Top 5 Resources: Bargain Juniors and an Emerging IOCG Colossus

  • Assay results expected from Todd River’s “Monte Cristo” (gold, tungsten) and “Berkshire Valley” (nickel, copper, PGE) Emu projects
  • Carnaby Resources Achieves Thicker, Shallower High-Grade Copper-Gold on IOCG “Greater Duchess” Project

Here are the biggest small-cap resource gainers in early trading on Monday, May 9.

(In the absence of news)

The WA Explorer has four main projects: “Badja” (gold, tungsten), “Graceland” (nickel, copper, PGE), Viper (nickel, copper) and “Sunfire” (nickel, copper).

In early April, the company noted “the possibility of additional and imminent discoveries” at Badja’s “Monte Cristo” gold-tungsten target, where assay results from 24 drill holes are expected overnight. .

Meanwhile, 2,500m and 500m drilling campaigns are due to start on select nickel sulphide targets at ‘Graceland’ and ‘Viper’ respectively, with a schedule ‘subject to platform availability’.

The stock’s market cap of around $12 million is down 20% year-to-date. He had $1.6 million in the bank at the end of March.

(In the absence of news)

A mid-2021 study found the economics of a stand-alone operation at MDI’s flagship ‘Sandstone’ gold project in Washington state to be ‘marginal’ at $2,500/oz. Ouch.

The stock was bumped. He then sold Sandstone for just $12 million and refocused on the IOCG “Barkly” copper-gold project in the NT.

At Barkly’s ‘Crosswinds’ prospect, spot pXRF readings have returned copper grades between 24.8% and 76.2%, which is promising.

An investigation was completed in mid-April to identify the potential target in depth.

Meanwhile, an airborne geophysical survey totaling 40,000 km is to be completed this quarter to uncover more targets.

The roughly $20 million market cap stock is up 45% year-to-date. He had $6 million in the bank at the end of March.

(In the absence of news)

TRT has 5-6 projects, the most interesting at the moment being its copper-nickel-PGE land near Julimar de Chalice Mining (ASX:CHN) called “Berkshire Valley”.

Early drilling results have been mixed so far, but TRT believes there is something big lurking. A bunch of drill results are expected in the next month.

A new land access agreement also paves the way “for drilling on the largest mafic ultramafic intrusion in the Berkshire Valley to date,” called the “Havoc” prospect.

Initial core drilling will be completed in the current quarter and RC drilling will follow immediately if warranted.

TRT is full of talent. Managing Director Will Dix was part of the team that discovered the ‘Waterloo’ nickel mine and the 2Moz ‘Thunderbox’ gold project, which is likely where he met non-executive director Mark Bennett, best known for its leadership in the Sirius Resources small cap success story.

Stu Crow, non-executive chairman of Lake Resources (ASX:LKE), is also a member of the board.

The $28.5 million market cap stock is down 33% in 2022. It had $5.5 million in the bank at the end of March.

CNB and DCX joint venture “Greater Duchess” announced another “stunning drill result” – this time 68m at 2.4% copper and 0.4g/t gold from 40m.

The 1,022 km² project in Queensland includes the recently announced IOCG discoveries ‘Nil Desperandum’ and ‘Lady Fanny’, 3 km apart.

Iron oxide copper and gold ore (IOCG) deposits, such as BHP’s Olympic Dam (ASX:BHP), can be extremely large and simple to process concentrations of copper, gold and other economic minerals. In FY21, Olympic Dam produced a record 205,000 t of copper and 146,000 oz of gold.

This new success from Lady Fanny includes a 42 m long section grading 3.6% copper and 0.5 g/t gold from 63 m.

The joint venture has now found broad, high-grade, very shallow copper gold over a strike length of 300m “that remains strongly open,” CNB said.

There is more to come, with a new hole hitting 30m of very strong copper sulphides at 60m. Analyzes are pending.

“The Lady Fanny discovery continues to show exceptional potential for a large open pit resource that continues to grow with ongoing drilling,” the company said.

At Nil Desperandum, drilling to date has defined high-grade copper-gold mineralization over an extent of over 600m at depth.

This high-grade zone remains completely open at depth, says CNB.

Drilling through the project continues with two drill rigs.

“These stunning drill results clearly demonstrate the resources and development potential of the Greater Duchess Copper Gold Project,” said CNB Managing Director Rob Watkins.

“We are discovering and building a pipeline of exceptional and highly desirable copper gold deposits whose intrinsic value will only increase over time as we define and develop the inaugural resource and move toward a development schedule.”

In December last year, CNB announced a brand new discovery at Nil Desperandum after hitting a 41m long intercept grading 4.1% copper – which included a 9m piece grading 10.3%.

CNB’s share price has risen around 350% since then. DCX (17.5% project stake) is up ~112%.


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