00a0<\/p>\nKALI METALS (ASX:KM1)<\/a><\/h2>\n
\n\u00a0<\/p>\nCHARIOT CORP (ASX:CC9)<\/a><\/h2>\n
\n\u00a0<\/p>\nMTM CRITICAL METALS (ASX:MTM)<\/a><\/h2>\n
\n\u00a0<\/p>\nKILLI RESOURCES (ASX:KLI)<\/a><\/h2>\n
\n<\/span><\/p>\n