Resources Top 5: Terra Metals leads pack ahead of pending drill assays

Terra Metals is awaiting further assays from its Dante Reefs discovery where drilling has already demonstrated consistent mineralisation.

Top dog Terra Metals is awaiting more drill assays from the Dante Reefs discovery. Pic: Getty Images

• Top gainer Terra Metals is currently awaiting more assay results from drilling at its Dante Reefs discovery

• Australian Mines continues to gain on the near doubling of its scandium resource

• Perpetual, King River and Platina also up on no news today

Your standout small cap resources stocks for Friday, January 10, 2025.

Terra Metals (ASX:TM1)

(Up on no news)

Terra Metals led the gainers this morning with a 26.09% gain to 2.9c despite a lack of any news out today.

In mid-December 2024, the company reported further drill assays that demonstrated consistent Bushveld-style copper, gold, platinum group metals, titanium and vanadium reef mineralisation at the Dante Reefs discovery in Western Australia.

One diamond hole from the Phase 1 drilling returned a 7.7m intersection grading 0.27% copper, 0.67g/t PGE, 18.4% titanium dioxide and 0.68% vanadium pentoxide from 86m while Phase 2 reverse circulation drilling returned results including 5m at 0.86g/t PGE, 0.26% copper, 19.2% TiO2 and 0.78% V2O5 from 12m.

Assays are pending from a further 68 drillholes, which could account for the gains on anticipation of further successes.

Australian Mines (ASX:AUZ)

Australian Mines continued to gain on its announcement on January 8, 2025, that it has close to doubled the scandium resource at its Flemington project in New South Wales.

Resources at the project had increased from 3.7Mt at 458 ppm to 6.3Mt at 446 ppm with an impressive 98% of that classified within the higher confidence measured and indicated resources.

Adding further interest, 90% of the resource is located within 50m at surface, presenting a compelling development opportunity for the company at a time of rising demand and moves to diversify away from Chinese-dominated supply.

Flemington also has a nickel grade of 1350ppm and a cobalt grade of 601ppm.

Perpetual Resources (ASX:PEC), King River Resources (ASX:KRR) and Platina Resources (ASX:PGM)

(Up on no news)

In mid-December 2024, Perpetual’s maiden exploration program zeroed in on three distinct mineralised corridors along separate pegmatite trends at its Isabella asset in Brazil’s Lithium Valley.

The program delivered ultra high-grade spodumene of up to 6.8% Li2O and has confirmed widespread anomalies across regional-scale pegmatite trends, less than 10km from Atlas Lithium’s Das Neves mine and processing plant in Minas Gerais, Brazil.

A number of these trends extend over 1km with regional interpretation confirming potential extensions of up to 3km when extrapolated at both ends.

Meanwhile, King River rose 16.67% to 1.4c this morning.

In November, it announced the discovery of a new 250m-long gold zone at Kurundi, south of the central main workings with grades of up to 12.75g/t gold.

Exploration was focused on extending previously discovered high-grade gold mineralisation it sussed out from drone magnetic surveyance last year.

The company then received the final $2.4m payment in early December from the sale of its Speewah project to Tivan (ASX:TVN).

In equal fourth place with a 16.67% increase to 2.1c is Platina Resources, which hasn’t had much activity in recent months.

Back in early November 2024, it secured a $54,750 Exploration Incentive Scheme grant from the WA state government to fund up to 50% of deeper drilling at its Xanadu gold project.

Xanadu is close to Kalamazoo Resources' (ASX:KZR) 1.44Moz Mt Olympus gold deposit and has previously been the subject of airborne electromagnetic and induced polarisation surveys that identified multiple drill targets.

Deeper drilling is expected to unlock the deeper sulphide potential of a system represented by dispersed oxide mineralisation closer to surface.

At Stockhead, we tell it like it is. While Australian Mines and Perpetual Resources are Stockhead advertisers, they did not sponsor this article.

Originally published as Resources Top 5: Terra Metals leads pack ahead of pending drill assays