Resources Top 4: Patagonia Lithium pumps ahead of pack after strong brine project results
Brines explorer Patagonia Lithium is charging after ‘exceptional’ results from Well Two at the Formentera project in Argentina. Get your resources wrap here.
Lithium brines explorer Patagonia Lithium (ASX:PL3) burst out of the blocks on Tuesday morning after reporting “exceptional” results from Well Two at the Formentera project in Argentina.
A packer sample from the aquifer zone showed a high lithium assay of 582ppm.
Porosity tests conducted on Well One also revealed extremely high total porosity ranging from 27 per cent to 47 per cent.
Further tests indicated the aquifer extends more than 200m in depth. Although the end of hole (EOH) for the second well was at 347m, it remained open at depth.
“These results are exceptionally encouraging – high porosity, with lithium values concentrating at depth,” PL3 exec chair Phil Thomas says.
For the latest mining news, sign up here for free Stockhead daily newsletters
“I have never seen core porosity at such high levels of 47 per cent at 280m depth and lithium values at that porosity of 572ppm.
“Pumping from well 2 during the 48 hours didn’t reduce the brine level in well 1, 300m away, so we are confident we have a very large aquifer open at depth.”
Assay results from our Formentera Project in Argentina have revealed high lithium concentrations with a peak of 582ppm.
The market continued to take a positive view of the news as the day went on, and at 2.30pm (AEST), Patagonia’s share price was up more than 21 per cent for the day.
Assay results from our Formentera Project in Argentina have revealed high lithium concentrations with a peak of 582ppm. ðŸ‘
— Patagonia Lithium (@PataLithium) June 18, 2024
Porosity tests showed high porosity values ranging from 27% to 47%, indicating aquifer depth exceeding 200m.https://t.co/GUYdrcpmLK#lithium#ASX#newspic.twitter.com/6yTswqYWfD
Other resources stocks in the news
RINCON RESOURCES (ASX:RCR)
This critical metals (REEs, niobium, copper, gold) junior was up about 21 per cent on Tuesday morning and more than 220 per cent so far this year.
By 2.30pm AEST it was still up by more than 20 per cent for the day.
Today’s needle-moving news – the company has announced the identification of three “high-priority” iron oxide copper-gold (IOCG) targets following the results of a geological survey (DDIP – dipole-dipole induced polarisation) at the Pokali Prospect, within its West Arunta Project in Western Australia.
The project is prospective for IOCG style mineralisation as well as “orogenic” gold mineralisation.
This latest surveying has highlighted a 2.7km-long ‘induced polarisation” (IP) chargeability trend along the southern extent of the Pokali IOCG mineral system and remains open to the west and east, although with the caveat that it appears to weaken in the eastern direction.
In a nutshell, then, this means confidence from the company that it could very well intersect high-grade copper sulphide at this newly discovered mineralisation trend.
MORE FROM STOCKHEAD: Equinox lighting up in Brazil | Keys to getting hard rock (lithium) rolling | Discovery Capital’s five small cap picks
SUN SILVER (ASX:SS1)
This ASX newbie has made a decent start to life on the local bourse, up about 150 per cent since listing.
And it’s up decently on Tuesday too (ahead by 11 per cent for the day at 2.30pm, AEST), after a high-grade target zone with exceptional silver intercepts was identified on the northwest boundary of the Maverick Springs resource, in Elko County, Nevada, USA.
Historical drilling data highlights impressive results, including an intercept of 6,216g/t silver over 1.5m within a broader 54.86m interval at 303.08g/t silver, and another intercept of 5,340g/t silver over 1.5m within a 54.86m interval at 278.41g/t silver.
The Maverick Springs project has an inferred mineral resource of 292,000,000 oz AgEq at 72.4gt Ag.
What happens next? Drill targets for the company’s inaugural drilling campaign currently being finalised based on fieldwork and high-grade zone assessment results.
Sun Silver executive director Gerard O’Donovan said he believed that defining this high-grade target zone, along with defining drill targets provided validation for all the analytical work the company had conducted at the site so far.
“Mapping high-grade results near the northwestern border of the current resource has boosted confidence in potential for extension of mineralisation beyond defined boundaries and the potential for discovering higher grades,” he noted.
Visit Stockhead, where ASX small caps are big deals
ANTILLES GOLD (ASX:AAU)
Minnow copper-goldie Antilles has been attempting to arrest a slide in its share price that’s been largely trending that way ever since late April.
It was doing well in that quest on Tuesday morning, at one stage up more than 20 per cent for the day, based on some capital raising news.
Sadly, by 2.30pm (AEST) it had given back that gain and was flat for the day. But at least the slide seems to have been halted for now.
The company announced it was undertaking a non-renounceable entitlement offer of one new share for every one held by ‘eligible shareholders’ on Thursday, June 20, 2024 at an issue price of $0.004 per share, along with one free attaching option for every two shares applied for.
The plan there is to raise up to $3,986,139, to be applied in various ways, but namely towards the completion of an in-fill drilling program, revised mineral resource estimate, preliminary feasibility study and permitting for the company’s flagship Nueva Sabana gold-copper mine development in Cuba.
In early May, Antilles revealed results from a scoping study regarding the proposed Nueva Sabana gold-copper mine.
Details from that reveal that the Nueva Sabana deposit has a small 3g/t gold cap, an underlying copper-gold zone, and a deeper sulphide copper zone open at depth at 150m, and could potentially transition into the El Pilar porphyry copper deposit which is offset to the south.
This content first appeared on stockhead.com.au
At Stockhead we tell it like it is. While Sun Silver was a Stockhead advertiser at the time of writing, it did not sponsor this article.
SUBSCRIBE
Get the latest Stockhead news delivered free to your inbox. Click here
Originally published as Resources Top 4: Patagonia Lithium pumps ahead of pack after strong brine project results
Investor Guide: Health & Biotech FY2025
In this special investor guide, health and biotech guru Tim Boreham leads Stockhead’s deep dive into the most cutting edge sector on the ASX.
Investor Guide: Gold & Copper FY2025
Stockhead's writers - including mining guru Barry FitzGerald - take you inside the copper and gold markets, and zero in on juniors exploring for the next major mine.
Biotron may be superhero for HIV patients
A drug which could make a huge difference to HIV-1 infected people has returned promising results – driving up biotech Biotron’s share price by 15 per cent.