Copper hunter Cobre rears up +110% after selection for BHP\u2019s Xplor program
\nHamelin Gold also joins the BHP program based on its nickel-copper-PGE activities
\nMeanwhile True North Copper has only gone and signed a huge offtake deal with Glencore<\/p>\n
Here are some of the biggest resources winners in early trade, Tuesday January 23.<\/p>\n
\u00a0<\/p>\n
Pure-play copper explorer Cobre, hunting for the red metal in the Botswana Kalahari Copper Belt and in Western Australia, has surged ahead of the ressie pack so far today with a stupendous 110% gain.<\/p>\n
We checked CBE\u2019s market cap just now and it was around $18m. We refreshed the page and it\u2019s now $26.4m and climbing.<\/p>\n
There\u2019s a very clear reason for this \u2013 it\u2019s one of six companies (just two are listed on the ASX) selected to take part in the 2024 BHP (ASX:BHP)<\/a> Xplor cohort.<\/p>\n What\u2019s that? It\u2019s an accelerator program designed to support early-stage mineral exploration companies in their hunt for critical resources, in particular those that are fuelling the energy transition.<\/p>\n In Cobre\u2019s case, the program will assist in its advancement of exploration plans on its Kalahari Copper Belt projects.<\/p>\n BHP will provide Cobre with US$500k in non-dilutive funding to push its exploration plans and operations for the course of the Xplor Program period, as well as provide full access to BHP\u2019s expertise and global partnerships.<\/p>\n After a rigorous selection process we are pleased to announce $CBE<\/a> is selected to participate in the 2024 @BHP<\/a> Xplor Cohort.<\/p>\n The program offers funding, mentorship & coaching, and connection into BHP\u2019s network of suppliers and service providers. <\/p>\n https:\/\/t.co\/OdTlpH8QLJ<\/a> pic.twitter.com\/kOYapLj72Y<\/a><\/p>\n \u2014 COBRE LIMITED (@CobreLimited) January 22, 2024<\/a><\/p>\n\n Cobre joins the cohort, selected from a pool of more than 500 applicants, so needless to say, this is a very big deal for the low cap copper hunter.<\/p>\n Commenting on Cobre\u2019s selection, Cobre CEO Adam Wooldridge said: \u201cThe Xplor program provides us with a unique opportunity to partner with BHP experts to further our Kalahari Copper Belt targeting criteria and exploration programs.\u201d<\/p>\n Is there any love for lithium-focused companies in the new BHP Xplor cohort, by the way? Hmm\u2026 not a lot<\/a>, no\u2026<\/p>\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> Here\u2019s the other BHP Xplor ASX winner today, although it\u2019s not got the afterburners on quite like Cobre.<\/p>\n Still, a 20% gain is nothing to sneeze at.<\/p>\n Like its name suggests, Perth-based Hamelin is a goldie \u2013 a junior with a market cap of just over $14m \u2013 but it\u2019s also staking out nickel-copper-PGE mineralised intrusions over in the Tanami Gold Province in Western Australia.<\/p>\n It\u2019s the Ni-cu-PGE aspect that has landed Hamelin in the BHP program, which will see BHP provide HMG with up to US$500,000 in non-dilutive funding to support its exploration plans for those minerals in the Tanami region.<\/p>\n Hamelin Gold MD Peter Bewick expressed excitement on the company\u2019s inclusion, adding: \u201cThe identification of Ni-Cu-PGE mineralised, mafic-ultramafic intrusions by the company in mid-2023 was a first for the Tanami region.<\/p>\n \u201cThe Xplor funded program will be completed in parallel to our ongoing gold exploration in the Tanami which includes a planned RC drill program at the Sultan prospect commencing in March-April 2024.<\/p>\n \u201cThis program is following up the identification through aircore drilling of extensive bedrock gold mineralisation at Sultan announced earlier in January 2024.\u201d \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> Copper\u2019s killing it on the bourse today, and seems to be having a moment more broadly.<\/p>\n True North is benefitting, but it also has some fresh news out today that\u2019s helped push it well into double-digit gains territory as we type.<\/p>\n The company has signed binding offtake and toll-milling agreements with one of the world\u2019s largest natural resource companies, Glencore International AG, for its Cloncurry Copper Project (CCP) in Queensland.<\/p>\n Under the agreement Glencore will receive 100% of copper concentrate from TNC\u2019s CCP, and toll-milling services, up to 1 million tonnes of ore per year for the CCP \u201cLife of Mine\u201d.