Helix Resources leads the ressie pack today on strong Cobar-region copper drilling news
\nBastion and Sunstone also making red-metal-tinged gains
\nAnd Riversgold is up, as it mobilises newly contracted drills for Kalgoorlie gold<\/p>\n
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Here are some of the biggest resources winners in early trade, Thursday May 16.<\/em><\/p>\n \u00a0<\/p>\n Cobar-region copper player Helix has revealed today it\u2019s drilling into a bunch of promising anomalies at its Canbelego copper project in central NSW.<\/p>\n And, we\u2019re assuming, this news would absolutely, 100% be why the HLX share price has burst up a super 66% so far today. Like many a copper stock, Helix is travelling well this year, up about 40% YTD.<\/p>\n Up to 3000m at Canbelego has been allocated by the company for the testing of a large (625m long) undrilled Induced Polarisation (IP) chargeable anomaly just west of the Canbelego copper resource.<\/p>\n Essentially, the area is deemed by Helix as highly prospective for what it describes as \u201cCobar-style parallel copper lodes\u201d.<\/p>\n New IP Extends Target Zone for New #Copper<\/a> Lodes at Canbelego | $HLX<\/a> ASX announcement https:\/\/t.co\/Plm0c5gj1N<\/a>#exploration<\/a> #Cobar<\/a> #HLX<\/a> #helixresources<\/a> pic.twitter.com\/XZbMyJ1OoG<\/a><\/p>\n \u2014 Helix Resources Limited (@helixresources) May 8, 2024<\/a><\/p>\n\n Initial assay results are expected in late June. Meanwhile, Helix has other exploration activities very much on the go, with an auger infill program happening across three multi-kilometre gold geochemical anomalies at the company\u2019s Eastern Group Tenements.<\/p>\n That said, Helix\u2019s <\/span>MD, Dr Kylie Prendergast,<\/span> noted that <\/span>\u201ct<\/span>he <\/span>new \u2018far\u2019 Western <\/span>Canbelego <\/span>target is the largest<\/span> and strongest<\/span> IP anomaly which we have identified<\/span> to date.\u201d<\/span><\/p>\n Prendergast also added some context on the \u201cparallel copper lodes\u201d prospectivity, noting their prevalence at Metal Acquisition\u2019s \u201clarge, high-garde CSA copper deposit\u201d.\u00a0<\/span> <\/span> Junior explorer Riversgold has all its golden ducks lined up at its highly prospective Northern Zone gold project, about 25km east of Kalgoorlie in Western Australia.<\/p>\n More specifically, it has the drill rigs contracted (one reverse circulation, the other air core) and ready to spin hard into some hard rock next week.<\/p>\n Earlier in the week, the company announced a placement of $1.85 million to help fund the step-out drilling program at the project, where its aim is to define a maiden, JORC-compliant gold resource.<\/p>\n In May last year, Riversgold executed an agreement with London-listed Oracle Power to earn an 80% interest in Northern Zone, which has an exploration target of 200-250Mt grading 0.4-0.6g\/t gold for 2.5-4.8Moz of contained gold.<\/p>\n Our Northern Zone Project, nearby Kalgoorlie, features a major Exploration Target centred around a large porphyry gold system. <\/p>\n With +100m zones diamond drilled by us last year, the target is big & ready for drilling! #ASX<\/a> #ASXNews<\/a> #Gold<\/a> #Au<\/a>@Sonder_Managemt<\/a> @DavidLenigas<\/a> pic.twitter.com\/MOG5q7SkfM<\/a><\/p>\n \u2014 Riversgold Limited (@Riversgold_Ltd) May 16, 2024<\/a><\/p>\n\n \u00a0\n<\/p>\n <\/span> This early-stage exploration minnow, on the hunt for copper, gold, and green metals, is in the news and the fresh double-digit gains.<\/p>\n The company has provided an update on its rare earths activities in Sweden, where it holds the highly prospective, high-grade REE Gyttorp project and eight additional applications in the area.