Resources Top 5: The whole day through, Georgia's on the mine of Krakatoa investors
Preparations are underway for Krakatoa's maiden drilling at Zopkhito in Georgia
A VTEM survey has outlined three new trends at the Kempfield project in NSW
Eclipse Metals has completed an oversubscribed placement at market price for funds of $2m
Your standout small cap resources stocks for Tuesday, June 10, 2025.
Krakatoa Resources (ASX:KTA)
Krakatoa Resources is making moves toward its maiden drilling at the Zopkhito antimony-gold project in Georgia, which serves as a trading gateway between Europe and Asia.
With exploration and drilling preparations in full swing, the company, which has an exclusive option to acquire up to 80% of the project, also made a positive move on the ASX with shares as much as 70% higher to 1.7c with more than 76m changing hands before closing at 1.2c.
Local contractors have started heavy machinery access and camp repatriation work at Zopkhito following positive meetings with key stakeholders and this work will pave the way for exploration including multiple geophysical surveys and drilling.
Plans for the upcoming field season include testing the known high-grade antimony and gold veins, converting the foreign resource into a JORC classification and to test the extension of the mineralised system beyond the current limits.
The company plans to drill the key vein systems within the project, focused on targeting the areas where suitable drill access can be obtained, while allowing various veins to be investigated.
Two diamond drill rigs will be used to complete the drilling program, which is expected to start in early July.
The first rig will be a man-portable rig suitable for work on small platforms from surface with the second to be a rig designed for underground work that can drill at various azimuths and lower dips.
Krakatoa Resources' current drill plan comprises an initial 100 drill holes, located on 13 platforms for a total of 14,000 metres. This design, once complete, will encapsulate around 50% of the foreign mineral resource area.
However, it is envisaged that only 7000m will be achieved during the current drilling season, which is closer to 30-40% of the foreign mineral resource area.
Krakatoa's CEO Mark Major said, 'This is an exciting time for Krakatoa as we embark on the first ever drill program at Zopkhito.
'We have planned for a comprehensive drilling program, with the aim to verify and expand the existing foreign resource estimate, calculated from 27km of underground exploration drives and over 15,000 channel samples.
'This work, along with detailed geophysical surveys, will enable Krakatoa to complete a JORC standard mineral resource estimate for Zopkhito and undertake a preliminary economic assessment.'
Zopkhito has a non-JORC, foreign resource estimate of 225,000t at 11.6% antimony for a contained 26,000 tonnes and 7.1Mt at 3.7g/t gold for 815,119oz.
Multiple geophysical surveys will also be undertaken to assist with detecting extensions of the foreign resource estimate.
This will include a high-resolution drone magnetic survey over the project area which will assist with more effective subsurface drill targeting.
The company will also consider a sub-audio magnetics (SAM) survey, which could be highly beneficial in delineating structures and other geology that is detected by resistive anomalies in conductive terrains.
This work will begin once the camp is reestablished and road access is completed.
Zopkhito covers an area of ~1,779 hectares in the northern part of Racha region in Georgia, a country which borders Eastern Europe and Asia and has Azerbaijan, Russia, Turkey and Armenia as neighbours.
Argent Minerals (ASX:ARD)
Confident of growing the precious and base metals potential of the 142.8Moz silver equivalent Kempfield project in the Lachlan Fold Belt in NSW, Argent Minerals has revealed three new zones of mineralisation. Shares climbed 11.54% higher to 2.9c before pulling back to 2.7c.
A VTEM survey has outlined the Western, Central and Eastern trends, which are extensive, distinct anomalies prospective for gold-silver-copper-lead-zinc mineralisation.
These trends represent a large new exploration target area with the Western Trend stretching 2.2km in a north-south direction, the Central trend 4.1km in a northeast-southwest orientation and the Eastern trend a further 2.2km in a northeast-southwest strike.
Both the Western and Eastern trends remain entirely untested by the drill bit while the Central trend has only been investigated with shallow reverse circulation drilling.
