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Eye on Lithium: The ASX small caps busy drilling for more of that white gold

Cygnus Gold doubles the known depth of mineralisation at Pontax in latest drilling program Atlantic Lithium continues to pull exciting … Read More
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This article was originally published by Stockhead
  • Cygnus Gold doubles the known depth of mineralisation at Pontax in latest drilling program
  • Atlantic Lithium continues to pull exciting grades at Ewoyaa
  • Forrestania identifies a new pegmatite occurrence at the Calypso prospect

All your lithium news, Tuesday November 29.

 

Aussie junior explorers are forecast to spend around A$1,720m on exploration this year – an achievement which mirrors what was reached back in 2012 during the last mining boom, according to MinEx Consulting veteran minerals economist Richard Schodde.

Over the last couple of decades, he says the share of total exploration spend by junior companies has varied from 40% to 50% moving in synch with the business cycle.

From 2012 – 2021 they accounted for 42% of total spend while majors made up 57%.

Although gold may still be the main target for these companies, strong growth is picking up in exploration on critical minerals such as lithium.

Pic: Richard Schodde presentation at IMARC

 

Today, the bulk of the news in the ASX lithium space revolves around pegmatite finds, lithium drilling and resource development at various projects around the country and oversees.

Cygnus Gold (ASX:CY5), for example, was up 4.08% by lunch time on news its latest drilling program at the Pontax Lithium Project in Canada’s James Bay region has doubled the known depth of mineralisation to 230m after intersecting multiple pegmatites in all three holes.

The third drill hole intersected a fresh 13.3m spodumene-bearing pegmatite at bottom of hole on a new mineralised trend, demonstrating the system is continuous and completely open in all directions.

Spodumene was also observed throughout the recent holes and is the only lithium mineral observed within the dykes, with up to 40% spodumene in places.

Meanwhile, Atlantic Lithium (ASX:A11) continues to pull exciting grades out of the ground at the Ewoyaa Lithium Project in Ghana where ongoing resource extension work is being conducted.

This latest batch of results has delivered multiple drill intersections outside the resource footprint at the Ewoyaa North-East, Kaampakrom West and Ewoyaa Main deposits, including highlights of 35m at 1.48% Li2O from 111m and 27m at 1.71% Li2O from 155m at the Ewoyaa North-East deposit.

 

Here’s how ASX lithium stocks are tracking:

