Resources Top 5: Kula bags on Cobra strike, as fellow lithium hunter Oceana swells
Two lithium stocks are riding an exhilarating wave on Thursday, with one up more than 50 per cent, and the other jumping 44 per cent.
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The shareholders of goldie and white goldie Kula Gold (ASX:KGD) believe in yesterday … and today.
KGD is leading the ressie sick gainz pack so far today, thanks to the news we (okay, and other outlets, probably) delivered on Wednesday regarding drilling of an expanded target area at the Cobra lithium project in southwest WA, which is due to kick off next week.
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We’ve got full details of that in our special report from yesterday, here. But, in brief with bullets:
- Drilling is to start next week at Kula Gold’s 3km long, 500m wide Cobra lithium prospect
- $650,000 will be raised for a maiden drill program
- The company also has optioned more ground to expand wider Kirup lithium project by 48sq km
- Kirup tenements are adjacent to Greenbushes, the world’s biggest lithium mine
And here’s one of Stockhead’s most excellent camera-facing journos, Ashtyn Hiron, speaking about it all with Kula Gold’s MD Ric Dawson.
â›ï¸ Kula Gold Managing Director Ric Dawson speaks to @StockheadAU re: drilling at $KGD's Cobra #Lithium Prospect.
— Kula Gold Limited (@KulaGold) November 15, 2023
🗣 "We’ve done all the groundwork & now it’s up to the RC rig to give us some results that hopefully will be spodumene at depthâ€
âš™ï¸ https://t.co/PcfV8u6JGg$KGD.axpic.twitter.com/NUvMBFeJhR
The market is still very excited about it all with the KGD share price up 52.4 per cent for the day at 2pm (AEDT).
Other resources stock in the news
OCEANA LITHIUM (ASX:OCN)
Swelling up on Thursday, in a good way, we also have Oceana – another peggie explorer on the hunt near and far – including in Australia, Brazil and Canada.
It’s on the move thanks to identification of high-priority lithium targets at its Monaro project in that hottest of lithium hotspots – James Bay, Canada.
OCN reports the first phase of field exploration work has now wrapped up at the site, and it’s left with an option to acquire a 100 per cent interest in the project.
Monaro has 207 mineral claims covering an area of 104sq km along the western portion of the Duhesme Lake metavolcanic-sedimentary greenstone belt, which can be traced about 40km along strike and 4-5km across – see below.
The company says that “elevated levels of rubidium (Rb) and low potassium-to-rubidium ratios coincident with favourable geology and magnetic signatures have delineated several high-priority lithium targets for further investigation”.
About 175 rock samples are being assessed with results expected in December.
We’ve got more on this, in our special report here.
Similar to Kula, OCN’s share price has taken off and was up 44 per cent at 2pm Thursday (AEDT)
ANDROMEDA METALS (ASX:ADN)
Let’s take a short break from banging on about lithium shall we?
Here’s Andromeda Metals, also looking good on the bourse on Thursday, courtesy of its kaolin-hunting efforts, among other news.
If you didn’t know, kaolin is clay mineralisation used in the premium ceramic industry, as well as having some tech, medicine, cosmetic, and even food additive and toothpaste industry applications. In short, the stuff is useful.
The company has just announced its JORC-code-aligned inaugural Mineral Resource Estimate (MRE) for the Chairlift kaolin deposit in South Australia.
The company notes a combined Inferred Resource of 53.5 million tonnes (Mt) of kaolin at the deposit, neighbouring Andromeda’s flagship kaolin project Great White to Chairlift’s northwest.
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“The Chairlift Deposit adds to the number of high quality resources now surrounding The Great White Project, further cementing the global significance of the region for high quality kaolin products,” said Andromeda CEO and MD Bob Katsiouleris
“These resources significantly expand the potential market opportunities for Andromeda in the high-end porcelain ceramics and low-carbon concrete markets, further supporting the long-term benefits and future expansion opportunities of the planned development of The Great White Project.”
At 2pm Thursday (AEDT), ADN is up 4.2 per cent for the day. It was up considerably more earlier in the day.
BRIGHTSTAR RESOURCES (ASX:BTR)
In a further diversion from lithium, let’s briefly talk Brightstar, because it’s shining on Thursday, too.
At 2pm (AEDT), it was up 15.4 per cent for the day.
And that’s thanks to a maiden mineral resource heads up for the Link Zone deposit within the broader Menzies gold project, which is near the town that goes by the same name, about 130km north of Kalgoorlie.
Brightstar’s estimate: more than 21k oz at 1.1g/t Au from shallow, near surface material.
The company says Link Zone has potential for early-stage mining “to generate operational working capital to organically fund exploration and development activities. The MRE displays favourable ore body characteristics of near surface stacked lodes, oxidised material, likely low strip mining and is still open at depth and along strike at all three deposits within the Link Zone.”
Brightstar’s MD Alex Rovira said: “In addition to completing the necessary approvals, permitting and mine planning, Brightstar are also assessing whether Link Zone can be extracted under a mining joint venture similar to the current Selkirk mining JV.”
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TYRANNA RESOURCES (ASX:TYX)
Right, back to regular programming – lithium. Kidding. Sort of.
We noted recently that critical minerals explorer TYX had the drills spinning with some success at its Muvero prospect within the Namibe lithium project in Angola.
Today, the stock is double-digits well up on a fair bit more spodumene-bearing pegmatite-poking action at the promising African site.
So far, drill-holes MRC01 to MRC10 have been completed, for a total of 1650m.
Spoddy goodness has been spotted in drill-cuttings from seven of said 10 holes.
The company is encouraged by this, natch, and says it’s set to increase its drilling ops from 6000m to 8000m or more and continue through 2024, as well as keeping up its drilling at other prospects.
Someone at Tyranna tipped out their kid’s Lego collection and filled it with some juicy, spod-bearing rock samples. Here’s a pic:
“The continuing intersection of spodumene-bearing pegmatites reinforces the potential of the Muvero prospect to contain a substantial amount of spodumene,” said Tyranna’s technical director, Peter Spitalny.
“And we are optimistic that as drilling continues and extends into 2024 this will prove to be the case!” he emphasised.
TYX’s share price was up 18.7 per cent for the day at 2pm (AEDT).
This content first appeared on stockhead.com.au
At Stockhead we tell it like it is. While Kula Gold and Oceana Lithium are Stockhead advertisers at the time of writing, they did not sponsor this article.
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Originally published as Resources Top 5: Kula bags on Cobra strike, as fellow lithium hunter Oceana swells
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