'A high-level interpretation of the VTEM data review conducted by Core Geophysics has identified multiple new drill targets, including several that were previously unknown to Argent," Argent Minerals managing director Pedro Kastellorizos said
'Significantly, three extensive EM trends have been delineated, two of which remain completely untested.
'These trends extend well beyond the current boundaries of the known Kempfield deposit, indicating strong potential for the discovery of additional mineralised zones both at depth and along strike.
'The results highlight the substantial exploration upside at the Kempfield Project, as we continue to expand the mineralised footprint well beyond the established deposit.'
Apart from revealing the new prospective trends across Kempfield, Argent's interpretation of the VTEM survey data also offered insights into the Kempfield northwest zone's geology.
Preliminary modelling of the data indicates the source of mineralisation in the NW Zone is likely at greater depths than previously thought.
The company also identified an elevated electromagnetic response along the western margin of the Kempfield deposit, which may point to a deeper footwall position relative to known mineralisation.
Kempfield has a resource estimate of 63.7Mt at 69.75g/t silver equivalent for 142.8Moz, containing 65.8Moz silver, 125,192oz gold, 207,402t lead and 420,373t zinc.
Eclipse Metals (ASX:EPM)
Eclipse Metals was up 26.7% to a daily high of 1.9c after completing an oversubscribed placement at market price for funds of $2m to advance the 89Mt Grønnedal rare earth project in Greenland. It later settled up 6.7% at 1.6c.
Firm commitments have been received for the placement conducted at no discount to the last traded price of 1.5c with the placement cornerstoned by an existing shareholder with a $500,000 commitment, reflecting continued confidence in Eclipse's long-term strategy and the potential of its Greenland assets.
The oversubscribed placement to institutional, professional and sophisticated investors was strongly supported and Eclipse scaled back applications.
Proceeds will advance work at the Ivigtût and Grønnedal projects and support the evaluation of historical drill core and definition of new drill targets as Eclipse seeks to enhance its strategic role in the global rare earth supply chain.
Specific use of the funds is:
Exploration and resource expansion drilling at the Grønnedal REE prospect
Environmental baseline and remediation planning at the historical Ivigtût pit
Assessment and mineralogical analysis of historical drill core to enhance geological understanding; and
General working capital and costs associated with the placement.
The placement follows the recent announcement of an 89Mt mineral resource estimate at the Grønnedal REE deposit in southwest Greenland.
Trigg Minerals (ASX:TMG)
As it steps up efforts to become a key domestic supplier of critical minerals in the US, Trigg Minerals has confirmed multiple zones of massive stibnite mineralisation at the Antimony Canyon Project in Utah.
Initial field mapping confirmed several zones of massive stibnite at Emma and Mammoth deposits, further highlighting the project's potential as one of the highest grade and significant antimony projects in the US.
With more than 30 historical mines on-site in Utah, including the high-grade Nevada and Stebinite mines, Antimony Canyon shapes as one of the most promising undeveloped antimony assets in the US.
'We are pleased to commence this maiden phase of exploration at the Antimony Canyon Project,' Trigg Minerals managing director Andre Booyzen said.
'The confirmation of high-grade, massive stibnite zones at the Emma and Mammoth targets marks a significant milestone.
'It not only validates historical data but also strengthens our confidence in the project's potential to become a major domestic source of antimony.
'Our team is now focused on detailed mapping and systematic sampling to better define the extent and grade of mineralisation.
'We remain committed to advancing Antimony Canyon in support of the growing global demand for critical minerals essential to national security and the energy transition.'
TMG was initially up 12.9% on the previous close to 10.5c before easing lower to 8.1c with more than 70m changing hands.
Cazaly Resources (ASX:CAZ)
Another making a strong start to trading was Cazaly Resources, which was up as much as 37.5% to 2.2c before closing slightly higher at 1.6c after being granted approvals for drilling at the Goongarrie gold project north of Kalgoorlie.
First target will be the Duke of York prospect after a heritage survey was completed and program of work approvals were received for reverse circulation (RC) and aircore drilling from the WA Department of Energy, Mines, Industry Regulation and Safety.
