Resources Top 5: Queensland copper discovery sends Canterbury up 43pc

Drilling at Alma Metals and Canterbury Resources’ Briggs asset in QLD uncovered near surface, high-grade copper and molybdenum mineralisation.

Pic: Getty Images

• Canterbury Resources gains ~43% on a new copper find 

• Western Yilgarn restarts bauxite exploration at Julimar West

• Cosmos Exploration, Core Energy Minerals and WA Kaolin up on no news 

Your standout small cap resources stocks for Thursday, January 30, 2025. 

Canterbury Resources (ASX:CBY)

The latest round of infill drilling results at the Briggs copper project has outlined a higher-grade zone of mineralisation, confirming the Southern porphyry hosts potential to expand the overall inferred resource of 415Mt at 0.25% copper and 31ppm molybdenum.

CBY says the Southern porphyry target is officially a ‘new discovery’, roughly 300m to the southeast of the Briggs resource.

All 2024 drilling results will feed into an updated resource estimate being completed in the March quarter and will be used in the scoping study, currently underway.

Funding for Briggs continues to be provided by Alma Metals (ASX:ALM) under an earn-in agreement. ALM is in Stage-3 of the earn-in whereby it can reach a 70% interest by spending an additional $10m.

“We look forward to outlining our project development concepts and indicative financial parameters in the not-too-distant future,” CBY managing director Grant Craighead said.

Western Yilgarn (ASX:WYX)

Bauxite prices have hit new highs, surpassing the value of a tonne of iron ore for the first time, as supply disruptions in Guinea and Brazil and output suspensions in Australia continue to fuel the surge.

WYX is one explorer looking to take advantage of improving market conditions by restarting activities at its Julimar West project in WA’s Darling Range, an area with a long history in prospective bauxite mineralisation dating back to 1968 and through to 2011 by various companies including Hancock Prospecting and Rio Tinto.

Bauxite in the region is contained in gibbsite, an important ore of aluminium oxide highly sought after by alumina refineries due to its ability to be processed via a conventional ‘Bayer Process’ refinery, which means lower processing costs.

WYX is diving straight into resource estimation work based on surface sampling, drilling, metallurgical test work and scoping studies completed by previous explorers, with over 5765 aircore and vacuum drill holes totalling 32,405m secured to date.

Cosmos Exploration (ASX:C1X)

(Up on no news)

Up on no news was Cosmos Exploration, which in December 2024 entered into an option agreement to acquire EAU Lithium, which in turn has a technology partnership with Vulcan Energy Resources (ASX:VUL).

The partnership enables EAU to use VUL’s advanced direct lithium extraction tech to test lithium brines from Salar de Coipasa, Salar de Empexa and Salar de Pastos Grandes.

This also has the potential for expansion to other salars across Bolivia as a precursor to a long-term JV partnership with Bolivia’s state-owned lithium company, Yacimientos de Litio Bolivianos.

If successful, it will allow the company to enter into industrialisation agreements under a JV, securing access to purchase lithium brine for lithium extraction using DLE technology.

Core Energy Minerals (ASX:CR3)

(Up on no news)

Uranium stock CR3 raised $3.7m via a two-tranche placement earlier this week to fund exploration work across its portfolio of projects in South Australia and Brazil.

That came hot on the heels of a two binding staged option agreement for the acquisition of two projecs – Cummins and Harris Greenstone – in South Australia in mid-January.

Historical drilling results at the 952km2 Cummins asset show widespread palaeochannel hosted uranium mineralisation over a distance of 10km, similar in nature to Alligator Energy's (ASX:AGE) nearby Samphire project.

Meanwhile, the 1350km2 Harris Greenstone asset covers unexplored extensions of the well-defined palaeochannels hosting nearby 1.48Mlb Warrior deposit with Native Title 9B access agreement already in place, enabling fast tracked on-ground exploration.

Core has some big names on board. Chair Chris Gale recently walked out on top at Latin Resources after selling the explorer for $560m to Pilbara Minerals (ASX:PLS), with former Latin exec Tony Greenaway on board as executive director.

As outlined in a presentation today, CR3 also holds uranium and rare earth prospects in Brazil and Namibia.

WA Kaolin (ASX:WAK)

(Up on no news) 

While the company was up no news, the company had noted in its September 2024 quarterly that while its sales of 3244t generating revenue of $672,000 was down on the previous quarter, it was adding new customers each quarter. It did note back then that forward orders amounted to 3571t and that it was building its market presence and brand in Asia.

The company also said that its engineered ceramic products were showing positive test results with customers and that sales were expected to grow in the December quarter.

On the operations front, WAK noted that mining activity was more controlled using in-house equipment and plant performance continues at >80% reliability with no lost time safety incidents.

Minor process modifications continue as expected in new plants and include improvements to materials handling processes to minimise dust and spills.

At Stockhead we tell it like it is. While Core Energy Minerals and Western Yilgarn are Stockhead advertisers, they did not sponsor this article.

Originally published as Resources Top 5: Queensland copper discovery sends Canterbury up 43pc