Big Drill Hits

Big Drill Hits: The best lithium, gold and copper hits of the week

Fri 16 Jun 23, 3:15pm (AEST)
View of the device of an oil drilling rig
Source: Shutterstock

Key Points

  • Patriot Battery Metals is on the verge of breaking out to an all-time high
  • Azure Minerals has more than doubled this month. In March, SQM took a 20% stake in the company
  • Musgrave Minerals delivers a big gold hit following a takeover offer from Westgold earlier this month

Welcome back to Weekly Big Drill Hits – A curated list of the most intriguing intersections made by ASX-listed explorers.

The week has been cut a little short due to the Kings Birthday on Monday but features more big hits from Patriot Battery Metals. As well as M&A recipients Azure Minerals and Musgrave Minerals.


Lithium hits
Date range 12-16 June

Patriot Battery Metals (ASX: PMT) shares are up around 20% this week amid a combination of firmer lithium prices, positive drilling announcements and a technical breakout. Earlier this week, Patriot said it remains on target for a July 2023 maiden mineral resource estimate

Azure Minerals (ASX: AZS) shares have more than doubled since the beginning of June. Still, management commentary from this week's drilling result sounded very optimistic about upcoming newsflow:

"To date, we’ve only drilled along one kilometre of the strongly mineralised corridor that has now been mapped and sampled over a strike length of more than two kilometres, giving this prospect substantial volume potential."

“Additionally, across the project area, our geologists have identified at least another eight zones hosting multiple outcropping spodumene-rich pegmatites with previously reported surface sampling returning high grades of lithium over significant strike lengths. More rigs are set to be mobilised to site to test these high priority targets."


Gold hits
Date range 12-16 June

Musgrave Minerals (ASX: MGV) was a stock that made an appearance as part of my weekly 'Talking Technicals' series. On 5 June, I observed that the stock was marking one of its first sustained moves above the 200-day moving average and pushing out on abnormal volume (10 million vs. 20-day average of just 943,000).

Funnily enough, the company received a takeover offer from Westgold the next day. The unsolicited offer was all-script, which proposed 1 Westgold share for every 5.37 Musgrave shares or an implied offer price of 30 cents per share.


Copper hits
Date range 12-16 June


Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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