Initial RC drilling, which will start after site preparation work, will follow-up anomalous drill intercepts including 8m at 10.7g/t gold, 13m at 3.5g/t, 3m at 6.3g/t and 4m at 2.7g/t.
Strike extents and plunge directions of gold mineralisation will also be tested at the Star of Goongarrie prospect.
Following the completion of RC drilling an initial phase of aircore drilling will be undertaken to assess the broader gold mineralised trend.
This drilling is designed to identify new gold prospects over five strike kilometres of the BTZ and includes poorly tested areas between Goongarrie Lady and Jenny's Reward gold mines, and the northern extension of the BTZ north of Jenny's Reward.
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Daily Telegraph
17 hours ago
- Daily Telegraph
NSW suburbs that outperform top super fund
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The Australian
18 hours ago
- The Australian
The next ASX mining takeover targets
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A scoping study completed in 2023 estimates a 1.3Moz mineral resource within a US$1800/oz pit shell. The study projects an NPV of US$210 million, based on a 2.4Mtpa throughput over an initial 8-year mine life, with an upfront capital expenditure of US$132m. This scoping study represents a preliminary 'starter' pit, and there is considerable upside potential, as the Ternera deposit remains open in all directions and district-scale exploration targets present additional opportunities for resource growth. Gold Fields owns 17.1% of Tesoro and has been providing ongoing technical support for Tesoro's regional exploration efforts. Astral Resources (ASX:AAR) A noteworthy takeover target in the gold space considering their open pit resource of 1.76Moz located 70km of Kalgoorlie. PFS is due late July. Paul Howard – Canaccord Genuity Given 25% of my coverage list was acquired last financial year and two of my covered stocks in ADT and NWC are currently under the microscope, this is a question I'm all too familiar with! (Ed's note: For context, Howard normally has 16-20 stocks under coverage) The mining sector typically expands and contracts over time in terms of number of participants. We had record IPOs post-Covid but now we're in a period of consolidation; the sector is getting smaller as the number of M&A deals increase. Although counter cyclical M&A deals make most sense, I see most upcoming M&A happening in the precious metals space, signalling that we are still far from the top. On the counter cyclical view, I wouldn't write off something happening in the nickel space with the likes of Centaurus Metals (ASX:CTM) (large nickel sulphide project in Brazil, Jaguar) and see opportunities for companies with copper offerings given the notion of decarbonisation and energy transition (Firefly, Cygnus Metals (ASX:CY5) or even Caravel Minerals (ASX:CVV)). But it's in precious metals where I see the most likely deals. Bellevue Gold (ASX:BGL) could go to an established producer in the near term; Antipa Minerals (ASX:AZY) could bolt on to Greatland Gold, continuing its Paterson Province consolidation moves; and the very large Rogozna project, owned by Strickland Metals (ASX:STK) in Serbia surely appeals to a major given the scale that could grow to 10Moz AuEq before long (Ed: Zijin is a large player in the geographical region). In the silver space, Andean Silver's (ASX:ASL) high grade and existing infrastructure offers appeal against a backdrop of global silver M&A deals (PASS-NYSE and MAG-TSX; DPM-TSX and ADT-ASX; AG-TSX and GATO-TSX). At the smaller end of town, companies like Astral Resources, Caprice Resources (ASX:CRS) and Great Boulder Resources (ASX:GBR) offer potentially accretive ounces to their neighbours, in our view. In West Africa, where many a M&A deal has taken place in recent years, we flag Predictive Discovery (ASX:PDI) and Turaco Gold (ASX:TCG) as having severe M&A appeal and wouldn't write off the prospect of seeing more strategic investments in smaller explorers such as Many Peaks Minerals (ASX:MPK) or Asara Resources (ASX:AS1). In fact, the whole global