CODE COMPANY PRICE % TODAY MARKET CAP
G88 Golden Mile Res Ltd 0.029 26% $4,705,564
ADV Ardiden Ltd 0.01 11% $24,015,018
AX8 Accelerate Resources 0.0315 9% $9,019,804
XTC Xantippe Res Ltd 0.0065 8% $48,871,379
NWM Norwest Minerals 0.056 8% $11,549,584
LLL Leolithiumlimited 0.51 6% $473,595,318
FRS Forrestaniaresources 0.175 6% $8,319,270
GLN Galan Lithium Ltd 1.425 6% $409,646,490
TKM Trek Metals Ltd 0.09 6% $30,935,332
KTA Krakatoa Resources 0.059 5% $19,303,755
CY5 Cygnus Gold Limited 0.515 5% $79,675,535
AGY Argosy Minerals Ltd 0.5875 5% $786,468,199
MNS Magnis Energy Tech 0.365 4% $339,616,019
DRE Dreadnought Resources Ltd 0.1 4% $295,076,309
BYH Bryah Resources Ltd 0.026 4% $7,031,337
GT1 Greentechnology 0.96 4% $176,433,014
INR Ioneer Ltd 0.55 4% $1,112,119,282
QXR Qx Resources Limited 0.056 4% $47,620,565
RIO Rio Tinto Limited 108 4% $38,662,168,688
RDT Red Dirt Metals Ltd 0.57 4% $183,001,036
WC8 Wildcat Resources 0.03 3% $19,198,659
TYX Tyranna Res Ltd 0.031 3% $72,162,760
1MC Morella Corporation 0.0175 3% $98,626,448
LRV Larvottoresources 0.175 3% $8,483,935
LTR Liontown Resources 1.9025 3% $4,063,405,398
AAJ Aruma Resources Ltd 0.077 3% $11,772,113
SYA Sayona Mining Ltd 0.205 3% $1,704,244,006
MIN Mineral Resources 83.67 2% $15,531,619,752
LIT Lithium Australia 0.051 2% $61,059,584
LLI Loyal Lithium Ltd 0.51 2% $23,370,000
CXO Core Lithium 1.315 2% $2,371,432,051
SCN Scorpion Minerals 0.075 1% $24,694,258
PLS Pilbara Min Ltd 4.47 1% $13,236,269,449
IGO IGO Limited 14.635 1% $10,972,810,610
LKE Lake Resources 0.9425 1% $1,300,864,293
AKE Allkem Limited 13.13 0% $8,340,567,765
A8G Australasian Metals 0.25 0% $10,292,624
AML Aeon Metals Ltd. 0.03 0% $32,892,019
AOA Ausmon Resorces 0.007 0% $6,001,025
AVW Avira Resources Ltd 0.003 0% $6,401,370
AVZ AVZ Minerals Ltd 0.78 0% $2,752,409,203
AZI Altamin Limited 0.095 0% $37,213,091
BNR Bulletin Res Ltd 0.115 0% $33,647,977
CMD Cassius Mining Ltd 0.028 0% $11,304,745
CZL Cons Zinc Ltd 0.02 0% $9,258,429
DAF Discovery Alaska Ltd 0.029 0% $6,502,806
DAL Dalaroometalsltd 0.11 0% $3,286,250
EMH European Metals Hldg 0.73 0% $86,927,877
EMS Eastern Metals 0.096 0% $3,750,184
ENT Enterprise Metals 0.009 0% $5,876,826
ESS Essential Metals Ltd 0.405 0% $104,880,391
FG1 Flynngold 0.13 0% $8,327,937
IPT Impact Minerals 0.01 0% $24,813,706
LPD Lepidico Ltd 0.016 0% $122,204,340
LRS Latin Resources Ltd 0.12 0% $240,954,066
LSR Lodestar Minerals 0.005 0% $8,692,187
M2R Miramar 0.099 0% $6,997,493
MLS Metals Australia 0.045 0% $27,316,629
MM1 Midasmineralsltd 0.175 0% $9,998,059
MTM Mtmongerresources 0.11 0% $4,126,104
MXR Maximus Resources 0.043 0% $13,712,948
PGD Peregrine Gold 0.485 0% $18,794,666
RMX Red Mount Min Ltd 0.005 0% $8,211,819
SRI Sipa Resources Ltd 0.04 0% $9,079,437
SRZ Stellar Resources 0.013 0% $13,060,202
TKL Traka Resources 0.006 0% $4,132,647
TMB Tambourahmetals 0.14 0% $5,766,964
VKA Viking Mines Ltd 0.009 0% $9,227,326
VMC Venus Metals Cor Ltd 0.15 0% $26,711,802
WMC Wiluna Mining Corp 0.205 0% $74,238,031
ZEO Zeotech Limited 0.036 0% $59,065,404
LEL Lithenergy 0.895 -1% $54,135,000
WES Wesfarmers Limited 48.175 -1% $55,013,928,542
CAI Calidus Resources 0.3475 -1% $153,223,597
VUL Vulcan Energy 6.99 -1% $1,010,513,872
CHR Charger Metals 0.54 -1% $23,765,289
ASN Anson Resources Ltd 0.2225 -1% $264,576,150
PLL Piedmont Lithium Inc 0.8 -1% $427,332,348
AUN Aurumin 0.079 -1% $10,804,571
A11 Atlantic Lithium 0.76 -1% $466,421,078
GL1 Globallith 2.28 -1% $480,937,971
JRL Jindalee Resources 2.14 -1% $124,512,356
DTM Dart Mining NL 0.069 -1% $10,868,211
IMI Infinitymining 0.33 -1% $21,144,781
KAI Kairos Minerals Ltd 0.0285 -2% $56,958,711
PNN Power Minerals Ltd 0.56 -2% $41,129,768
MQR Marquee Resource Ltd 0.054 -2% $17,468,967
LPI Lithium Pwr Int Ltd 0.5 -2% $199,512,574
NMT Neometals Ltd 0.96 -2% $541,686,352
EUR European Lithium Ltd 0.082 -2% $121,736,091
STM Sunstone Metals Ltd 0.036 -3% $96,956,517
INF Infinity Lithium 0.175 -3% $81,361,344
LNR Lanthanein Resources 0.034 -3% $33,698,895
RGL Riversgold 0.034 -3% $33,091,370
WCN White Cliff Min Ltd 0.017 -3% $13,083,059
ZNC Zenith Minerals Ltd 0.315 -3% $114,177,238
BMM Balkanminingandmin 0.29 -3% $12,903,227
WML Woomera Mining Ltd 0.0145 -3% $14,093,764
CRR Critical Resources 0.055 -4% $85,130,734
AOU Auroch Minerals Ltd 0.054 -4% $20,782,261
WR1 Winsome Resources 1.06 -4% $153,111,223
AS2 Askarimetalslimited 0.395 -4% $20,229,040
ALY Alchemy Resource Ltd 0.026 -4% $31,808,059
AM7 Arcadia Minerals 0.26 -4% $12,608,431
TUL Tulla Resources 0.38 -4% $79,234,130
RAS Ragusa Minerals Ltd 0.125 -4% $17,201,359
QPM Queensland Pacific 0.12 -4% $218,293,490
AZL Arizona Lithium Ltd 0.07 -4% $175,924,566
NVA Nova Minerals Ltd 0.68 -4% $145,563,075
KZR Kalamazoo Resources 0.21 -5% $32,740,262
IR1 Irismetals 1.79 -5% $117,932,400
LIS Lisenergylimited 0.39 -5% $68,024,817
MRR Minrex Resources Ltd 0.039 -5% $44,425,210
EPM Eclipse Metals 0.019 -5% $40,485,137
EVR Ev Resources Ltd 0.019 -5% $18,579,681
OCN Oceanalithiumlimited 0.47 -5% $17,040,375
SHH Shree Minerals Ltd 0.009 -5% $11,765,625
TSCDA Twenty Seven Co. Ltd 0.071 -5% $7,982,442
RAG Ragnar Metals Ltd 0.017 -6% $6,825,328
GW1 Greenwing Resources 0.335 -6% $44,802,939
KGD Kula Gold Limited 0.033 -6% $12,642,417
ARN Aldoro Resources 0.31 -6% $37,120,815
PSC Prospect Res Ltd 0.155 -6% $76,272,811
TEM Tempest Minerals 0.026 -7% $14,133,453
LRD Lordresourceslimited 0.225 -8% $8,154,732
RLC Reedy Lagoon Corp. 0.011 -8% $6,689,123
PAM Pan Asia Metals 0.41 -9% $66,085,016
TON Triton Min Ltd 0.025 -11% $38,717,957
FTL Firetail Resources 0.165 -11% $12,025,000
MMC Mitremining 0.205 -11% $6,229,573
GSM Golden State Mining 0.049 -11% $6,435,781
EFE Eastern Resources 0.0365 -11% $46,630,224
THR Thor Mining PLC 0.008 -11% $9,925,951

