Juniors on Radar: 5 ASX Explorers to Watch today

By Market Index
Tue 01 Feb 22, 12:59pm (AEST)

Key Points

  • Five juniors with interesting announcements today
  • Marquee Resources, Arizona Lithium, Boab Metals, Panther Metals, Kingwest Resources

Marquee Resources intersects massive sulphides at Lone Star

Marquee Resources (ASX: MQR) has soared 11.54% this morning after reporting massive sulphide intersections in the first ten drill holes at the Lone Star copper gold project, located in Washington State, USA. 

Fourteen drill holes are now finished at Lone Star. Two of these holes intersected high-grade copper (up to 18.5% Cu), elevated gold (up to 10.4 g/t Au), and silver (up to 106 g/t Ag). 

About 460m of sulphides were visually logged over the 8 drill holes, which are still awaiting assay results. 

Thanks to encouraging signals from the core visuals, Marquee claims to be pushing drill holes well beyond historical depths. 

Executive Chairman Charles Thomas commented: 

“It’s exciting to continue to see visible chalcopyrite-pyrite mineralisation in all 10 of the logged drill holes as we rapidly progress through the drilling program. Particularly observing wide zones of sulphides in our eastern drill holes which are aimed to test the downdip potential of the Project.” 

Further results are currently pending, says Thomas. 

“We’re looking forward to the next batch of results and we continue to push for a JORC compliant resource to be delivered in the first half of 2022.”

Arizona Lithium leaps after launching scoping study

Arizona Lithium (ASX: AZL) has jumped 14.29% at the open after beginning a scoping study at the Big Sandy lithium project, located in Arizona. The company has engaged Ausenco Engineering USA South to complete the study. 

Ausenco will draw upon its global lithium and resource development expertise to evaluate extraction, treatment and transportation options. 

Managing Director, Paul Lloyd, commented:

“This represents the first step in the process of evaluating extraction, treatment and transportation options, identifying key cost centres, that allow for evaluation and optimisation, thereby creating optimum value, while making the Project a global model for responsible and sustainable mining.”

Big Sandy is a shallow, flat lying mineralised sedimentary lithium resource. Arizona Lithium says this will allow for development with a low environmental impact. 

Ausenco will work with Hazen Research to improve quality and reduce costs through a range of measures, including by enhancing the recovery of lithium from beneficiation waste. 

Planning is currently underway to construct a demonstration plant to test these methods. 

According to Arizona Lithium, the project will benefit from excellent nearby infrastructure, along with strong Federal and Arizona stakeholder support for lithium and battery development. 

map of arizona lithium projects

Arizona Lithium Project Portfolio, including major Li-battery infrastructure in close proximity to Big Sandy and Lordsburg Lithium Projects. (Source: Arizona Lithium)

Boab Metals confirms high grade mineralisation

Boab Metals (ASX: BML) has jumped 4.76% after reporting assays from the company’s 75%-owned Sorby Hills lead-silver-zinc project, located in the Kimberley Region of WA. 

The company has confirmed elevated silver grades at the Beta Deposit, which is within the Sorby Hills project. According to Boab, some metre intervals have recorded up to 360g/t silver (from a total drilling sample of 57m).

Boab expects the results to have a positive impact on the inclusion of the Beta Deposit in the Sorby Hills definitive feasibility study mining inventory.

Managing Director and CEO Simon Noon stated: 

“The high-grade results from our RC drilling program provide further support for the inclusion of the Beta Deposit in the DFS mine plan. We look forward to building on these positive results, and those observed at our exploration prospects, in our next drilling program.” 

Panther Metals passes the halfway line

Panther Metals (ASX: PNT) is up 6.38% after the company passed the halfway mark of the drilling program at the Coglia nickel-cobalt project in WA. Panther reached this milestone with zero lost time injury or medical treatment injury. 

In total, Panther’s reverse circulation exploration program will drill 6,000m of samples. The company passed the 3,000m mark in accordance with the expected timeline and capital expenditure.

A nickel-cobalt mineral resource estimate will be generated from the drilling. Deeper nickel sulphide mineralization will also be explored. 

Commenting on the announcement, CEO and Managing Director Daniel Tuffin said:

"We commenced the drill programme on 16 December 2021, just four business days after listing the Company. Given the Christmas and New Year breaks, some fairly inclement weather and having to mitigate the ever-increasing COVID difficulties, I’m very pleased with the progress of the drilling to date."

Panther has an estimated nickel-cobalt JORC exploration target of 30- 50 Mt based on previous exploration by Heron Resources (2001-03) and Whitecliff Minerals (2018).

Upon completion of drilling, which is expected to be at the end of February, Panther will further update the market.

panther metals

(Source: Panther Metals)

Kingwest Resources resume drilling at Sir Laurence

Kingwest Resources (ASX: KWR) have recommenced drilling at the Sir Laurence gold discovery. The news has bolstered the company’s share price some 5.41% today. 

Last year, aircore drilling delivered significant gold on every line over 2km strike length. The company says that this highlighted high grade source potential. 

This year, a 4,000m aircore drilling programme will test for further extension to the discovery, which remains open in every direction.

An initial 3,000m diamond core drilling programme is also scheduled to start within weeks.

CEO Ed Turner commented:

“The planned initial 3,000m diamond core drilling program is scheduled to commence in February 2022, with a new customised drill rig already onsite.”

“We are excited to recommence drilling at Sir Laurence as we believe we have not yet delineated the full extent of gold mineralisation there or indeed within the Goongarrie Project area.”

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