junior and emerging space is probably open to further strategic investments rather than pure takeover. We've seen Lundin, Montage and Zijin take this approach recently and to good effect. Hedley Widdup – Lion Selection Group Antipa Minerals (ASX:AZY) Given the amount of airtime this one has got I risk being Captain Obvious. The summary is that Greatland have done a wonderful job of outlining their plan to rejuvenate Telfer, which will benefit immensely from additional ore sources. Telfer is a big process plant, so anything that can be brought in probably needs to deliver volume as well. Antipa's Minyari contains a lot of its inventory in a single footprint, so offers up what appears to be both volume and compatibility. With Greatland set to list on ASX and suddenly become a big new domestically listed and focused gold miner, at a capitalisation that will likely see it gain index inclusion rapidly, you would expect them to have strong paper. I have to declare, Lion is a shareholder in Antipa. Bellevue Gold (ASX:BGL) This is also a name that has had chins wagging all over the place, and I think surrounds a notion that the market had a level of tolerance for commissioning issues, but Bellevue has taken too long and it's beginning to look like the ability to deliver large tonnage from a narrow vein underground at high grade is more challenging than hoped. The sport here appears to be in who the buyer might be, almost as if the chattering classes have decided a change of control is assured. Catalyst Metals (ASX:CYL) has not been concealing growth interest, although hasn't engaged in company-scale growth M&A since two deals to reunite the Plutonic field – their ambition would appear to be commensurate with a Bellevue sized target. Regis Resources (ASX:RRL) has been fingered for acquisitive interest and is probably seen as one of the most motivated project acquirers in the gold space aside of strategic neighbour consolidation. And I have wondered for a while if it is foolish to rule out Develop Global (ASX:DVP) – who spectacularly ruled out gold on the sidelines of Diggers and Dealers several years back ('gold isn't green, I'm sorry but its not') and is hitting its straps at its own project in NSW. My suspicion arises from (former Northern Star boss and now Develop MD) Bill Beament's personal history of buying projects he had previously operated at as a contractor. What would surprise us? At the moment the most deal speculation I read is around gold miners who have been piling in cash, buying up undeveloped growth options cheaply or bigger sized strategic deals like BHP for Anglo, Rio for Glencore etc. Who else is well funded, and what could they be looking at? With the competition between Trump and China leading to a renewed focus on rare earths and antimony, I think M&A interest may be relevant where deposits have either grade or scale or both, where they are located in safe jurisdictions and offtake is available. And to be clear, these are a few examples of a larger population, that might suddenly begin to look important as geopolitics changes. In rare earths, Critica (ASX:CRI) – resource stage which might make it a bit early for strategic corporates but it's very, very big, high grade and strongly located in WA's Gascoyne region (Lion owns some Critica). In antimony, Warriedar Resources (ASX:WA8) – very large antimony resource has emerged rapidly and largely from un-assayed historic holes that were drilled for gold and Southern Cross Gold (ASX:SX2) – it would be rare, but not unprecedented for a pre-resource situation to become a target. I am sure the high grades of antimony have been recognised. At Stockhead, we tell it like it is. While Astral Resources, Antipa Minerals, Caprice Resources and New World Resources are Stockhead advertisers, they did not sponsor this article. The views, information, or opinions expressed in this article are solely those of the fund managers, brokers8 and analysts and do not represent the views of Stockhead. Stockhead does not provide, endorse or otherwise assume responsibility for any financial advice contained in this article.
