Look, reporting season is great and all for the odd price boost, but where\u2019s the real news today? Red Metal has some
\nOkay, then \u2013 Mineral Commodities appears to be crushing it on its quarterly wrap
\nWith BPM, CPO and ASR also all trading higher on 2023 activity and cashflow reveals<\/p>\n
Here are some of the biggest resources winners in early trade, Thursday February 1.\u00a0<\/p>\n
\u00a0<\/p>\n
Small-capped minerals hunter Red Metal has some news of note today regarding its promising rare earths discovery in North West Queensland.<\/p>\n
The company reports that it\u2019s received outstanding leach results from initial metallurgical testing at the Sybella discovery, which it now describes as a \u201cheap leachable source of rare earth oxide (REO) minerals with the potential for highly competitive capital and operating costs\u201d.<\/p>\n
Heap leaching is a low-cost process whereby a mound of ore is irrigated with acid to dissolve the metal, which is collected in a pond or tank.<\/p>\n
Red Metal says its Phase 1 test work shows strong REO extraction with low levels of impurities can be achieved on coarse non-pulverised, RC chip samples using low levels of sulphuric acid at ambient temperature.<\/p>\n
This, the company adds, \u201cpoints to simple processing options potentially involving heap leach methods\u201d.<\/p>\n
Red Metal has huge ambitions for the Sybella project, which is located about 20km southwest of Mt Isa.<\/p>\n
The company told Stockhead<\/em> in August last year<\/a> that its find there shows scope for \u201cvast tonnages of weak-acid soluble REO mineralisation hosted in low-acid consuming granite rock\u201d.<\/p>\n \u201cThe new Sybella REO discovery is special because we\u2019ve identified easily soluble REO minerals in a low-acid consuming granite-host rock at surface, and it\u2019s offering vast tonnage potential,\u201d said the company\u2019s MD Rob Rutherford at the time.<\/p>\n Today, Rutherford said:<\/p>\n \u201cThese breakthrough metallurgical results have far exceeded our expectations and underlined the potential for heap leachable REO ore at Sybella.<\/p>\n \u201cThe Sybella results, as received to date, have been reviewed against peer projects using publicly available leach data and can be compared favourably to the recent exciting Brazilian discoveries.\u201d<\/p>\n And by that, Rutherford means Brazilian discoveries such as the big granite-hosted ionic clay deposit belonging to Meteoric Resources (ASX:MEI),<\/a> which currently has a market cap more than 10x the size of Red Metal\u2019s.<\/p>\n \u201cWhen we look at that [Meteoric\u2019s deposit], and ours, we would think we have that kind of opportunity \u2013 we\u2019re not an ionic-clay deposit but Australian based and what we do have is weathering in this granite of ours, down to about 20-30m,\u201d Rutherford told us last year. \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> Righto, then. Best get onto these quarterly reports still giving certain ressie stocks a lift, such as MRC, which is currently up with a stonking 80%+<\/strong> intraday gain.<\/p>\n MRC, a $26m market capped exploration and mining company, is focused\u00a0on the development of high-grade mineral deposits within the mineral sands and battery minerals sectors.<\/p>\n Investors seem to be digging the following highlights from a more than decent quarter:<\/p>\n \u2022 A Rights Issue was completed, which resulted in a capital raise of an impressive $8.8 million.<\/p>\n \u2022 Operations started up again at the Skaland Graphite mine in Norway. And that\u2019s a reliable flake-graphite project that the company has now taken 100% ownership of.<\/p>\n \u2022 Then there was an agreement signed with the CSIRO for an anode pilot plant collaboration in a final precursor to getting commercial anode production underway.<\/p>\n \u2022 Annnd, the highest quarter for Tormin production for the year was revealed. Tormin, 360km north of Cape Town in South Africa, is one of the highest grade mineral sands mines in the world and supplies circa 25% of the world\u2019s demand for garnet sands.<\/p>\n As far as cash positioning is concerned, here\u2019s where MRC stood at the end of 2023:<\/p>\n Source: Mineral Commodities ASX announcement \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> This nickel-gold exploring minnow, on the hunt in WA\u2019s greenstone belts and sedimentary basins, is also up impressively so far today on quarterly recapping.<\/p>\n Brass Gold-plated tacks, as follows:<\/p>\n \u2022 The company\u2019s 100% owned Claw gold project in the Murchison region of WA, took operational precedence last quarter, with a Program of Work (PoW) granted to allow for an extensive ~10,000m Aircore and Reverse Circulation drilling program \u2013 now underway.