Basic Materials

Juniors on Radar: 5 ASX Explorers to Watch today

Thu 03 Feb 22, 12:18pm (AEST)
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Key Points

  • Five juniors with interesting announcements today
  • Torian Resources, GTI Resources, Austral Resources, Benz Mining, Rox Resources

Torian Resources reports more high-grade gold results

Torian Resources (ASX: TNR) has jumped 11.11% after reporting further high-grade gold (Au) results for the Mt Stirling project. 

The results included 10m @ 9.64 g/t Au from 105m, and 6m @ 5.81 g/t Au from 77m.

Torian has now completed 29 of the planned 42 drill holes for the project, with 4 extra holes added to SE extensions. 

As part of its ongoing drilling campaign, the company will keep releasing further results throughout February and March. Samples from multiple drill holes are already at the lab pending analysis.

If Torian remains on schedule, the company should provide a global mineral resource estimate by the end of Q1 2022. 

Executive Director Peretz Schapiro commented:

“Both the grade and width of today’s gold results bode exceptionally well for a potential resource upgrade in both size and confidence later this quarter.”

“It is really exciting that despite a significant amount of drilling over the last ~15 months we are still yet to define the bounds of the Mt Stirling / Viserion system, which remains open at depth and open along more than ~1.2KM of strike.”

GTI Resources announces spin out

GTI Resources (ASX: GTR) has climbed 7.50% today after executing a binding tenement sale &  purchase  agreement  with  Regener8 Resources for the company’s Niagara gold project, located near Kookynie, WA.

Regener8 plans to list on the ASX by raising between $4.5-5.5m at a share price of 20 cents. This IPO will facilitate exploration at Niagara.

According to today’s announcement, Regener8’s listing will provide GTI with a variety of benefits, including 5m ordinary R8R shares and $150,000 cash. 

GTI expects the listing to create a total potential value of $1.45m at the IPO.

More importantly, by divesting the company’s gold assets into this spin off, GTI will be free to focus on its USA-based uranium assets. 

Chairman Nathan Lude commented: 

“Divestment of GTI’s non‐core gold assets is a crucial step forward as we execute our strategy to focus  the Company’s financial and management resources on key uranium assets in the USA.”

“By divesting these  gold  assets  into  Regener8,  GTI  will  be  able  to  focus  on  our  key  USA  uranium  assets  while  retaining  exposure to a company that will be focused on the development of an exciting suite of gold exploration  properties.”

Austral Resources secures offtake agreement with Glencore

Austral Resources (ASX: AR1) has nudged 2.50% higher after entering into a binding offtake and prepayment facility, with Glencore – one of the world’s largest mining companies.

Glencore will gain offtake rights for up to 40,000t of copper cathode produced at Austral’s Anthill Mine. The offtake begins in the second half of 2022. 

Glencore will also provide Austral with a $21m prepayment facility, allowing Austral to immediately expedite exploration and development activities.

CEO Steve Tambanis commented:

“Together with this offtake agreement, a $21m prepayment facility enables us to accelerate our planned exploration programme and importantly, provides a solid financial buffer for Anthill’s start-up phase over the next five months. 

“Glencore underwent a lengthy due diligence process to assess our production capabilities and is pleased with the high quality of Austral’s copper cathode.”

Benz Mining finds high grade lithium at Ruby Hill West

Benz Mining (ASX: BNZ) has soared 15.04% after reporting assay results from rock chips sampling at the Ruby Hill West lithium prospect. The sampling confirmed high grade lithium mineralisation, along with rubidium, caesium, and tantalum. 

Today’s results extended the strike length previously found by surface sampling. According to magnetic surveys, the LCT pegmatites may extend for several kilometers under glacial cover. 

Benz controls over 35 strike kilometres of the greenstone belt. 

The company is preparing for further exploration drilling. Benz expects this to begin at the end of March or start of April. 

Commenting on the announcement, CEO Xavier Braud said:

“These are excellent results that identify high grade lithium mineralisation over a large outcropping area at Ruby Hill West.”

Braud expressed excitement over the greenfield nature of this prospect. 

“This area has never received a drill hole,” says Braud.

“I keep repeating myself saying how little exploration the Upper Eastmain greenstone belt has seen – this is essentially virgin ground for discoveries.”

Rox Resources announces drill results

Rox Resources (ASX: RXL) is up 1.15% today after announcing aircore drilling results from the Youanmi Gold Project, located in WA. The project is a joint venture between Rox and Venus Metals (ASX: VMC), with each company holding a 50% stake. 

The company’s aircore drilling intersected regolith gold anomalies over about 4km of strike. The results included up to 4m @ 2.37 g/t Au from 68m.

According to Rox, these results signify gold potential beneath the transported cover that persists through much of the belt.

Managing Director Alex Passmore commented:

“Since entering the VMC JV (i.e. Youanmi regional ground) we have recognised the broader Youanmi belt has a history of high-grade discoveries in differing geological settings (e.g. Youanmi, Penny West, Golden Crown, Commonwealth) but remains substantially underexplored. We are extremely pleased to have identified some significant mineralised corridors and zones of gold anomalism beneath the widespread transported cover.”

Written By

Jed Herne

Content & Strategy

After graduating with a 99.4 ATAR, Jed won 3 scholarships to Curtin University, where he earned his Bachelor's degree and served as a Student Ambassador. He is primarily interested in long-term passive index funds as a vehicle for financial independence. Outside of covering financial news, Jed is a published author, podcaster, and has an unhealthy obsession with bouldering.

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