- AMD to divest its Strickland copper-gold project to focus on West African assets, including its newly acquired iron ore project
- RRR discovers a new major anomaly directly under Dianne
- CCV has no news, but yesterday’s PFS paints a promising picture for copper
Here are the biggest winners in small-cap resources as of early trading Wednesday, July 13.
AMD is the resource champion this morning announcing it will divest the Strickland copper-gold project in WA to Dreadnought Resources (ASX:DRE) to focus on its West African assets and is taking over the ore project from Simandou North Railway in Guinea.
The Simandou North Iron project is an exceptional early-stage opportunity that provides Arrow with access to the premium iron belt in West Africa at a time when significant infrastructural improvements are underway.
As On your mind Emma Davies writes, the project sits at the northern end of the Simandou Range and forms an extension of the stratigraphy that hosts one of the largest undeveloped high-grade iron deposits in the world, including the Simandou Project of Rio Tinto (ASX: RIO) with a total measured, indicated and inferred mineral resource estimate of 2 billion tonnes grading 65.5% iron.
“We are delighted to be able to provide shareholders with exposure to this extraordinary opportunity,” said Hugh Bresser, Chief Executive Officer of AMD.
“Global demand for high-grade iron ore continues to grow and the Simandou Range is home to the largest undeveloped high-grade iron ore deposits in the world.”
Revolver rises high after making a new anomaly discovery directly beneath its high-grade massive sulphide copper ore deposit at the Dianne Project in Queensland’s Far North Hodgkinson Province.
A recently completed surface electromagnetic program of nine downholes and seven fixed loop lines in the immediate vicinity of the existing Dianne pit now provides support for the potential of the deeper conductive anomaly.
RRR chief executive Pat Williams said modern exploration is yielding “remarkable” results as the ASX-lister continues to examine around the existing Dianne pit for upside potential.
“We are building on the geological knowledge gained from the Phase 1 drilling program by adding additional cutting-edge exploration activities,” he says.
“We are responding to these results by prioritizing additional new work to define priority drill targets in this anomaly during the next round of drilling which is scheduled to begin in the coming months.”
Revolver is well funded with over $8 million in cash to prioritize follow-up work associated with this anomaly.
(In the absence of news)
CVV made gains on no news ASX today, although yesterday the copper-focused company released a landmark prefeasibility study on its 2.84Mt Caravel project near Wongan Hills in the WA Wheatbelt.
It promises to be one of the world’s most advanced low-grade bulk copper mines, leveraging technology and its location in the world’s best mining jurisdiction to provide a key source for the metal dubbed “the new oil” over an initial long life of 28 years.
Key findings from detailed engineering, environmental and business studies stack up quite well for future mining, especially in a projected supply shortfall that could reach 4-10 Mt by the 2030s, copper demand from about 25 Mt to more than 30 Mt per year. end of the decade.
Caravel will show production of approximately 62,000 t of copper in concentrate, a scale rarely seen in mines outside of South America at a C1 operating cost of just US$1.72/ lb and AISC of 2.55 USD/lb.
At an average copper price of $4/lb that would generate over $17.5 billion in revenue over the nearly three-decade life of mine and net cash flow of $4.62 billion , with a principal repayment of less than seven years, a pre-tax NPV of $1.1 billion and an internal rate of return of 14.7%.
Tin prices hit record highs in March when they hit US$48,650/t before falling back around the US$43,000/t mark, nearly tripling over the past two years .
Tasmania-focused tin explorer SRZ this morning released “remarkable” results from fill holes at the company’s Severn prospect at the flagship Heemskirk Tin project.
Drilling ZS148 – the first infill hole completed this year – produced the second best intersection on record at Severn, hitting 34.9m at 1.01% tin from 333m, including 8.6m at 1, 66% tin from 333m and 12.7m at 1.19% tin from 355.3m.
SRZ indicates that this intersection is significantly thicker than the currently defined mineral resource interpretation and further outlines a north-dipping high-grade tin in the northern portion of the Severn deposit, which will be targeted at depth by further drilling.
“The Phase 2A drill program is progressing well, and all results are expected to be incorporated into the Mineral Resource update in October in preparation for a scoping study update in November,” said the executive director Gary Fietz.
The company with a market capitalization of around $23.8 million said it would regain full control of the Broken Hill Cobalt project after Perilya – a wholly owned subsidiary of China’s Zhongjin Lingnan Mining – was informed of its intention to withdraw from the Windy Ridge joint venture.
Perilya’s exit will become effective upon completion of its rehabilitation obligations in the September quarter, meaning it will own 100% of the project.
The Broken Hill Cobalt Project is prospective for the discovery of critical economic minerals such as cobalt with several priority targets already identified, including the Rail Extension Target, which lies directly along strike of the Cobalt Rail Cobalt Deposit. Blue Holdings (ASX:COB).
RIM is currently pursuing regulatory approvals to allow the start of exploration activities on the project.