Top 5 Resources: Porphyry Discoveries and Postponed Takeover Bid

  • Gold Explorer Kin Snubs Miner St Barbara’s $ 16 Per Share Takeover Offer
  • Sunstone shoots 480m long copper-gold intersection at ‘El Palmar’ project in Ecuador
  • Culpeo (copper), Eastern Iron (lithium, copper, iron ore) broken down without news

Here are the biggest winners from small-cap resources at the start of the session on Thursday, October 7.

The developer of the WA gold mine has snubbed a buyback offer of 16 cents per share of miner and major shareholder St Barbara (ASX: SBM), and will instead raise $ 13 million to move the gold project forward on its own 1.28 moz ‘Cardinia’ lighthouse.

It was a move predicted by the guru himself, Barry Fitzgerald, at the end of last month.

SBM’s offer represents a 60% premium over the last closing price but is well below the peak of 23c per share reached in October of last year.

Kin says he rejected the deal after “probing the views of its major and substantial shareholders.”

“The Board of Directors determined that the proposed NBIO could not progress as the proposed transaction was not acceptable to major and substantial shareholders other than SBM, and therefore would not have been approved by the required majority of 75% votes from Kin shareholders, ”Kin said.

A trade-in at the right price is not excluded, however, with “the Kin Board welcome[ing] the continued interest of Saint Barbara ”.

The $ 13 million cash injection will be used to increase Cardinia’s resources, Kin chief executive Andrew Munckton said.

“The additional funding will allow us to continue to assess recent discoveries at Cardinia Hill and to track new prospects like Mt Flora, Eagle and Crow – in short, to maintain the very strong exploration momentum we have developed over the two. past years, “he says.

“Other targets across the land have been identified by recent soil geochemical and modern geophysical surveys over largely untested areas in the highly mineralized Cardinia zone.

“We expect this work to generate new follow-up work programs extending through 2022.”

“Discovery confirmed!” says the South American porphyry hunter, after noting a 480m long copper-gold intersection at a depth of 11m on the ‘El Palmar’ project in Ecuador.

Analyzes of the project’s very first drill hole include:

480.85 m at 0.41 g / t gold and 0.15% copper (0.66 g / t gold equivalent) at 11.3 m, including 163.55 m at 0.71 g / t gold and 0.20% copper (1.05 g / t gold equivalent) at 52.35 m.

A monster.

“These grades and widths, combined with the size of the magnetic target we are drilling and the fact that the mineralization begins at the surface, show that El Palmar is an exceptional find with enormous potential,” said Malcolm Norris, Managing Director from Sunstone.

“And this is just the start, having drilled mineralization in all four holes drilled to date is an incredible start to this drilling program.

“It is important to note that the copper and gold grades from the drill holes align very well with the magnetic target, which gives us immense confidence in the size of the price.

Full assays for holes two and three are expected in approximately six weeks. Hole four is currently being drilled.

Porphyries are huge deposits responsible for about 60% of the world’s copper, most of its molybdenum, and significant amounts of gold and silver.

Their large volumes and easy to extract compensate for the low contents, generally between 0.3% and 1% of copper equivalent.

Samples from the Company’s Recently Acquired “REX” Uranium Project Discarded by a Nevada Laboratory due to radiation limits exceeding laboratory thresholds.

Super high quality, in other words.

Delecta says all samples will now be sent to another lab with the processing capacity to measure high levels of naturally occurring radioactive material (NORM) uranium samples.

“It is encouraging that the interim assays returned high levels of uranium mineralization from the initial sampling programs and the company considers the small delay in laboratory samples to be a clear positive in the context of the assays. expected at higher grade, ”said Malcolm Day, CEO of DLC.

“Our initial exploration confirmed the company’s view that the REX project holds promise for higher grade uranium mineralization in what is an extremely promising uranium market.

(No news)

This explorer was listed on the ASX on September 10 with a few porphyry projects in Chile – “Las Petacas” and “Quelon”.

Las Petacas is immediately alongside Lundin Mining’s ‘Candelaria’ mine (TSE: LUN) and in the same rocks, one of the largest copper mines in Chile.

A 3,200 m drilling campaign has already started on several targets at ‘Las Petacas’ where significant copper mineralization has been identified over an area of ​​6 km.

The results of this drilling program will be released “in the coming weeks,” CPO said on September 20.

The $ 10.5 million market-cap stock is up 30% from its IPO price of 20c per share.

(No news)

One of the biggest drivers of September.

The iron ore junior turned to lithium, teaming up with Chinese lithium giant Yahua to find and develop Australian lithium projects.

The first cabin in the row is the recently acquired “Trigg Hill” project, approximately 75 km from the “Pilgangoora” lithium mine of Pilbara Minerals (ASX: PLS).

The old Trigg Hill lithium-tantalum mine operated in the 1960s and early 1980s. The pegmatite swarms cover about 5 km² with reported surface spodumene and lepidolite, according to Eastern Iron.

Exploration activities will begin when the lease is granted.

The company is also planning a four-hole drilling program at the “Nowa Nowa” copper project in Victoria and a feasibility study on a nearby iron ore project, which is expected to be released later this year.

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