- Ragusa Minerals shifts focus to ‘Grants Deposit-like’ Peggie site
- REE junior Caprice nears first drilling campaign
- Haranga termite mounds look promising
These are the biggest resource gainers in the first trades on Friday, October 6.
This rare earth lithium explorer has taken a hit in 2023 along with most of its resource brethren, a precipitous 90% drop over the past 12 months.
There’s no real reason for this, other than background market sentiment and a couple of disappointing lithium drilling programs in the NT.
RAG has ignored these dusters. He remains confident there is something worth finding in the NT lithium project, which is proverbially just a stone’s throw away from Core Lithium’s (ASX:CXO) new Finniss mine.
A new drilling program has now been established to target untested pegmatites with no historic drilling in the western part of the project area.
“The target area differs from the rest of the outcropping pegmatites as it is located within an intrusion of a volcanic host against the putative source of S-type granite further west,” he says.
“Unlike the pegmatite bodies tested by Ragusa so far, these targets (relative to the putative source) have not been geographically offset by faulting, similar to the spodumene-bearing pegmatites that Core Lithium currently mines at its Grants deposit to the north”.
However, it has a backup plan, with desktop reconnaissance underway for potential hard-rock lithium deposits in Canada.
“Significant aerial imaging and research has identified areas of intense pegmatite swarm intrusion,” he says.
“Ragusa has engaged a local geological consultant to carry out preliminary field reconnaissance exploration work scheduled for completion in October.”
The stock with a $5 million cap had $1.9 million in the bank at the end of June.
(Even without news)
CRS is part of the ASX IPO Class of 2018, which produced a clutch of high-profile winners including Adriatic Metals (ASX:ADT) and Vulcan Energy Resources (ASX:VUL), up 1,650% and 1,100%. during the trip.
Other resource stocks such as Tietto Minerals (ASX:TIE) and Nickel Mines (ASX:NIC) have also enjoyed astronomical growth, but not in market capitalization due to dilution.
Perhaps some inspiration for CRS, which is still small cap, and which is hoping for a appreciation from its Mukinbudin rare earths project in WA.
Mukinbudin sits between turf occupied by majors IGO and Rio Tinto, and fellow ‘C-list’ juniors (haha) Codrus (ASX:CDR) and Cygnus (ASX:CY5).
In late September, soil sampling expanded Mukinbudin’s Gadolin target to +3.4 km and counting, with peak values up to 3,839 ppm TREO (14.0% MREO).
This sampling has also confirmed a 3.5 kilometer long target on Hadrian.
More sampling results will be coming soon from Hadrian’s and Colosseum, where CRS collected a rock chip grading 5,068 ppm (0.5%) TREO (24.8% MREO).
The approval process for a much-anticipated inaugural drilling campaign is moving forward, the company says.
The junior with a $5 million cap hit had $686,000 in the bank at the end of June.
This junior explorer of various metals (copper, gold, manganese, nickel, cobalt) today receives news about the manganese component of its exploration portfolio.
Manganese is a key stabilizing component in the cathodes of nickel-manganese-cobalt (NMC) lithium-ion batteries used in electric vehicles.
Bryah, in a joint venture with OM (OMM), announced it has been awarded two mining licenses at the Bryah Basin manganese project in WA.
OMM holds 51% of the joint venture and is a wholly owned subsidiary of OM Holdings (ASX:OMH)one of the world’s leading suppliers of manganese ores.
Commenting on the application, Ashley Jones, CEO of Bryah, said: “The mining licenses that have been awarded are an important step in taking the joint ventures’ successful manganese exploration to production stage.”
Licenses were granted over JORC’s current resources at Brumby Creek and Black Hill Prospects, with the resource model recently updated in August 2023 to 3.07Mt grading 20.1% Mn.
“Additional tonnes are expected to be added to the current JORC resource from recent drilling at Red Rum and Brumby Creek West. “Mining License applications and the environmental permitting process are prerequisites for this manganese mining area to return to production.”
In the new generation of LMFP and NMx battery chemistries, #manganese represents 65% and 69% of the mass$BYH has reached a “critical mass” that allows the JV with @OM_Holdings to advance mining studies and planning towards productionhttps://t.co/DQkrKS0hhV @StockheadAU
– Bryah Resources Limited (@BryahRes) September 12, 2023
BYH share price
Haranga, the uranium explorer with a market cap of nearly $10 million, is back in the stock market news after recently securing funding commitments of $2.86 million to expand the company’s inaugural JORC uranium resource at the Saraya uranium project in Senegal, West Africa.
However, today’s update focuses on another of its prospects in the area: Sanela, where new uranium anomalies were identified prior to planning drilling operations.
The Sanela uranium anomaly extends for 2 kilometers along a NNE structural trend, similar to Saraya, the company reports.
Meanwhile, sampling and testing of infill termite mounds at the Saraya South and Mandankoli anomalous prospects is underway and is expected to be completed before the end of the year.
Haranga CEO Peter Batten said: “These results from Sanela are timely as they come hot on the heels of our first mineral resource estimate at the Saraya Prospect within our Saraya Project.
“The Saraya mineral resource estimate at 16 million pounds inferred and grading 587 ppm eU3O81 is a significant result, in itself, but it is only the first of at least seven anomalies that we will test within the Saraya Project and as the Saraya prospect is in operation. The best-defined anomaly, with more than 65,000 m of drilling, is also the smallest of the seven anomalies identified so far.
“The successful completion of Sanela sampling now enables the Haranga geological team to include Sanela, along with Diobi and Mandankoli, in the next phase of drilling planned for this quarter.”
HAR stock price
(Even without news)
The West African gold explorer and developer is focused on establishing a new mining district in Burkina Faso and owns a 100% stake in the Sanutura Project, about 350 kilometers southwest of Ouagadougou.
No new news for SRR today. In fact, the last major news for SRR was no big deal and came in early September, when the company announced that Burkina Faso’s Ministry of Energy, Mines and Quarries had withdrawn the company’s rights to the Tankoro 2 exploration, its total property. permission.
The permit hosts the Tankoro deposit, which is the core component of the multi-million ounce Sanutura project.
Sarama said at the time that it was assessing its position and will provide further advice as events warrant. Perhaps shareholders will know something more today.
As Guy Le Page recently wrote for stock head:
“The junior gold sector and West African explorers in particular are not very loved by the market at the moment. There is probably a good reason for this if any of the stock head The faithful have time to read the Sarama Resources ASX announcement on September 6, 2023…
“I believe Mali, Burkina Faso and Niger are looking to finish on the podium this calendar year as the highest risk jurisdictions in Africa, with investor confidence now at rock bottom. Now that Russia strengthens its group on Niger, apparently supported by Mali and Burkina Faso, more bad news is expected to follow.”
SRR share price