The Australian
18 hours ago
- The Australian
AUC to deliver Katanning DFS by end June 2025
Ausgold's Katanning gold project covers 3500km2 of ground in WA's Great Southern region DFS for proposed 3.6Mtpa development with a 10-year mine life nearing completion Decision to mine could come as early as Q1 or Q2 2026 Pegging large tracts of ground around promising projects is common enough in the mining world, but having a junior company lock down what's essentially an entire greenstone belt is far less common. Yet that's exactly what Ausgold (ASX:AUC) has managed to achieve with its Katanning gold project in Western Australia's Great Southern, where it has secured a landholding of over 3500km2 that is just 30km from the town of Katanning and some 275km southeast (and 3.5hrs via the Albany Highway) from Perth. This is primarily on freehold land – requiring the company to engage with landholders rather than deal with native title agreements, and includes mineralised trends that strike over 100km. This achievement was made possible by the relatively recent recognition by the Geological Survey of Western Australia in 2019 that what was previously considered to be just granite was actually a greenstone belt. Greenstone belts are much sought after for explorers due to their well-known gold prospectivity. Executive chairman John Dorward, who took the helm about a year ago as Ausgold brought in fresh blood with experience in operations and project development, told Stockhead the late identification of the project area as a greenstone enabled the company to really 'put its foot' on the entire belt. 'All of the ground that is of interest we have under tenure,' he added. Katanning gold project map. Pic: Ausgold Katanning gold project That greenstone was indeed fertile. Ausgold has defined one of the largest undeveloped resources in WA of 3.04Moz of gold at an average grade of 1.06g/t. Further highlighting the level of work already conducted, this includes higher confidence measured and indicated resources totalling over 2.42Moz and an ore reserve of 1.28Moz at 1.25g/t. That is enough for a plant with proposed throughput of 3.6 million tonnes per annum to comfortably sustain production of some 136,000oz of gold per annum for an initial 10-year mine life. Katanning is certainly attractive enough for Ausgold to be able to attract primarily northern hemisphere institutions to back a $38m placement last year to fast track its development. This includes the key definitive feasibility study which the company is putting the finishing touches on. It's due for release before the end of the month. 'It's starting to look really good, taking shape. I think it's going be a really strong project,' he added. He also noted the feasibility study is a big step towards putting a milestone out in the public domain and that not missing it would be a critical step on the right path for the company, contrasting with when it previously struggled to advance projects in a timely fashion. That gold prices are still trading at near record levels – A$5212/oz on Wednesday – is certainly helping, though Dorward said Katanning will be very competitive against other developments even at conservative price assumptions. Katanning gold project deposits. Pic: Ausgold Only the beginning The current Katanning project is a starter kit for Ausgold believes will be a multi-decade asset. The company's enormous land holding means there is plenty of the greenstone belt still to explore for large new gold deposits. 'We have started to actively explore that. We have enough to build a very attractive project. today, but we think it's just the early innings and very much just the starter for what we think will ultimately be there,' he said. Immediate growth could come through drilling to the north and south of existing resources as it remains open in those directions. There is also potential for repeat structures in the immediate vicinity of the project and opportunities for high-grade satellite feeders to be found across the company's regional exploration package. A major ~19,000m drill program is currently underway including 12,000m of RC drilling proximal to the KGP designed to de-risk the first 18 months of production and grow the mineral resource. The infill drilling has already delivered near-surface gold intercepts such as 14m grading 4.58g/t gold from 29m in the Central Zone that support the de-risking strategy and high-grade results such as 10m at 10.55g/t gold from 42m in the Southern Zone that supports the project's growth potential. Likewise, drilling has extended the Datatine high-grade shoot in the Northern Zone by ~240m down-plunge after returning a notable intercept of 6.6m at 3.4g/t gold from 362m, reinforcing its potential as a high-grade underground prospect that remains open down-plunge. Drilling at regional prospects has also intersected broad gold zones, which reinforce Ausgold's belief in the prospectivity of its regional growth pipeline. Road ahead Besides the upcoming DFS, Ausgold is focused on permitting. 'We will have our initial application in by the end of this month to start the permitting clock, which we think is around a nine-month timeline,' Dorward said. The company is also looking at debt financing, led by chief financial officer Benjamin Stockdale, a experienced operator who has assisted junior mining companies in securing financing for development of their first project. 'We are also starting detailed engineering and looking to buy long lead items as well as securing the last of the land access that we need in terms of compensating the underlying landholders,' he noted. 'It's going to be a busy 12 months but by end of Q1, early Q2 next year, we'll be looking to press the button on breaking ground. 'Once we publish the DFS, it is going to look to people like a very straight down the middle of the fairway, substantial Western Australian open pit gold mine. 'There's nothing challenging in terms of the mining or the metallurgy or the sort of the environmental aspects or anything like that. 'It's a straightforward project that's of really good size and it will make a tonne of money.' At Stockhead, we tell it like it is. While Ausgold is a Stockhead advertiser, it did not sponsor this article.