35 lithium companies finished in the green, 36 fell flat, and 62 nose dived into a sea of red.

 

Who else has got news out?

FORRESTANIA RESOURCES (ASX:FRS)

FRS has identified a new pegmatite occurrence at the Calypso prospect – within its namesake project in Western Australia – which it says corresponds with significant pegmatite and granitoid intersections interpreted in historic aircore drilling.

This is an excellent outcome for the geology team, FRS chairman and CEO John Hannaford says.

“While it is still only early days in terms of our exploration efforts at Calypso, this is significant, being the first pegmatite outcrop, which corresponds with historic pegmatite drill hole intercepts on the western flank of the Forrestania project.

“The Calypso prospect is located around 5km west of our South Ironcap East prospect and 4.5km west of IGO’s South Ironcap prospect, where 50m at 0.95% lithium oxide was recorded in pegmatites in a nickel focussed drill hole.”

 

OCTAVA MINERALS (ASX:OCT)

OCT has identified multiple pegmatites at the Pinnacle Well lithium prospect around 10km to the north of Global Lithium’s (ASX:GL1) Archer Lithium deposit in the East Pilbara.

Earlier mapping and pXRF analysis of soil samples had identified a number of priority targets within the wider Talga Project, including an extended area of elevated Li-index analysis results around and to the north of the Pinnacle Well prospect.

However, inspection by company geologists has now identified an approximately 1.5km length pegmatite running east-west.

A number of rock samples have been collected for analysis with results anticipated to be received in the coming weeks.

 

LARVOTTO (ASX:LRV)

Planning is underway for the initial aircore drilling of the lithium geochemical anomaly identified at the Merivale prospect, within the wider Eyre Project in Western Australia.

“Since identifying the Merivale lithium geochemical anomaly directly south of Liontown’s Buldania lithium deposit, the company has been progressing the required approvals to commence the initial phase of aircore drilling,” LRV managing director Ron Heeks says.

“Encouragingly, the required Program of Work has been approved and an aircore drill rig has been sourced to undertake the drill program.

“Some 4,000m of drilling is planned upon completion of heritage surveys that commenced this week.”

CY5,A11,FRS,OCT,LRV share price today

 

LATIN RESOURCES (ASX:LRS)

Latin Resources’ Cloud Nine halloysite-kaolin project in WA is more valuable than ever following a 33% increase in resources to 280Mt of kaolinised granite.

Notably, the company’s confidence in the resource has also increased with 70Mt of the resource now reporting to the Indicated resource category, meaning enough information on geology and grade continuity is available to support mine planning.

Adding further value for LRS, about 116Mt of the global resource (26.7Mt Indicated) is made up of bright, white kaolinite-bearing material while infill drilling has allowed for 85Mt of high-grade (58%) halloysite-bearing material to be defined in the Inferred Resources category.

 

LRS share price today


The post Eye on Lithium: The ASX small caps busy drilling for more of that white gold appeared first on Stockhead.




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