Bastion Minerals hits high-grade copper at hard-to-pronounce Swedish REE project\u00a0
\nASX lithium stocks are having a very good day, for a change, including CHN, PLL and AZL
\nCritical minerals player 5EA meanwhile continues to barnstorm<\/p>\n
Here are some of the biggest resources winners in early trade, Wednesday February 28.<\/p>\n
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This early-stage exploration minnow, on the hunt for copper, gold, and green metals, hits the news and the gains again.<\/p>\n
Last time BMO was pumping, which was only about a week ago, the news was centred around Chile, and the company\u2019s announcement of its divestment of its Cometa copper project to Hot Chili (ASX:HCH)<\/strong><\/a>.<\/p>\n The latter has officially entered into an option agreement to acquire Cometa for up to US$3.3 million, which BMO plans to put towards its primary focuses \u2013 its Canadian lithium project, but also its lithium\/REE operation in WA and its REE hunting in Sweden.<\/p>\n It\u2019s the latter focus that BMO is excited about today, with reports of an update on the high-grade copper potential that exists within the Gyttorp REE project.<\/p>\n Based on four over-range samples collected in the north of the property, BMO is reporting copper results between 2.5% and 8.5% Cu, plus 7.27% TREE+Y.<\/p>\n This continues the recent strong high-grade results found at Gyttorp, which is in Southern Sweden and is a project located on the southern end of a belt of iron and REE-enriched skarns, more than 100km long, known locally as the \u201cREE-line\u201d, with Bastn\u00e4s type REE mineralisation.<\/p>\n #ASXNews<\/a><\/p>\n Four over-range samples were re-analysed from the $BMO.AX<\/a> highly prospective high-grade #RareEarthElements<\/a> & Copper Gyttorp Project in Sweden, returning values of between 2.5% & 8.5% #copper<\/a>, clustered in one area in the north of the property.https:\/\/t.co\/D3bBDFAyEx<\/a> pic.twitter.com\/bHJ4H2g86z<\/a><\/p>\n \u2014 Bastion Minerals Limited (@BastionLimited) February 28, 2024<\/a><\/p>\n\n Among other things this morning, BMO\u2019s executive chairman, Mr Ross Landles, imparted the following:<\/p>\n \u201cThese results confirm high copper grades from 2.5 to 8.5%, associated with chalcopyrite in historical magnetite skarn mine workings sampled over a distance of 80 m, and open in both directions.<\/p>\n \u201cSampling shows the REE mineralisation (up to 7.27% TREE+Y) is separate from the copper and associated with tremolite\/actinolite skarn and or biotite schist, adjacent to magnetite skarn.<\/p>\n \u201cWe plan to carry out some higher resolution magnetic surveys, to provide higher resolution than the government 200 m line spaced airborne data. This will allow us to better define the magnetite skarn and areas of potential mineralisation.\u201d<\/p>\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0<\/p>\n \u00a0<\/p>\n Critical minerals hunter\/developer Chalice is up today, based on not much other than the fact it\u2019s putting its name up in lights in front of potential investors at the 2024 BMO Global Metals and Mining Conference in Hollywood, US of A.<\/p>\n Wait, what\u2026 BMO? Bastion\u2019s hosting a conference in Hollyw\u2026 nah, it\u2019s a different BMO.<\/p>\n BMO Capital Markets is the investment banking subsidiary of Canadian Bank of Montreal. Cool, got it \u2013 moving on\u2026<\/p>\n Chalice is focused on advancing its 100% owned WA-located Gonneville nickel-copper-PGE project towards development. That, it notes is\u00a0the largest undeveloped palladium resource <\/span>and <\/span>one of the largest critical minerals discoveries in the western world (<\/span>16Moz of Pd<\/span>\u2013<\/span>Pt<\/span>\u2013<\/span>Au (3E), 860kt Ni, 520kt Cu, 83kt Co <\/span>contained.)<\/span><\/p>\n Source: Chalice Mining<\/p>\n The company highlights in its presso:<\/p>\n \u201cGonneville is positioned to become a <\/span>strategic asset <\/span>for Australia and <\/span>the western world, given its rare palladium<\/span>\u2013<\/span>nickel<\/span>\u2013<\/span>cobalt content.<\/span><\/p>\n \u201cGonneville is the first major PGE discovery in Australia and one of the few recent large-scale magmatic Ni-Cu-PGE discoveries in the western world.\u201d<\/p>\n Chalice also makes the point that the western world is extremely reliant on Russian palladium supply (about ~43% of the market), which it notes is a compelling reason why CHN believes its deposit is a particularly strategic asset.<\/p>\n \u201cGonneville is located in one of the world\u2019s most stable and friendly mining jurisdictions with a commitment to sustainable development,\u201d reads the presso, adding:<\/p>\n \u201cThe Australian Government has committed US$3.9 billion to accelerate strategically significant projects and strengthen internal critical mineral security and supply chains.\u201d<\/p>\n The company would happily grab a slice of that, no doubt, but in the meantime, it reports it has\u00a0 US$73M in cash and no debt, with \u201cno need to raise capital in the foreseeable future\u201d.<\/p>\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0<\/p>\n \u00a0<\/p>\n (Up on no big news)<\/strong><\/em><\/p>\n Last week, US-focused Aussie lithium big gun ($404m market cap) Piedmont Lithium hit the news after it announced it\u2019s selling its shares in Sayona Mining (ASX:SYA)<\/strong><\/a>.