- Uranium explorer Haranga Resources gains some impressive funding
- Flynn Gold fires up the drills at its Warrentinna project in NE Tasmania
- Meteoric reckons it’s got one of the highest-grade ionic clay-hosted REE projects in the world
Here are the biggest small cap resources winners in early trade, Wednesday September 27.
$10.9m market-capped uranium explorer Haranga is leading the daily resources pack on news it’s secured commitments for $2.86m in heavily oversubscribed funding.
And that’s to expand the company’s maiden JORC uranium resource of 12.5Mt @ 587ppm eU3O8 for 16.1Mlbs at the Saraya uranium project in Senegal, West Africa.
The funds were raised through a placement of 26 million shares @ 11c/sh, representing a pretty decent discount to the company’s share price at the close on Tuesday. The share price at the time of writing is $0.215, although check the table below for a fresh update.
As detailed in our special report on it this morning, the Saraya prospect has a maiden resource of 12.5Mt at 587ppm eU3O8, with mineralisation remaining open along strike, down-dip and down-plunge.
Additionally, the prospect covers just a tiny part of the broader Saraya permit and exploration to date has already identified six other potential uranium anomalies.
HAR share price
This $8m market-capped goldie is up on news that drilling has started at the Warrentinna project in Tasmania, testing a high-grade, near-surface gold target zone identified by historical drill results.
A couple of weeks ago, Flynn announced an exceptionally high-grade bonanza hit at the historic Golden Ridge project in north-east Tassie.
The “Holy high grade, Batman!” results include:
- 5m @ 28.93g/t Au from 36m, including 1m @ 103.25g/t Au from 37m
- 21.7m @ 3.3g/t Au from 9.3m
- 2.2m @ 12.0g/t Au from 10.8m
- 11.7m @ 2.8g/t Au from 115m
The company notes that its diamond drill program will test “highly prospective orogenic-style gold mineralisation at Warrentinna, which is defined by historical mine-workings over a largely untested 6km-long corridor with potential for near-surface gold resources”.
A 2-hole diamond drill program testing high-grade, near-surface #gold target zone has commenced at our Warrentina Project. Final assay results from 925m of core from Trafalgar #drilling program will be reported over coming weeks.
— Flynn Gold (@FlynnGoldLtd) September 26, 2023
The project’s initial drilling will be the first in a series of programs that will test high-priority exploration targets across the company’s Tasmanian-based operations.
Among other things, Flynn’s MD Neil Marston says “importantly, the gold mineralisation is near-surface and represents an opportunity for shallow gold resources”.
FG1 share price
Meteoric, a now $533 million market-capped rare earths hunter is focused on ionic clay REE drilling in Brazil, and it’s been having a good month (+48%) and an even better year to date (+418%).
Initial results of metallurgical test work being undertaken at its Caldeira rare earth ionic clay project in the state of Minas Gerais are looking promising.
It’s a project the company regards as the world’s highest-grade ionic clay REE resource.
And it’s describing it’s latest results as “outstanding”, based on what it believes includes “the highest rare earth leach extractions ever reported for a standard ammonium sulphate (AMSUL) wash at pH 4.0 for any public listed company on the ASX or globally”.
The company also notes that mineralisation across all tenements tested display “strong ionic behaviour over thick intervals using a standard AMSUL wash test”, while improved recoveries of dysprosium and terbium to the leach have been observed.
Meteoric CEO Nick Holthouse was talking it up, earlier:
“Truly World Class! The exceptional results documented today in the all-important recovery to leach phase of the test work has exceeded the expectations of Meteoric and ANSTO [Australian Nuclear Science and Technology Organisation].”
“Not only do the results confirm the vast majority of the samples tested are in fact ionic and amenable to low capex and opex AMSUL leaching at pH 4.0, but they also demonstrate that exceptional leach extractions exist below the current boundaries of the Inferred Resource,” Holthouse says.
“Importantly, this is the first phase of our metallurgical program and these exceptional results will now be optimised to quantify the reagent concentrations and leach kinetics and potentially further increase the recoveries.”
We’re pleased to provide an update on initial results of the metallurgical test work being undertaken at our 100%-owned Caldeira Rare Earth Ionic Clay Project, in the state of Minas Gerais, Brazil.
— Meteoric Resources (@ASX_MEI) September 27, 2023
MEI share price
NT minerals explorer Castile is trending in the right direction today after releasing a positive-sounding annual report into the wild.
Some highlights from that, then, per the company’s ASX announcement this morning:
- “Castile retains a strong cash position of $5.428M (as at 30 June 2023) to fund its ongoing activities over the ensuing year.”
- “Castile lists on the OTCQB in New York to provide US Retail investors the opportunity to invest in Castile shares.”
- “The Rover 1 Project Bankable Feasibility Study continued with metallurgical process studies, Green House Gas Emission estimates and the Environmental Impact Study nearing completion.”
Rover 1, by the way, is an iron-oxide-copper gold system and the company’s flagship project.
- “As part of the ongoing exploration of the Rover Field, Castile Resources was awarded two co-funding exploration grants totalling $162,660 from the Northern Territory Government’s GDC program.”
- “Funding discussions for the Rover 1 Project continue with a wide range of finance providers engaging with Castile.”
- “Lithium and niobium anomalies identified in geochemistry samples previously taken at Castile’s new Milgun Critical Minerals Project have been located in WA”
CST share price
(Up on no news)
We can’t see why this rare earths, base and precious metals-hunting minnow is surging today, so we’ll have to do a quick recap of its most notable recent news instead.
Which takes us back about a month and a bit, to this news…
$CRS is pleased to advise that the Company continues exploration at the Mukinbudin Rare Earth Element Project.
Read more: https://t.co/CzPosEVD5B
— Caprice Resources Limited (ASX:CRS) (@CapriceLimited) August 17, 2023
Mid August, CRS revealed that rare earths are present in rock chips at its Mukinbudin project in WA.
The company described it as an “exceptional” find, noting: a +500m target with a peak value of 5,068ppm (0.5%) TREO (21.3% HREO).
And of the 20 rock chips gathered, 13 samples delivered values of +1,000ppm TREO. And that’s a fair bit.
The $4.6m capped minnow is down roughly 40% year-to-date.
CRS share price
The post Resources Top 5: Uranium hunter Haranga pulls $2.86m; while Flynn drills for gold in Tassie appeared first on Stockhead.
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