Enova Mining is expanding its REE hunt with another prospect in Brazil
\nDrilling at Cygnus\u2019 Pegasus prospect in James Bay, Canada, reveals good visuals
\n29M, AMI and CBE all also having a strong day on the ASX<\/p>\n
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Here are some of the biggest resources winners in early trade, Monday February 26.<\/em><\/p>\n \u00a0<\/p>\n Critical minerals hunter Enova has entered into a binding option agreement with a private individual \u2013 one Rodrigo de Brito Mello \u2013 to acquire 100% of the huge, 153.3km2 CODA <\/span>prospect.\u00a0<\/span><\/p>\n Located in the mining heavy state of Minas Gerais in Brazil, CODA\u00a0is viewed by Enova as a potential world class \u201cdistrict sized\u201d ionic clay rare earths project.<\/p>\n So far, 11 shallow auger holes have been drilled within the CODA prospect, with the most significant results revealing the following:<\/p>\n \u2022 10.5m at 2,567 ppm TREO including 4.5m at 4,157 ppm TREO The highest assaying drill intercepts were recorded at end of hole: 0.5m at 5,697 ppm TREO and 1m at 5,078 ppm TREO.<\/p>\n Enova reports that mineralisation remains open in all directions at CODA with grades significantly increasing at depth.<\/p>\n $ENV<\/a><\/p>\n OPTION TO ACQUIRE POTENTIAL WORLD CLASS DISTRICT SIZED IONIC CLAY #RAREEARTH<\/a> PROJECT<\/p>\n Enova Mining Ltd is pleased to advise that it has entered into a binding option to acquire 100% of the CODA #RareEarth<\/a> Prospect pic.twitter.com\/VLnyHRqfXO<\/a><\/p>\n \u2014 Maurice Salvador (@SalvadorMaurice) February 25, 2024<\/a><\/p>\n\n What next? A 30-day due diligence period, subject to shareholder approvals. But once that\u2019s all in place, CODA is all ready for the company to get the drills spinning as soon as it can mobilise an on-ground team.<\/p>\n Importantly, Enova notes its cash balance is in a \u201cfully funded\u201d position to be able to carry out Phase 1 exploration and drilling at CODA and at its Po\u00e7os de Caldas REE and Lithium<\/em> Valley tenements in Brazil, too.<\/p>\n \u201cThis opportunity has emerged as a result of Enova\u2019s recent exploration activity in the highly prospective mineral rich state of Minas Gerais,\u201d noted Enova\u2019s MD.<\/p>\n \u201cThe tenements under consideration offer Enova access to a new region of IAC potential.\u201d<\/p>\n Goldie turned diversified minerals hunter Cygnus has some white gold news today.<\/p>\n First drilling has taken place at the Pegasus prospect within its high-priority Auclair lithium project in James Bay, Quebec in Canada.<\/p>\n And it\u2019s reporting some \u201cstrong visual results\u201d, revealing, it says, numerous thick and shallow spodumene-bearing pegmatite intersections up to 77m wide, with an average width of 38m.<\/p>\n The best mineralised section of the drill core appears to be 43.7m of pegmatite with average 10-12% estimated spodumene mineralisation from 46.4m. That includes 3.3m with 60-70% estimated spodumene mineralisation from 83.5m.<\/p>\n Assays are pending, of course, and those are expected in Q2.<\/p>\n Auclair is regarded by the company as fertile lithium terrain but one of the least explored in the James Bay region, with less than a season of exploration by Cygnus bringing three discoveries so far \u2013 Auriga, Lyra and Pegasus.<\/p>\n The Pegasus pegmatite forms one large continuous dyke with a shallow dip towards the north-west and remains open.<\/p>\n Rock chip results so far have revealed high-grade lithium with results of 6.6% Li2O, 5.5% Li2O, 5.3% Li2O, and 4.6% Li2O.<\/p>\n Source: Cygnus Metals<\/p>\n Cygnus MD David Southam said: \u201cThis is an outstanding start to our maiden drilling program at Pegasus.<\/p>\n \u201cTo hit such thick spodumene-bearing pegmatites with estimated mineralisation up to 70% in places highlights the significant upside.\u201d<\/p>\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0<\/p>\n (Up on no news)<\/strong><\/em><\/p>\n Copper miner 29M is having a much-needed good day. A stonking seven days, actually, being up more than 86% over the past week at the time of writing.<\/p>\n No fresh news today for the company. It did, however, release its full year 2023 financial results last week, revealing a large but expected loss at its Australian copper assets, reporting a NLAT of $440m, blown out from a $47m loss in 2022.<\/p>\n As our Josh Chiat reported on Friday, this came after flooding prompted the months long closure of its Capricorn mine in Queensland, with copper output down to boot from 40,800t in 2022 to 24,200t last year and zinc production off from 57,600t to 51,500t.<\/p>\n \u201cThe EMR Capital backed miner saw revenue fall from $721m to $450m, with EBITDA swinging from +$152m to -$21m as cashflows dropped from $156m to a $37 outflow,\u201d wrote Josh.<\/p>\n However, there are positive spins a\u2019spinning, and here\u2019s one:<\/p>\n Outgoing MD and CEO Peter Albert said the company had improved development rates at its Xantho Extended ore body at the Golden Grove polymetallic mine in WA, with cost management leading to $20m in savings.