Nimy explodes out of the blocks after hitting a buffet of metals and minerals at Mons project in WA
\nBurley continues to gain after yesterday announcing $1.8m raise at 6% premium to the last closing price
\nIceni has a new managing director \u00a0and a $2.2m cash pile to drill its 14 Mile Well project in WA<\/p>\n
Here are the biggest small cap resources winners in early trade, Thursday April 18.<\/p>\n
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The beaten down junior resources cohort is seeing something of a return to form, with stocks across the commodity spectrum chalking up bags (+100% gains) on the daily.<\/p>\n
Most of these announcements are not that exciting, which could also indicate sentiment is returning to the sector.<\/p>\n
Last week it was a handful of explorers like NewPeak Metals (ASX:NPM)<\/a>, Macro Metals (ASX:M4M)<\/a>, Krakatoa Resources (ASX:KTA)<\/a>\u00a0and Forrestania Resources (ASX:FRS)<\/a> enjoying the big gains.<\/p>\n This week\u2019s winners include Mount Ridley Mines (ASX:MRD)<\/a>, MRG Metals (ASX:MRQ)<\/a> and now NIM, which exploded out of the blocks today after hitting a buffet of metals and minerals at its Mons project in WA.<\/p>\n (Okay, it\u2019s down to 70% at lunch. Still good.)<\/p>\n The promising intercepts came from its Block 3 prospect, a large 3km magnetic anomaly unexplored until this point in time.<\/p>\n At Block 3 West, NIM pulled up elevated copper (0.20%), silver (2.2g\/t) and sulphur (13%) values hosted by mafic rocks, highlighting potential for Volcanogenic Massive Sulfide (VMS) deposits.<\/p>\n VMS deposits \u2013 which often occur in clusters within a small area \u2014 are valuable sources of copper, zinc, lead, silver, and gold.<\/p>\n Copper, rare-earth oxides and gallium (up to 495ppm) in ultramafic rocks (MgO to 28%) were also intersected at Block 3 East.<\/p>\n An IP survey is now planned to track the sulphide trend along strike in search of higher-grade copper, gold, and silver, the company says.<\/p>\n Gallium exploration will also take a front seat.<\/p>\n \u201cGallium trioxide values above 100ppm are considered high grade and two substantial intervals of 52m at 105ppm and 72m at 117ppm are present within the Nimy drill holes,\u201d exec director Luke Hampson says.<\/p>\n \u201cGallium production is dominated by China, which imposed export restrictions in the second half of 2023 causing an emergence of gallium focused exploration worldwide.<\/p>\n \u201cA US designated critical metal, gallium has a variety of important uses within the semiconductor space.<\/p>\n \u201cGiven the high-grade large intervals of gallium Nimy will investigate the standalone commercial value of gallium, along with its role as a base metal pathfinder.\u201d<\/p>\n\n <\/span> Yesterday, lithium and iron ore hunter BUR announced a $1.8m raise at 6% premium to the last closing price.<\/p>\n The cash will be poured into the ground via maiden drilling programs at the Broad Flat Well and Cane Bore iron ore projects in the Pilbara.<\/p>\n BUR, which has enjoyed a +80% gain since the announcement, was \u201cvery pleased\u201d at the high level of interest from investors.<\/p>\n \u201cThis additional funding will allow Burley to progress maiden drilling at its Pilbara iron ore assets,\u201d Boss Stewart McCallion says.<\/p>\n \u201cIt is highly encouraging that the drilling permit has been approved for Broad Flat Well, and regulatory approvals are making headway for Cane Bore.<\/p>\n \u201cBoth projects have high-lying Channel Iron Deposits, are easy to access and are close to transport infrastructure and ports.\u201d<\/p>\n\n <\/span> ICL has a new managing director \u2013 successful gold hunter Wade Johnson \u2013 and a $2.2m cash pile to drill its 14 Mile Well project in WA.<\/p>\n Johnson is a veteran geologist with ~three decades experience in WA gold exploration, including 10 years as exploration manager with Newmont.<\/p>\n His last gig was at Kalgoorlie firm Lefroy Exploration, where he grew the resource base to over 1Moz of gold.<\/p>\n He will now use $2.2m in surplus asset sales to spearhead ongoing exploration programs at 14 Mile Well, including drilling at the Guyer Well, Everleigh Well, Goose Well, and Hages Bore Gold targets.<\/p>\n \u201cAt a time of a record gold price, it\u2019s an exciting time to be conducting exploration on a large contiguous ground holding with an outstanding portfolio of targets and close to gold processing hubs,\u201d Johnson says.<\/p>\n \u201cI am really looking forward to the final preparation for the upcoming RC and air core drilling programs and understanding the potential for advancing these gold anomalies to a discovery.\u201d<\/p>\n\n <\/span> The $13m capped minnow is now up ~70% on high volumes since scoring land access to drill its Stansmore project in WA\u2019s West Arunta region earlier this week.<\/p>\n The West Arunta is home to WA1 Resources (ASX:WA1)<\/a>,\u00a0one of the ASX\u2019s biggest exploration success stories in recent years.<\/p>\n LYN is hoping to replicate some of that success at Stansmore, which is prospective for both niobium and rare earths.<\/p>\n Technical director Thomas Langley says the approval is a pivotal step in its efforts to test the high order magnetic target at Stansmore.<\/p>\n \u201cOur focus will now turn to organising a heritage survey ahead of drilling mid-year,\u201d he says.<\/p>\n \u201cThe West Arunta is one of the last frontiers for major critical mineral and copper-gold (IOCG) discoveries in Australia.<\/p>\n \u201cThe identification of niobium and rare earth mineralisation associated with carbonatite intrusions by WA1 Resources and Encounter Resources nearby in their first ever drill programs signifies the extremely prospective and underexplored nature of the West Arunta.\u201d<\/p>\n\n <\/span>\u00a0 The post Resources Top 4: A bag a day keeps the bears away<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
\n\u00a0<\/p>\nBURLEY MINERALS (ASX:BUR)<\/a><\/h2>\n
\n\u00a0<\/p>\nICENI GOLD (ASX:ICL)<\/a><\/h2>\n
\n\u00a0<\/p>\nLYCAON RESOURCES (ASX:LYN)<\/a><\/h2>\n
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