Power Minerals has hopped into bed with Chinese suitors for an Argentinian lithium JV
\nPoseidon Nickel is looking up, post MinRes backing out from buying Lake Johnston project
\nHelix and Kalli also making sweet gains on the ASX to close out the week<\/p>\n
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Here are some of the biggest resources winners in early trade, Friday May 17.<\/em><\/p>\n \u00a0<\/p>\n Power Minerals is focused on minerals that play into the clean energy sector. Namely lithium, but it\u2019s also been diversifying of late into uranium and niobium-rare earths.<\/p>\n But let\u2019s talk lithium. The company\u2019s chief focus is in Argentina, specifically at its Salta brine project in the prolific lithium triangle in the Salta Province.<\/p>\n The company has announced it\u2019s secured a handful of Singaporean and Chinese partners to develop its Rincon lithium project, which is part of the wider Salta operation.<\/p>\n On establishment of the Rincon JV, PNN will hold a 41% interest and Chinese entity Li Energy Technology will hold a 59% interest.<\/p>\n We’ve entered into a Binding Term Sheet and Convertible Loan Agreement for the strategic funding and development of the Rincon Project within our Salta #Lithium<\/a> Project, in the lithium triangle of #Argentina<\/a>. <\/p>\n The agreement provides initial funding of US$5M in two stages: a\u2026 pic.twitter.com\/UqprZz20wQ<\/a><\/p>\n \u2014 Power Minerals Limited (ASX:PNN) (@PowerMin_PNN) May 17, 2024<\/a><\/p>\n\n It\u2019s a \u201ctransformational <\/span>agreement\u201d, says Power, and is <\/span>designed to <\/span>deliver significant production<\/span> at<\/span> Rincon with the aim of making it a big operator in the field of <\/span>D<\/span>irect <\/span>Lithium <\/span>Extraction <\/span>(DLE)<\/span>.<\/span><\/p>\n Initial strategic funding into the project will represent US$5 million.<\/p>\n \u201cThe Rincon Project is Power\u2019s most advanced asset at the Salta Project, and the funding \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span>\u00a0\u00a0<\/span> This explorer is looking up today, even after the proposed sale of its Lake Johnston nickel-lithium project to big gun Mineral Resources (ASX:MIN)<\/strong><\/a> fell through.<\/p>\n Exploration, in hiatus for four months while the sales process was taking place, has now kicked off again, with POS unearthing a bunch of greenfields targets to test with the drill bit.<\/p>\n As Reubs noted earlier, \u201cthe recovering nickel price is also helping\u201d.<\/p>\n Re the lithium angle, though, numerous pegmatites have been identified at the company\u2019s Lake Johnston project and rock chip samples have been collected from within and near a broad >100ppm Li2O anomaly reported by the company in January.<\/p>\n Soil sampling planning to extend and infill the anomaly is underway, and POS notes that the scale of the project\u2019s open-ended lithium soil anomalies \u201care already commensurate to Regarding the nickel search, an October 2023 shallow reconnaissance drilling program at the Maggie Hays West prospect confirmed a \u201chighly promising strong, 1km wide, coherent Ni-Cu-PGE regolith anomaly \u2013 a strong indicator of weathered nickel sulphides directly below,\u201d noted the company\u2019s CEO, Brendan Shalders.<\/p>\n \u201cWe are very excited on the suite of quality lithium and nickel greenfields targets generated from recently completed low cost exploration programs at both the Lake Johnston and Windarra Projects,\u201d added Shalders. \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> One of yesterday\u2019s heroes, Helix is still up a goodly amount today. In fact, it\u2019s near the top of the ressie pack gainers again, with a 37% boost. It\u2019s up roughly 57% on the week.<\/p>\n This morning, the Cobar-region copper player announced some funding news, revealing that a \u2018rights issue\u2019 undertaken to to raise $2.3 million has now closed \u201cheavily oversubscribed\u201d.<\/p>\n The company notes there was strong support from shareholders and new investors introduced by Mahe Capital, and that an additional $0.5 million has been accepted to accommodate \u201csome of the excess demands\u201d.<\/p>\n The funds will be put towards a drill campaign currently underway to initially test the highest priority geophysics anomaly at the Canbelego copper project near Cobar in central NSW.<\/p>\n Yesterday, the HLX share price surged on the news of its Canbelego drilling.<\/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. \ufeff<\/span>\ufeff<\/span>\ufeff<\/span><\/span> This copper-gold junior owns three belt scale (large) copper-gold projects: West Tanami (WA), Ravenswood North and Mt Rawdon West (QLD).<\/p>\n It\u2019s hit the news this week, with share price up accordingly, thanks to the company signing an earn-in joint venture (JV) agreement with a fully owned subsidiary unit of the Johannesburg-headquartered Gold Fields \u2013 one of the world\u2019s largest gold mining firms.<\/p>\n This deal\u00a0could see Gold Fields investing up to A$13m to acquire as much as an 85% interest in Killi\u2019s West Tanami project.<\/p>\n Kill says the agreement validates its work to date and its belief that the West Tanami project has the potential to host a large new scale orogenic gold deposit.<\/p>\n The project covers 1,600km2 of the Tanami Geological Belt in the Kimberly region, and includes a 100km strike of the primary gold mineralising structures. \u00a0<\/p>\n \u00a0<\/p>\n <\/span><\/p>\n The post Resources Top 4: Power surges on lithium JV; Poseidon continues Lake Johnston adventure<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Power Minerals (ASX:PNN)<\/strong><\/a><\/h2>\n
\nproposed under this agreement is testament to our commitment to the Project and its
\nquality Mineral Resource,\u201d said PNN MD Mena Habib.
\n\u00a0<\/p>\nPNN share price<\/h2>\n\n
\n\u00a0<\/p>\nPoseidon Nickel (ASX:POS)<\/a><\/h2>\n
\nother soil anomalies reported by peer lithium exploration companies working in the greater Lake Johnston region\u201d.<\/p>\n
\n\u00a0<\/p>\nPOS share price<\/strong><\/h2>\n\n
\n\u00a0<\/p>\nHelix Resources (ASX:HLX)<\/strong><\/a><\/h2>\n
\n\u00a0<\/p>\nHLX share price<\/strong><\/h2>\n\n
\n\u00a0<\/p>\nKilli Resources (ASX:KLI)<\/strong><\/a><\/h2>\n
\n\u00a0<\/p>\nKLI share price<\/strong><\/h2>\n<\/div>\n