Juniors on Radar: 5 ASX Explorers to Watch Today

Tue 08 Mar 22, 11:51am (AEST)

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Key Points

  • Five juniors with interesting announcements today
  • +59.18% Tennant Minerals - reports “outstanding” soil geochemistry
  • +31.48% Estrella Resources - finds massive sulphides
  • +16.67% Gladiator Resources - acquires Rutherglen gold project
  • +16% Carbonxt - expands into liquefied natural gas sector
  • +12.82% NickelSearch - extensive drill programs underway

Tennant Minerals reports “outstanding” soil geochemistry

Tennant Minerals (ASX: TMS) has skyrocketed 59.18% at the open after reporting high-grade copper intersections at the Bluebird copper-gold deposit, located in the Tennant Creek Mineral Field project. 

The company’s headline result saw a 50m intersection with 2.7% copper and 0.52 g/t gold, which came from a 158m drill hole. 

According to Undervalued Equity, copper percentages over 1.5% are considered high grade. 

Moving forward, the company will drill in late March to gauge the potential for a high-grade copper-gold resource. The company believes this may rival other highgrade deposits at Tennant Creek, like the Peko deposit. Located 20km west of Bluebird, Peko produced 147,000t of copper at a 4% grade, along with 414,000oz of gold at a 10 g/t grade. 

Chairman Matthew Driscoll commented:

“The results suggest we could be on top of a very exciting copper-gold discovery improving with depth, and we will be accelerating our drilling and exploration programs as a matter of priority to test that potential.” 

 Titeline Drilling diamonddrilling rig on site at the Bluebird Prospect, December 2021
Titeline Drilling diamond drilling rig on site at the Bluebird Prospect, December 2021. (Source: Tennant Minerals)

Estrella Resources finds massive sulphides

Estrella Resources (ASX: ESR) has soared 31.48% at the open after finding what the company describes as “spectacular massive sulphide assay results” at the Carr Boyd Nickel and Copper Project.

Standout assay results included:

  • 8.07m at 4.31% nickel and 0.75% copper from 199.85m.

  • 1.45m at 1.57% nickel and 0.75% copper from 242.8m.

For context, nickel percentages of 1-2% are considered medium grade, according to Undervalued Equity. Percentages over 2% are considered high grade. 

Likewise, these 0.75% copper reads fall into the medium grade territory. 

Spiking nickel prices (which shot up 70% overnight) may have boosted the company’s morning gain. 

Managing Director Chris Daws said:

“With nickel prices now reacting to strong demand from the global EV and battery revolution, Estrella is in an enviable position owning numerous quality nickel sulphide projects with scope for significant discoveries.”

“The Ukraine War with Russia has seen nickel prices reach extraordinary levels overnight on the London Metal Exchange in excess of US$21.80/lb. These are prices that haven’t been seen since the resource boom in 2007 and in Australian dollar terms we haven’t seen such prices ever.”

Drill core samples of nickel and copper at a project by Estrella Resources
Massive and semi-massive nickel-copper sulphides in CBDD064 at ~198m downhole. (Source: Estrella Resources)

Gladiator Resources acquires Rutherglen gold project

Gladiator Resources (ASX: GLA) has opened 16.67% higher after exercising the company’s option to acquire the Rutherglen gold project, subject to confirmation of renewal of the licence by the Victorian Government.  

According to the company, the Rutherglen gold project holds an exploration target of 260,000-529,000oz gold.

Alongside the already-owned Bendoc gold project, the company believes itself to be in a strong position to capitalise on the current gold market. Judging by today’s market response, investors seem to agree. 

Chairman Ian Hastings commented:

“The Company is preparing to commence drilling on this exciting gold opportunity once confirmation of the license renewal is received with applications and approvals underway. Together with its Uranium projects in Tanzania the Company believes it is now well placed to take advantage of the present commodity upswing.” 

Carbonxt expands into liquefied natural gas sector

Carbonxt Group (ASX: CG1) has opened 16% higher after securing a $2m contract to supply activated carbon pellets to Univar Solutions USA, a leading chemical products supplier. In turn, Univar will supply the pellets to customers in the liquefied natural gas (LNG) industry.  

This contract extends for one year. However, the company has noted that longer term arrangements are being discussed, and could be reporting in a future announcement when finalised. 

Commenting on the announcement, Managing Director Warren Murphy said:

“Carbonxt’s entry into the LNG sector through this contract with Univar is a significant development for the Company. This is a very large addressable market in an industry where the need for technologies to meet sustainability and decarbonisation goals is growing rapidly.” 

Chart showing global LNG supply by region (million tonnes per annum)
Global LNG supply by region (million tonnes per annum). (Source: Carbonxt)

NickelSearch: extensive drill programs underway

NickelSearch (ASX: NIS) has opened 12.82% higher after finishing the maiden aircore drill program and beginning reverse circulation and diamond drilling at the Carlingup nickel project, located in Ravensthorpe, WA.  

Much like Estrella Resources, the company’s gain has been aided by soaring nickel prices. 

Assay results from the recent drill holes are pending, and could form an important catalyst when announced to the market. 

Managing Director Nicole Duncan commented:

“We have been active in progressing our extensive exploration activities at Carlingup, focused on resource definition, extensions to known nickel sulphide deposits as well as progressing our greenfield exploration work. 

“We expect this period of busy exploration to deliver consistent newsflow as we aim to generate major value catalysts for the Company.”

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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