<\/p>\n Big for TNC, because it clearly provides certainty of concentrate sales.<\/p>\n The company also notes it will be \u201centitled to claim 20% Queensland State Royalty discount for all material processed through the Mt Isa Smelter.\u201d<\/p>\n True North Copper MD Marty Costello said: \u201cExecuting binding offtake and toll-milling agreements with an industry major such as Glencore is a significant milestone for TNC and our Cloncurry Copper Project.<\/p>\n \u201cCCP is fully permitted and TNC is on track to soon be in production for copper with CCP located in a Tier One jurisdiction.<\/p>\n \u201cWe aim to create as many jobs and opportunities as possible for the people, businesses and communities of northwest Queensland.\u201d<\/p>\n TNC says it aims to commence copper metal production at the CCP with mine plans combining the Great Australia Mine Reserve\u00a0and the Wallace North Resource (into a single mining operation.<\/p>\n Full dates regarding the final CCP mine plans are slated to be announced early this year. \ufeff<\/span>\ufeff<\/span><\/span> This gold-copper mineral explorer was, until very recently, known as Battery Minerals, trading under the ticker BAT.<\/p>\n Hmm, is this a reflection of the state of play with perception of the bruised and battered battery metals sector right now?<\/p>\n Waratah MD Peter Duerden noted: \u201cThe new name reflects the company\u2019s emergence as a dynamic explorer and its progress building a portfolio of high-quality, gold-copper discovery opportunities.\u201d<\/p>\n Fair enough then.<\/p>\n WTM has some fresh news today, which is why it\u2019s seeing a 23% gain at time of key tapping.<\/p>\n The company now has the drills engaged at its\u00a0highly prospective Spur gold-copper project, in the Lachlan Fold Belt, NSW.<\/p>\n Waratah Minerals (ASX: WTM) is pleased to announce the commencement of drilling activity at the highly prospective Spur Project, located in the Lachlan Fold Belt, New South Wales.#ASX<\/a> Announcement: https:\/\/t.co\/2LGlhXnd7w<\/a>$WTM<\/a> #mining<\/a> #resources<\/a> #gold<\/a> #drilling<\/a> pic.twitter.com\/lWL3EP4ser<\/a><\/p>\n \u2014 Waratah Minerals (@MineralsWaratah) January 23, 2024<\/a><\/p>\n\n The drill campaign is targeting down-dip and down-plunge extensions from shallow gold-copper intercepts, including 86m at 1.56g\/t Au, 536ppm Cu.<\/p>\n WTM notes that the relogging of historic drill core indicates mineralisation is largely associated with intermediate-sulphidation epithermal sulphide stringer and proximal porphyry alteration.<\/p>\n First assay results can be expected in March. \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> Diversified PNG-based MRL is up 20% at time of writing on funding news for its Orokolo Bay industrial sands project in Papua New Guinea.<\/p>\n The small cap has signed a deal to sell 51 per cent of the project to an Indonesian group called PT SEA First Nickel Industry (PTSFNI), a metals extraction tech firm, which will fund up to $25 million in development expenditure to buy the stake in Orokola Bay.<\/p>\n Mayur has also agreed for PTSFNI to become a significant shareholder in the listed parent company via an off-market placement that would see the Indonesian outfit spend about $7m to acquire 9.9% of the company at a 15% premium to Mayur\u2019s last close.<\/p>\n The project has projections of 400,000 tonnes of vanadium titano magnetite concentrate, 100,000 tonnes of dense medium separation material, 1 million tonnes of construction sand and 10,000 tonnes of zircon concentrate.<\/p>\n The $80m capped stock is up 23% so far this year. \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span><\/p>\n \u00a0<\/p>\n <\/span><\/p>\n The post Resources Top 5: Cobre surges on BHP Xplor funding; copper having a moment<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"CBE share price<\/strong><\/h2>\n\n
\n\u00a0<\/p>\nHamelin Gold (ASX:HMG)<\/strong><\/a><\/h2>\n
\n\u00a0<\/p>\nHMC share price<\/h2>\n\n
\n\u00a0<\/p>\nTrue North Copper (ASX:TNC)<\/strong><\/a><\/h2>\n
\n\u00a0<\/p>\nTNC share price<\/h2>\n\n
\n\u00a0<\/p>\nWaratah Minerals (ASX:WTM)<\/strong><\/a><\/h2>\n
\n\u00a0<\/p>\nWTM share price<\/h2>\n\n
\n\u00a0<\/p>\nMayur Resources (ASX:MRL)<\/strong><\/a><\/h2>\n
\n\u00a0<\/p>\nMRL share price<\/h2>\n\n