- Carnaby Resources draws DKK 41 million up by 4.1% copper, including 9 million. with a noticeable 10.3%
- Octanex (gold), Morella (lithium), Superior (copper, gold), Rubix (copper, zinc) up to no news
Here are the biggest winners of small cap resources in early trading, Wednesday, December 29th.
We have had many major drilling hits this year, and – due to a large backlog of analyzes – these results will continue to flow into the new year, traditionally a quiet time for exploration news.
Gold-copper-lithium focused CNB moved already into 2022 at a gallop.
In December, it announced visible copper by drilling at the ‘Nil Desperandum’, part of the ‘Greater Duchess’ copper-gold project in Mt Isa, where it could source the edges of an Iron Oxide Copper Gold (IOCG) system.
Iron oxide copper gold ore deposits (IOCG) – like BHP’s Olympic Dam mine or recent Oak Dam discovery – can be enormously large and simple to process concentrations of copper, gold and other economic minerals.
Today, it confirmed a “MAJOR COPPER EDUCATION” – highlighted theirs – with an overall result of 41 million. at 4.1% copper, including 9 million. at a striking 10.3% copper.
A lot more drilling assays await, but follow-up exploration “is rapidly escalating” with extensive IP surveys and more drilling rigs locked up for launch in January 2022.
“The Nil Desperandum is shaping up to be a major discovery of iron oxide copper gold, which is rapidly getting bigger and better in depth,” said CNB CEO Rob Watkins.
“The size of the mineralized system we see is unique.
“We look forward to 2022 as an incredible journey for Carnaby shareholders as we escalate the exploration of the Greater Duchess’ copper gold project to a whole new level.”
Earlier this month, the CNB also fell over a significant lithium earth anomaly at the ‘Big Hill’ project, about ~ 70km from world-class ‘Pilgangoora’ (ASX: PLS) and ‘Wodgina’ (ASX: MIN) mines in WA’s Pilbara region.
First pass drilling testing is being planned for “as soon as practicable”.
The market capitalization of DKK 141 million The USD has risen 408% over the past month. It had $ 5.6 million in the bank at the end of September.
This sleepy explorer has a recent history of pumping hard on very little news.
It has not released news on substance since mid-September, when soil sampling in the early phase started at the ‘Sefton’ gold project in WA.
The goal of the program was to define gold and copper-gold anomalies for follow-up wells, says OXX. Results are expected soon.
“Due to widespread transported coverage and the deep weather profile in the region, low values of gold and other ‘pathfinder’ elements in surface material are considered significant and may give indications of gold in the bedrock,” the company said.
“The company considers this area too prospective for the discovery of a large gold resource.”
The market capitalization of DKK 7.1 million The USD has fallen 3% over the past month. It had $ 384,000 in the bank at the end of September.
Like Carnaby, the SPQ sources the edges of something significant.
The explorer is currently awaiting analysis results from the ‘Bottletree’ porphyry copper-gold prospect, where December drillings visually struck copper and scattered copper over much of a 659 m long hole.
Very promising thing.
Along with deep drilling at Bottletree, SPQ aims to deliver up to two JORC-compliant copper mineral resource estimates early in the new year; one at Wyandotte and the other at the larger ‘Cockie Creek’ copper prospect.
It also aims to get the small – but potentially lucrative – gold project ‘Steam Engine’ in Queensland into production.
Basic economic modeling indicated that the project could deliver $ 24.4 million in after-tax mining over 21 months of mining, based on an assumed gold price of $ 2,200 per tonne. oz.
At current prices of ~ $ 2,500 per. oz, cash flow after tax will jump to ~ $ 41m.
The market capitalization of DKK 41 million The USD has risen 25% over the past month. It had $ 1.6 million in the bank at the end of September.
The former lithium miner was tragically close to getting unharmed through the recent downturn, but that should not be the case.
1MC’s current management is a slim version of the Altura team, which built and operated its namesake lithium project, now owned by neighboring Pilbara Minerals (ASX: PLS).
On its way out of 16 months in suspension, 1MC now has a couple of new lithium exploration projects on the go, including ‘Mallina’ in WA’s Pilbara and ‘Fish Lake Valley’ brine project in Nevada, USA.
The company raised about ~ $ 8.5 million. before its re-listing at 0.5c per. shares.
The share price has currently risen 160% at these levels, but dropped significantly compared to its last trading price before the company went into administration in October last year.
Rubix recently joined ASX with its flagship copper-zinc exploration asset ‘Paperbark’, 25 km from the Century mine, which is owned by New Century Resources (ASX: NCZ) in northern Queensland.
A long history of exploration (over 40 years) on Paperbark has generated several base metal targets, but none have been able to hit the mother lot. Yet.
Support for Paperbark are three greenfields (unexplored) projects: ‘Etheridge’ (gold in Queensland), ‘Lake Johnston’ (nickel, copper, PGEs in WA) and ‘Collurabbie North’ (nickel, copper, PGEs in WA) ).
The company raised $ 4.5 million. in a stock exchange listing, has increased marginally compared to the stock exchange listing of 20c per. shares.