<\/p>\n PLL says the decision to divest the SYA shares aligns with its commitment to maintain a prudent balance sheet while simultaneously minimising dilution of PLL shareholders.<\/p>\n More on that > here<\/a>, but regarding PLL making a strong double digits move today, there\u2019s no big news on that other than the fact it, like Chalice above, is doing some corporate presenting over in the States, showing off its best side(s).<\/p>\n Piedmont is keen to jump on what seems to be a potential turnaround in lithium-related market sentiment and possible price recovery, noting the lithium futures prices are \u201cin contango\u201d and that \u201cdemand growth remains strong\u201d.<\/p>\n According to Investopedia, contango, by the way, means:<\/p>\n \u201cA futures market occurrence marked by futures contract prices rising above spot prices. It means that traders and investors anticipate an increase in prices in the coming months. The opposite of contango is backwardation, when futures prices are lower than spot prices.\u201d<\/span><\/p>\n<\/div>\n<\/div>\n The odd notable lithium analyst has been highlighting the lithium futures contango for a little while now \u2013 read more on that > here<\/span><\/a>.<\/span><\/p>\n<\/div>\n $PLL<\/a> is strategically positioning for the #lithium<\/a> market recovery we anticipate, bolstering our balance sheet by monetizing non-core assets, deferring capital spending & employing cost-saving plans to protect shareholder value in the downturn. https:\/\/t.co\/dEdS9CQRVD<\/a> pic.twitter.com\/LXAflBqHF3<\/a><\/p>\n \u2014 Piedmont Lithium (@PiedmontLithium) February 22, 2024<\/a><\/p>\n\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0<\/p>\n Several lithium stocks are actually performing notably well today \u2013 see the Market Index chart we\u2019ve screen ripped, below, to see what we mean. This is likely due to the lithium futures contango getting a bit more attention, as well as a positive note released on lithium by Morgan Stanley overnight.<\/p>\n We\u2019ll get to that elsewhere today.<\/p>\n But regarding, AZL, it\u2019s one of the best-performing ASX lithium stocks today, and we\u2019re highlighting it here because it at least has relayed some news of some note.<\/p>\n The company has announced an update on its claims dispute saga with US-focused British lithium firm Bradda Head Lithium.<\/p>\n Essentially, that appears to be settled now, well post mediation.<\/p>\n \u201cAZL is pleased to announce that the outstanding mining claim amendments and claim exchange outlined under the Settlement Agreement have now been finalised with the recording of such amendment and conveyance documentation in the Mohave County, Arizona public records,\u201d wrote the company.<\/p>\n \u201cAs announced, pursuant to the Settlement Agreement, Arizona Lithium and Bradda Head reached a mutually agreeable claim exchange in lieu of litigation or further dispute resolution proceedings, which will enable both parties to proceed with the development of each of their respective lithium projects in the area.\u201d<\/p>\n Arizona Lithium\u2019s main focus remains on the sustainable development of two large lithium development projects in North America \u2013 the Big Sandy lithium project and the Prairie lithium project.<\/p>\n Best performing ASX lithium companies at about 12.20pm today. Source: Market Index<\/p>\n \u00a0<\/p>\n This US-focused critical minerals player continues its head-turning, stonking rise this week, barnstorming up 28% over the past 24 hours bringing it to a +48% gain over the past seven days, and +34% YTD.<\/p>\n Josh covered this comprehensively in yesterday\u2019s Top Resources column<\/a>, but to quickly recap, the company has announced it remains on track to kickstart commercial operations at a new boron and lithium mine in California in the second quarter of this year.<\/p>\n 5EA is planning to open what will be only the second major boric acid operation in America. The other is a non-core asset owned and operated by\u00a0Rio Tinto (ASX:RIO)<\/a>, which has been in business since 1927.<\/p>\n Josh adds:<\/p>\n New sources of the \u2018supermaterial\u2019 \u2014 used alongside rare earths metals in permanent magnets, fire retardants, ceramics, fertiliser, detergent and more \u2014 are essential given the concentrated nature of the market.<\/p>\n Update! 5E\u00a0Advanced Materials Advances Closer to Initial Commercial Production \u2014 5E Advanced Materials (@5EAMaterials) February 26, 2024<\/a><\/p>\n\n \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0<\/p>\n \u00a0<\/p>\n At Stockhead we tell it like it is. While Arizona Lithium was a Stockhead advertiser at the time of writing, it did not sponsor this article.<\/em><\/p>\n <\/span><\/p>\n The post Resources Top 5: Lithium back on menu, while BMO dines out on high-grade Swedish copper<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"BMO share price<\/h2>\n\n
Chalice Mining (ASX:CHN)<\/strong><\/a><\/h2>\n
CHN share price<\/h2>\n\n
Piedmont Lithium (ASX:PLL)<\/strong><\/a><\/h2>\n
PLL share price<\/strong><\/h2>\n\n
Arizona Lithium (ASX:AZL)<\/strong><\/a><\/h2>\n
AZL share price<\/strong><\/h2>\n
5E Advanced Materials (ASX:5EA)<\/strong><\/a><\/h2>\n
The company remains on track to commence commercial operations in CY Q2 2024 at the 5E Boron Americas Complex in California.
Read the full update in our latest press release: https:\/\/t.co\/GWXoHlmyUH<\/a><\/p>\n5EA share price<\/h2>\n\n