<\/p>\n Bastion is currently conducting field work to evaluate the REE prospectivity as well as the copper potential at the sites.<\/p>\n It has reason to be positive, with previous exploration in Gyttorp identifying high-grade REE, including an open ended, 500+ metre trend that Bastion says may well extend over more than a kilometre.<\/p>\n The company\u2019s previous results include up to 7.27% Total Rare Earth Elements (TREE) +Yttrium (Y).<\/p>\n Regarding the potential for red metal action, Bastion says that Gyttorp hosts an area of elevated copper, and associated magnetite bodies, with up to 8.5% Cu in rock chips and multiple rock chip samples over 1% in chalcopyrite over an 80m strike, open in both directions.<\/p>\n What next? Bastion plans to re-sample historic data from old drill holes at the sites, with the aim of confirming the presence of high-grade copper.<\/p>\n Source: Bastion Minerals<\/p>\n \u00a0\n<\/p>\n <\/span> And speaking of copper again, here\u2019s Sunstone, a gold\u2019n\u2019copper explorer focused on a historically rich hunting ground for those metals \u2013 Ecuador.<\/p>\n The company\u2019s share price has actually been pretty lacklustre this year so far, and has had a rough ride over the past 12 months or so.<\/p>\n But it\u2019s double digits to the good today, after an announcement of strong gold-copper trench assay results.<\/p>\n And this, says the company, proves that Sunstone\u2019s El Palmar T1 gold-copper porphyry deposit is a large system extending through to surface.<\/p>\n The trenching results are from a broader trenching program to enlarge the areas of gold-copper mineralisation at El Palmar in preparation for the next phase of drilling.<\/p>\n Results from surface trenching include:<\/p>\n \u2022 40.4m at 0.86g\/t gold and 524ppm copper (open on all sides) There is scope here to define a substantial maiden resource, notes Sunstone, which the company will put together as an official estimate once the next drilling leg is done and dusted.<\/p>\n Sunstone Metals reveals gold-copper at surface in El Palmar T1 trenches; scope for substantial maiden resource $STM<\/a> \u2013 https:\/\/t.co\/nRHCQLSKtz<\/a><\/p>\n \u2014 Sunstone Metals Limited (@SunstoneMetals) May 16, 2024<\/a><\/p>\n\n Sunstone MD Patrick Duffy, who we\u2019re 98% sure isn\u2019t the bloke who starred in \u201980s rancher soap Dallas<\/em>, said that the results continue to demonstrate the vast extent and shallow nature of the mineralisation at El Palmar:<\/p>\n \u201cWe have established that there is extensive near-surface mineralisation with strong grades,\u201d said Duffy.<\/p>\n \u201cThese trenching results lead us to the mineralisation and will therefore underpin the next drilling program at El Palmar, increasing its efficiency and effectiveness.<\/p>\n \u201cThe value of a significant outcropping component to the extensive El Palmar porphyry gold-copper system cannot be underestimated as we prepare for a mineral resource estimate\u2026\u201d <\/span> At Stockhead we tell it like it is. While Riversgold is a Stockhead advertiser at the time of writing, it did not sponsor this article.\u00a0<\/em><\/p>\n <\/span><\/p>\n The post Top Resources 4: Helix, Bastion and Sunstone in the green after seeing red (metal)<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Helix Resources (ASX:HLX)<\/strong><\/a><\/h2>\n
\n\u00a0<\/p>\nHLX share price<\/h2>\n\n
\n\u00a0<\/p>\nRiversgold (ASX:RGL)<\/strong><\/a><\/h2>\n
RGL share price<\/h2>\n
\n\u00a0<\/p>\nBastion Minerals (ASX:BMO)<\/strong><\/a><\/h2>\n
BMO share price<\/h2>\n
\n\u00a0<\/p>\nSunstone Metals (ASX:STM)<\/a><\/strong><\/h2>\n
\n\u2022 21.0m at 0.34g\/t gold and 714ppm copper (open on all sides)<\/p>\n
\n\u00a0<\/p>\nSTM share price<\/h2>\n\n
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