<\/p>\n Drilling continues at our Claw Project, ~500m from $CMM<\/a>‘s recent high grade discovery at their Mt Gibson #Gold<\/a> Project.<\/p>\n Follow $BPM<\/a> for updates. pic.twitter.com\/buwYJcGzMw<\/a><\/p>\n \u2014 BPMMinerals (@BpmMinerals) January 31, 2024<\/a><\/p>\n\n It\u2019s a project, by the way, immediately along strike of Capricorn Metals\u2019 (ASX:CMM)<\/strong><\/a> 3.24Moz Mt Gibson Gold Project.<\/p>\n \u2022 The final piece of drill permitting was accomplished with the successful completion of the Heritage Survey with members of the Badimia people.<\/p>\n \u2022 Several promising targets are to be drill tested as part of the program, including the Louie and Chickie prospects.<\/p>\n \u2022 BPM remains well funded with cash of about $3.2m as of the end of 2023. \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> (Up on no news)<\/strong><\/em><\/p>\n This junior copper hunter is exploring the high-grade copper belts of the Atacama Desert in Chile.<\/p>\n A couple of weeks ago, we noted that its maiden drill results from El Quillay, part of the Fortuna project in Chile, failed to live up to the hype<\/a>.<\/p>\n Of some significance to Culpeo \u2013 the best results from the first hole included 5.8m @ 0.78% CuEq from 15.2m and 26m @ 0.81% CuEq from 29m.<\/p>\n Significant wide #copper<\/a> mineralisation returned from first drill hole in maiden drilling program at El Quillay North Prospect, Fortuna Project in #Chile<\/a>.<\/p>\n Read more https:\/\/t.co\/MkHwTOwn4B<\/a>$CPO<\/a> #Exploration<\/a> #ASXNews<\/a> pic.twitter.com\/URaXhgV5FD<\/a><\/p>\n \u2014 CulpeoMinerals (@CulpeoMinerals) January 16, 2024<\/a><\/p>\n\n Subsequently, the stock took quite a price tumble after briefly rocketing \u2013 possibly on greater expectations, or just good ol\u2019 sell the news.<\/p>\n However, it\u2019s recovered well this week, with an 18% gain and an intraday boost of 20%, and is now actually up 68% YTD on the small sample size of one month.<\/p>\n Did it have some positive quarterly report action? That actually flowed in a week ago, on Jan 25, highlighting the securing of a large new concession package in the coastal metallogenic belt of Chile, expanding the Fortuna Project by 2,250 hectares to 4,025 hectares.<\/p>\n \u201cThis new concession area contains numerous historic shafts and small-scale mining sites that previously exploited surface mineralisation,\u201d noted the company. \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> Quarterly reporting for this WA Goldfields-focused gold and REE exploration and development company is the order of the day\u2019s share price rise.<\/p>\n Well, if that day was Jan 31, which it was. But the rise has eked out into the first day of Feb. Pinch and a decent punch up the ASX.<\/p>\n What was doin\u2019 for ASR in the last few months of 2023, then? Some highlights include:<\/p>\n \u2022 Asra secured total ownership of its highly prospective Lake Johnston Lithium Project amid huge interest in the new WA lithium hotspot.<\/p>\n \u2022 The project is comprised of three exploration licences spanning over 410km2.<\/p>\n \u2022 This expands\u00a0Asra\u2019s multi-commodity portfolio, complimenting gold and REE potential at the Mt Stirling Project in the Leonora district of WA.<\/p>\n \u2022 Soil sampling, outcrop mapping and other sampling at Lake Johnston is now underway.<\/p>\n As for company cash positioning? A successful raise took place in November to accelerate the company\u2019s exploration activities.<\/p>\n That raise reportedly supported an improved cash balance of $2.85 million as of the end of 2023. \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0<\/p>\n At Stockhead we tell it like it is. While Red Metal is a Stockhead advertiser at the time of writing, it did not sponsor this article.\u00a0<\/em><\/p>\n <\/span><\/p>\n The post Resources Top 5: Red Metal\u2019s rare earths test results stand out among strong quarterly reporters<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
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\n\u00a0<\/p>\nMineral Commodities (ASX:MRC)<\/strong><\/a><\/h2>\n
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\n\u00a0<\/p>\nBPM Minerals (ASX:BPM)<\/strong><\/a><\/h2>\n
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\n\u00a0<\/p>\nCulpeo Minerals (ASX:CPO)<\/strong><\/a><\/h2>\n
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\n\u00a0<\/p>\nAsra Minerals (ASX:ASR)<\/strong><\/a><\/h2>\n
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