Big Drill Hits: The best lithium, gold and copper intercepts of the month

Welcome back to Weekly Big Drill Hits – A curated list of the most intriguing intersections made by ASX-listed explorers. This week, we're recapping the biggest hits from last month.

Lithium

The 'Interval' reflects the length of the core and 'From' reflects interval start. Only the highest grade thickness intercept is shown (per announcement). The data is for illustrative purposes only and may not be an exhaustive list of all drill hits. (Data date range: 1-31 July)

Patriot Battery Metals (ASX: PMT) delivered the final assay results from its Winter program in early July. Followed by its highly anticipated maiden resource for the CV5 deposit at the Corvette Project and a C$109 million strategic investment from lithium giant Albemarle.

Despite all the good news, Patriot shares have struggled for upside, down around 7% since the maiden resource announcement on Monday, 31 July. The result might have already been baked into the share price and used as a catalyst to sell. Nevertheless, Macquarie remains extremely bullish on Patriot's potential, with an Outperform rating and a $2.30 target price.

"The resource is based only on the large pegmatite defined at CV5 and we see upside in defining additional resources in regional targets," the analysts said in a note earlier this week.

Patriot Battery Metals price chart (Source: TradingView)

Gold

The 'Interval' reflects the length of the core and 'From' reflects interval start. Only the highest grade thickness intercept is shown (per announcement). The data is for illustrative purposes only and may not be an exhaustive list of all drill hits. (Data date range: 1-31 July)

Sunstone Metals (ASX: STM) is targeting a 10 million ounce opportunity at its Bramaderos Project in Ecuador. The company says current interpretation suggest "multiple mineralised structural orientations with higher-grade shoots at intersections," which highlights the potential for "significant growth of Mineral Resources at higher grades."

The $12m capital raise (10% discount) in mid-May has been the main drag on the company's share price.

Sunstone Metals 12-month price chart (Source: Market Index)

Copper

The 'Interval' reflects the length of the core and 'From' reflects interval start. Only the highest grade thickness intercept is shown (per announcement). The data is for illustrative purposes only and may not be an exhaustive list of all drill hits. (Data date range: 1-31 July)

Xanadu Mines (ASX: XAM) shares experienced a 110% rally between 9-20 June. In the company's own words, they witnessed a "material positive re-rating during the period which the company considers reflects market recognition of Kharmagtai de-risking, and the significance of the positive steps taken thus far to both enhance the project and to move the project further along the path to production."

While most small rap rallies tend to fizzle, the pullback for Xanadu has been shallow and well supported. The stock is currently trading within 10% of its recent high.

Xanadu Mines 12-month price chart (Source: Market Index)