- Lithium junior Fin Resources surges +80% on major spodumene discovery in James Bay
- Accelerate keeps its own lithium search narrative closer to home in the Pilbara
- King River Resources and RTG Mining, meanwhile, have nothing new
Here are the biggest resource gainers in early trading on Monday, October 9.
Young lithium bull shark Fin Resources is traversing ASX waters this morning after its first fieldwork program identified abundant spodumene crystals within a broad pegmatite outcrop at Cancet West in James Bay, Canada.
The great quasiology is felt there, just 45 kilometers west of Attractive resources’ (ASX:WR1) Cancet lithium deposit and 100 km west of Patriot Battery Metals (ASX:PMT) 109.2Mt with world-class Corvette tank with 1.42% Li2O.
Then there’s the explorer’s 98 km2 Ross project, near Critical Elements Lithium (TSXV:CRE) Nemaska Lithium’s Graab prospect and 36.6Mt Li2O 1.3% Li2O Whabouchi deposit, about 65 km and 100 km southwest, respectively. Field work has already begun in Ross, focusing on nine priority areas.
But regarding Cancet West, the company reports that at least five pegmatite bodies have been identified outcropping in the western and eastern blocks of the area, with approximate total lengths of each outcrop ranging between 200 and 400 m.
“These pegmatite bodies can extend to significant distances, along strike and below the surface,” the company’s ASX statement this morning noted.
Within one of the pegmatite outcrops, green spodumene crystals up to 30 cm long, traces of lepidolite, coarse muscovite, tourmaline, blue-green beryl, coarse red garnets and megacrystic feldspars were mapped.
Jason Bontempo, director of Fin, said: “Following this initial discovery of spodumene, the company is optimistic that additional lithium mineralization will be discovered at Cancet West through further field work, detailed sampling and drilling.
“We now look forward to field work beginning soon on our second high-priority project area in Ross.”
Read more about FIN’s latest discovery here.
END share price
Pilbara lithium hunter Accelerate Resources recently added four “transformational” Karratha properties to its growing battery metals portfolio, which is a highlight of the investor presentation the company released this morning.
As stock head As detailed in a recent special report, Karratha is right at the heart of the Pilbara’s 40km-long Karratha-Roeburne lithium belt, where recent discoveries include Azure Minerals’ (ASX:AZS) monster Andover project (target exploration 100-240 Mt in 1-1.5%Li2O).
Karratha comprises four projects: Prinsep and Mt Sholl (100% owned), Roebourne South and Mt Sholl East (75% owned).
Lithium hunters love a good close argument (see END, above), and why not, eh? Discoveries like Andover’s have driven up the share prices of lithium explorers over the past six months, even as the spot price of the commodity itself has trended increasingly lower.
The great search for battery metals is still underway, and lithium remains the most sought after product in this sparkling subsector. And that’s another trend that will continue to advance across Western Australia, Brazil, North America and beyond.
AX8 stock price
(Even without news)
KRR (formerly King River Copper) is a gold exploration company that, according to its Twitter page, “aims to produce 99.999% (5N) HPA precursors for cathode production and 99.99% (4N) alpha alumina for battery separators”.
Why is this $21 million market cap explorer up about 40% so far? Good question.
Apart from the recent annual report and the proposed issuance of securities notices lately, we are not seeing much. Maybe someone knows something we don’t. Maybe there’s just a little clearing.
For further context, KRR has interests in Mt Remarkable in the Kimberley region of northern Western Australia and in Tennant Creek in the Northern Territory.
It recently sold its Speewah specialty metals project in northern WA to Tivan (ASX:TVN) with a payment of 2.5 million dollars received in July.
At the time, KRR noted:
““King River remains focused on advancing the ongoing geophysical survey program at Tennant Creek, as well as gold exploration at Treasure Creek and Mt Remarkable.”
krr stock price
RTG is up double digits today after an update on field work showing encouraging gold and copper mineralization across 6.5 km of skarns and new structures within its 90%-owned Chanach project in the Kyrgyz Republic, in remote Central Asia.
Assay highlights from their high-grade trench sampling include: 2m at 4.05 g/t Au and 1.56% Cu from Cut 1; 1m with 1.10g/t Au and 0.76% Cu from Cut 1; 7m at 2.94g/t Au (including 4m at 4.87g/t Au) and 1.12% Cu from Cut 2; 5m at 5.53g/t Au from Cut 5.
RTG, which is also listed on the Toronto Stock Exchange, has its main focus on finding gold in the Philippines at the Mabilo project. Work there continues to advance and “budget discussions with project partners are progressing well.”
Returning to Chanach, RTG CEO Justine Magee said:
“These results further increase our confidence that Chanach can evolve into a large high-grade copper-gold porphyry skarn system, similar to or even better than the Mabilo Project, combined with a high-grade epithermal gold system.
“Follow-up work next field season is planned to include a 3DIP survey and drilling of defined targets.”
RTG stock price
At Stockhead we tell it like it is. While Fin Resources and Accelerate Resources are Stockhead advertisers at the time of writing, neither sponsored this article.