Caspin Sources’ share worth skyrocketed after a ‘sensational’ discover – however its rise pales into insignificance subsequent to a different miner’s 215 per cent two-day acquire.
Right here’s a wrap of Thursday motion from the ASX’s small cap useful resource sector.
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CASPIN RESOURCES (ASX:CPN)
One other day, one other unintentional uncommon earths discovery, this time from the veteran mine finders at CPN.
The discover got here from resampling core from a shallow 2022 aircore program testing a big copper-gold-molybdenum goal at Duchess, a part of the Mount Squires mission.
CPN says that is in all probability “the primary discovery of serious REE mineralisation within the West Musgrave Province” of WA.
Drill gap MSAC0141 is a standout intersection, returning 46m at 7,102ppm TREO with a higher-grade zone of 22m at 12,545ppm (or 1.25 per cent) TREO. Heavy REEs are nicely represented.
Drill holes additionally returned vital ranges of scandium, molybdenum, lead and zinc, CPN says.
That is early days, although. Solely 37 samples from simply 4 holes have been assayed so far, with further assays pending.
“This can be a sensational discovery given the tiny scale of the assay program,” CPN boss Greg Miles says.
“The corporate has lengthy recognised the conceptual potential for uncommon earth mineralisation on the Mount Squires Mission, however given the extra apparent prospectivity for nickel, copper and gold, this potential had not been investigated till now.
“We’ve now made a major uncommon earth discovery, of a comparatively distinctive model in Australia, in a province with no earlier systematic exploration for uncommon earths.
“We’re barely previous the beginning line on assessing this chance.”
An upcoming drill program will take a look at for extensions and procure samples for metallurgical take a look at work.
CPN was spun out after mum or dad firm Cassini was purchased by Oz Minerals (ASX:OZL) for the superior West Musgrave nickel-copper mission in 2020.
One in all its greatest holders is Chalice Mining (ASX:CHN) at 9.2 per cent.
The $35 million capped inventory remains to be down 40 per cent year-to-date.
It accomplished a $3.8 million placement in April.
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GREENTECH METALS (ASX:GRE)
(Up on no information)
GRE is up 215 per cent in two days since reporting a 19m thick copper zone on the Austin prospect, a part of the broader Whundo mission in northern WA.
The entire intercept got here again as 9m at 0.81 per cent Cu and 0.15 per cent Zn from 225m, together with:
▪ 15m at 1 per cent Cu from 226m, together with
▪ 6m at 2 per cent Cu from 226m, together with
▪ 1m at 5.4 per cent Cu from 226m
Whundo already has a mixed established 6.19Mt at 1.12 per cent Cu, 1.04 per cent Zn useful resource throughout the mission space.
GRE says Austin is a separate mineralising occasion to the overlying Whundo East useful resource. Based mostly on the footprint of the conductor, the corporate reckons Austin may doubtlessly eclipse Whundo East in dimension.
This new gap additionally hit bonus gold (2m at 1.35g/t Au from 178) and cobalt (6m at0.073 per cent Co from 226m).
The Whundo and Austin deposits are shaping as much as be a major copper mission in WA, says GRE exec Thomas Reddicliffe.
“I’m assured we can proceed to increase the copper useful resource from our not too long ago reported ~6Mt,” he says.
“The mission additionally has the extra bonus of gold, cobalt and zinc that are key metals in excessive demand.”
Additional outcomes from the drill program shall be reported shortly. Plans are additionally underneath method for a wider drilling program to extend the useful resource.
ARK MINES (ASX:AHK)
(Up on no information)
This battler emerged from voluntary administration December 2021 with two precedence initiatives in Queensland – Mount Jess (copper and iron ore) and Gunnawarra (nickel and cobalt).
In March it dipped its toe into uncommon earths, buying the pretty superior Sandy Mitchell mission in North Queensland for simply $200,000 money.
A bunch of exploration work has already been accomplished on the mission by earlier house owners, which included state-owned Japan Group for Metals and Vitality Safety (JOGMEC).
This exploration returned very excessive grades as much as 18.4 per cent TREO hosted in sands, which might be panned right into a focus permitting “low-cost, quick begin up, simple beneficiation by gravity processing”, AHK says.
The corporate, which sees alternative for a fast, low capex improvement, is already making use of for a mining licence.
Drilling is because of kick off this month.
In the meantime, a maiden JORC useful resource was accomplished final quarter for Gunnawarra of 1.341 million tonnes at .53 per cent Ni, 602,000 tonnes cobalt at .066 per cent and 191,500 tonnes of copper at .054 per cent.
The deposit stays open in quite a few instructions, with additional drilling deliberate “in early 2023”.
The $10 million capped inventory is up 30 per cent year-to-date and at 2pm (AEST) was almost 22 per cent up for the day.
It had $1.8 million within the financial institution on the finish of March.
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ASKARI RESOURCES (ASX:AS2)
Zhejiang Huayou Cobalt Co, an $18bn international battery and cobalt inventory, has finalised a $2.5 million funding in ASX-listed African lithium explorer AS2.
Huayou will subscribe for an preliminary 4.5 million shares at a problem worth of $0.55 every – an enormous premium to the present worth of $0.39 – plus 1.5 million choices with an train worth of $0.25/sh.
It intends to develop after which keep its fairness place within the firm at 9.9 per cent, AS2 says.
“The satisfaction of the situations precedent mark the ultimate step for the corporate earlier than settlement can happen, which is predicted to happen within the coming days,” AS2 exec Gino D’Anna says.
“The identify Huayou is synonymous with the cobalt and lithium sector not solely in China, however globally, and we look ahead to welcoming Huayou to the register.”
The money shall be used to discover the flagship Uis lithium mission in Namibia, the place two separate RC drilling campaigns stay on monitor for completion within the June quarter.
First drill assays are due “shortly”, the corporate stated late April.
The $25 mapped capped inventory is down 20 per cent year-to-date however is up 16.4 per cent on Thursday.
COOLIBAH METALS (ASX:CBH)
(Up on no information)
CBH has been bouncing round on quantity since snapping up lithium floor early Might within the standard James Bay area of Quebec, Canada.
The 4 properties are round 20km from Patriot Battery Metals’ (ASX:PMT, TSX-V:PMET) Corvette mission, the place PMT is drilling into remarkably thick excessive grades corresponding to 83.7m at 3.13 per cent Li2O.
“We will already see in publicly obtainable satellite tv for pc pictures, buildings that seem like intrusive dykes about 10km alongside strike from Patriot’s Corvette Mission,” CBH MD Cam Provost says.
“Early focus for Coolabah’s discipline work shall be figuring out if these dykes comprise lithium.”
CBH additionally scores a 70sq km mission in neighbouring Ontario as a part of the deal, about 70km from Frontier Lithium’s (TSX-V:FL) 58.4Mt @ 1.50 per cent Li2O mission.
It should value 10 million CBH shares, plus 5 million efficiency rights when the explorer picks up rock chip samples from any of the initiatives grading a minimum of 1 per cent Li2O.
That’s price about $1.5 million on the present share worth.
CBH is now elevating $1 million by way of placement at 10c/sh, a small premium to the final traded worth of 9.6c.
The previous gold explorer listed in June 2022 with two initiatives within the Lachlan Fold Belt (NSW) and one in Mount Isa (QLD).
The $4.5 million capped inventory is up 40 per cent year-to-date however stays considerably down on its itemizing worth of 20c a share.
This content material first appeared on stockhead.com.au
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