<\/p>\n \u201cThe enablers are now firmly in place to deliver improved productivity and support progressively higher metal production at Golden Grove,\u201d he said.<\/p>\n A caveat? Albert noted that 29M would need the continued support from the Queensland government to fully recover mining operations at Capricorn, which received prescribed project status in November after Glencore announced the 2025 closure of its nearby Mt Isa mine.<\/p>\n Nevertheless, that whole Chiat article<\/a> is recommended reading for copper fanciers because there\u2019s hopium to consume, with this at least part of the crux, with some supply challenges lurking as an added consideration:<\/p>\n Shaw and Partners says 2024 shapes as a \u201cstrong year for copper equities\u201d after ratcheting its price forecasts by up to 20% over the next three years.<\/em><\/p>\n \u201cThe copper market is also set to experience a significant surge in demand over the next decade due to an acceleration in the adoption of renewable energy, electric vehicles, and associated infrastructure,\u201d Shaw\u2019s analysts led by Peter Kormendy said.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0<\/p>\n Aussie gold and base metals mining and exploration company AMI is having a pretty good day, week, month and YTD \u2013 double digits up over all. It\u2019s +18% over the past 12 months, too. Solid.<\/p>\n The $219m market capper has no needle-moving news today, but notes its latest half-yearly results will be let lodged and let loose into the ASX wilds midweek.<\/p>\n The company owns and operates three underground mines and processing facilities in New South Wales (around Cobar and Nymagee\/Federation), including the Peak Mine (gold, lead, zinc, copper and silver), the Hera Mine (gold, lead, zinc and silver) and the Dargues Mine (gold).<\/p>\n Last week, the company shared results from its successful four-hole exploration program at its Nymagee deposit, north of Hera.<\/p>\n Results included the highest zinc assays recorded at the deposit (37.9% Zn) and some of the highest copper (13.4% Cu) and silver (254g\/t Ag) assay results since drilling started in 1905.<\/p>\n The company\u2019s chief development and technical officer, Andrew Graham, said: \u201cThese excellent results are clear evidence of why we are back drilling Nymagee.<\/p>\n \u201cThe grade in the lead-zinc zone was exceptional, but it\u2019s the multiple lenses of thick, high-grade copper that are the real standout.\u201d<\/p>\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0<\/p>\n Copper explorer Cobre is not an absolute<\/em> belter share price-wise so far today, however, it\u2019s still up roughly 8% and makes the cut in our Top 5 because it at least has some news of note.<\/p>\n On the hunt in Botswana, as well as WA, it\u2019s the African operation that\u2019s giving off some good vibes today.<\/p>\n First phase of hydrogeological test work on the Ngami Copper Project (NCP) in the Kalahari Copper Belt (KCB) is now complete.<\/p>\n It\u2019s designed to provide Cobre with the info the junior needs to demonstrate That strike has an estimated scale of between 103 and 166Mt at 0.38 to 0.46% Cu.<\/p>\n Cobre notes that tests have verified the presence of an \u201cenhanced permeability zone\u201d within a representative portion of the copper mineralised target.<\/p>\n \u201cThis zone is bounded by low permeability footwall and hanging wall competent \u2018seal\u2019 rocks.\u201d<\/p>\n Additionally, production well PW001, has drilled down and intersected (open-ended) 78m at 0.59% Cu from 187 to 265m, which shows the continuity and depth extent of copper at the target.<\/p>\n The Kalahari is regarded as one of the most prospective areas globally for copper exploration, home to Sandfire Resources\u2019 55,000tpa Motheo mine and the potential 130,000tpa Khoemacau deposit, with Cobre is operating across roughly 5,348km2 of tenements within the region.<\/p>\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0<\/p>\n \u00a0<\/p>\n <\/span><\/p>\n The post Resources Top 5: Enova is REEally into Brazil right now, gaining more rare earths land<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Enova Mining (ASX:ENV)<\/strong><\/a><\/h2>\n
\n\u2022 10m at 3,218 ppm TREO including 6m at 3,608 ppm TREO
\n\u2022 10m at 2,414 ppm TREO including 4m at 4,401 ppm TREO<\/p>\nENV share price<\/strong><\/h2>\n
Cygnus Metals (ASX:CY5)<\/strong><\/a><\/h2>\n
CY5 share price<\/strong><\/h2>\n\n
29Metals (ASX:29M)<\/strong><\/a><\/h2>\n
29M share price<\/strong><\/h2>\n\n
Aurelia Metals (ASX:AMI)<\/strong><\/a><\/h2>\n
AMI share price<\/h2>\n\n
Cobre (ASX:CBE)<\/strong><\/a><\/h2>\n
\nthe viability of an in-situ copper recovery (ISCR) process for extraction of copper-silver from the significant strike of mineralisation at the NCP.<\/p>\nCBE share price<\/strong><\/h2>\n\n