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Juniors on Radar: 5 ASX Explorers to Watch today

Wed 02 Feb 22, 12:36pm (AEST)
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Key Points

  • Here are five junior miners to keep on your radar today
  • Legacy Minerals, Chase Mining, Horizon Minerals, Castile Resources, Jindalee Resources

Legacy Minerals Updates On Exploration Activities

Following a successful year of exploration in 2021 and listing on the ASX, Legacy Minerals (ASX: LGM) provided an update on exploration activities across its exciting projects within the Lachlan Fold Belt.

Diamond drilling is currently underway; forming part of the 16,000 planned drill metres that are fully funded through Company’s recent IPO.

Along with further geochemical and geophysical programs, the company has plans to drill a further two projects in Q3 and Q4. The results of the Q1 and Q2 drill campaigns across these projects will determine the next steps for the company.

Legacy Minerals Managing Director, Christopher Byrne said:

“We see excellent potential for growth at the Harden Gold Mine Prospect and our known mineralised drill target areas at Bauloora Mine Prospect.

These will be the initial focus of our diamond drilling and RC drilling programs this quarter. However, the potential for transformational new discoveries across the under explored package is possibly the most exciting part of the program.

Preliminary work on the Rockley, Cobar and Bauloora high priority target areas is underway. Importantly, each of these target areas is significantly underexplored and amenable to the low-cost exploration techniques aimed at defining high quality drill targets."

Chase Mining – Large Scale Rare Earths And Base Metal Project Identified

Chase Mining (ASX: CML) has notified that a review of recent geochemical and geophysical work by Geoscience Australia has led to the identification of a new rare earths and base metals project area on the northern Barkly Tableland.

Three Northern Territory Exploration Licences (EL) under Application, include:

Rare Earths

• Very large drainages with peak rare earths and niobium assay values in sediments.

• Long weathering history and lack of outcrops are favourable for near surface enrichments.

• High sediment assay values of the more valuable rare earths including Neodymium.

Base Metals

• An historic 88m intersection of copper lead zinc mineralised black shale in BHP core hole MD1.

• Very large drainage in an area of cover with peak values of copper cobalt bismuth molybdenum tellurium niobium palladium uranium vanadium tungsten.

The North Barkly Project

The project is comprised of three Exploration Licence applications (33128 / 29 / 30) totalling 1,950 sq km over pastoral lands on the Barkly tablelands 500km northwest of Mount Isa and 150km southwest of McArthur River.

Proposed Exploration Programme

After the ELs are granted, CML proposes to define the sources of the stream sediment metals and rare earths by conducting more detailed sampling.

The current and any future Geoscience Australia data will also be examined in more detail, in particular the geophysics. The BHP MD1 drill core will be located and, if possible, be analysed for more elements, including rare earths.

Horizon Minerals - New High-Grade Extensions Intercepted At The Crake And Coote Gold Projects

Horizon Minerals Limited (ASX: HRZ) has announced further high-grade drilling results from the Crake and Coote projects, within the Binduli gold project area located 8km west of Kalgoorlie - Boulder in the heart of the Western Australian goldfields.

The drilling forms part of the 50,000m CY21 program testing high priority resource growth and new discovery targets across the 1,100skm portfolio.

The aim of the program is to organically grow the project pipeline within a 75km radius of Kalgoorlie and establish Ore Reserves. The company is currently experiencing significant delays in assay turnaround due to labour shortages and has over 6,000m of drilling at the laboratories awaiting assay.

Castile Resources – Copper at Rover 4 Adds To Plans At Rover 1

Castile Resources Limited (ASX: CST) has advise that it has completed due diligence on the Rover 4 Prospect approximately 2.5 km north of Rover 1. Castile acquired the tenure outright prior to its demerger from Westgold in August 2019 from Andromeda Metals Ltd (previously Adelaide Resources Limited).

Most of the previous work was completed by Adelaide Resources Limited in the early 2000’s with drill results announced to the ASX at various times.

A total of 48 diamond holes have been drilled at Rover 4 and this data has been reviewed and assessed to allow Castile to report it according to JORC 2012 standards of disclosure.

The drilling has returned a number of thick copper intercepts with potential to become a significant additional pod of ore accessible by the planned decline for Rover 1.

Mark Hepburn, Managing Director of Castile, commented:

“The review work completed at the Rover 4 prospect provides another opportunity for expansions to the Rover 1 mining strategy. Whilst there have been 48 holes already completed at Rover 4, we will still require some additional drilling before we can produce a resource and reserve estimate.

We have now completed the required infill drilling at Rover 1 and commenced design and evaluation studies. The proximity of Rover 4 to the planned decline and infrastructure for Rover 1 will further enhance the economics in our studies.”

Jindalee Resources – Infill Drilling At McDermitt Continues To Deliver Multiple Near-Surface Intercepts

Jindalee Resources Limited (ASX: JRL) has announced assay results from the remaining three Reverse Circulation (RC) drillholes completed late in 2021 at the Company’s 100% owned McDermitt Lithium Project (US).

These new results continue to support the Mineral Resource Estimate (MRE) reported in April 20211.

MDRC021 intersected six mineralised zones of lithium with the best result of 29.0m of 1,801 ppm Li that included a 12.2 m wide zone grading over 2,500 Li.

This intercept is within 25m of surface and highlights the potential for enhancement of project economics through staged production as identified in the Preliminary Scoping Study.

MDRC022 also reported a wide, shallow intercept of over 20m of lithium mineralisation, including 1.5m at 3,110ppm Li from surface.

Jindalee expects the results from diamond drilling completed in December to follow later in the quarter. All drill hole results will be used to update the MRE early in the June quarter.

Written By

Mark Story

Editor

Mark is an investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics and a diploma in journalism. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content. Email Mark at [email protected].

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