Juniors on Radar: 5 ASX Explorers to Watch Today

By Market Index
Tue 22 Mar 22, 11:15am (AEST)

Key Points

  • Five juniors with interesting announcements today
  • +36.11% Riversgold - finds high grade lithium
  • +14.29% Inca Minerals - starts maiden drilling campaign
  • +11.11% KGL Resources - secures offtake agreement
  • +9.09% GreenTech Metals - uncovers new copper zone
  • +6.82% Horizon Minerals - updates pre-feasibility study for vanadium project

Riversgold finds high grade lithium

Riversgold (ASX: RGL) has opened 36.11% higher after confirming high grade lithium assay results from rock chip samples at the Tambourah project, located in WA. 

CEO Julian Ford commented:

“These initial rock chip results from Tambourah are highly encouraging and are only from a 200m section of what is potentially a 26km-long mineralised corridor within the tenement.”

“More material news flow is expected as the Company builds out its lithium strategy and I look forward to updating shareholders.”

The company will begin a follow-up reconnaissance trip next week.

Sample of mineralised pegmatite
 Sampling of mineralised pegmatite. Source: Riversgold

Inca Minerals starts maiden drilling campaign

Inca Minerals (ASX: ICG) has opened 14.29% higher after starting a maiden drill program at the Frewena Project in the NT. Two drill rigs will test for previously defined iron oxide copper gold and sedimentary exhalative targets, in a program that will see 13 holes drilled. 

Managing Director Ross Brown said:

“The use of two rigs for our maiden reconnaissance drilling program at Frewena is transformational in terms of delivery and operational efficiency. It not only doubles drilling rates and halves program completion times but also provides flexibility in target coverage and drill-hole sequencing.”

Drill rig at a Inca Minerals project
Drill Rig One. Source: Inca Minerals

KGL Resources secures offtake agreement

KGL Resources (ASX: KGL) has opened 11.11% higher after announcing a binding sales agreement with Glencore International for the sale of all copper concentrate produced from KGL's Jervois copper project.

The agreement has a 5-year minimum term. It will continue indefinitely beyond this term until either company ends it by giving 2 years’ notice. 

Glencore is one of the world's largest natural resource companies, with over 135,000 employees and about 150 total mining, metallurgical, and oil assets. 

Managing Director Simon Finnis commented:

“The execution of the binding offtake agreement with Glencore is a major milestone for KGL and the Jervois Project. It brings certainty to the sales program and Glencore is a well-credentialed and bankable counterparty. Having benchmarked pricing in this strong commodity environment is comforting.”

GreenTech Metals uncovers new copper zone

GreenTech Metals (ASX: GRE) has opened 9.09% higher after intersecting a new copper-zinc mineralisation zone at the Whundo copper mine, located 40km south of Karratha in WA. 

Previously, the mine had an indicated mineral resource estimate of 2.7mt at 1.14% copper and 1.14% zinc for 41,300t of contained copper equivalent. 

This new mineralization zone looks set to increase that estimate. 

Commenting on the announcement, Executive Director Thomas Reddicliffe said:

“The program has not only been successful in expanding the known copper-zinc mineralised zone, but it has also provided confirmation of a second deeper and discrete copper-zinc mineralised zone. While we await laboratory assay results for Whundo we will be turning our attention to the Ayshia copper-zinc prospect, which is within the Whundo orbit.” 

Drilling at Whundo
Drilling at Whundo. Source: GreenTech Metals

Horizon Minerals updates pre-feasibility study for vanadium project

Horizon Minerals (ASX: HRZ) has opened 6.82% higher after unveiling an update for the pre-feasibility study (PFS) and bankable feasibility study (BFS) for the Richmond vanadium project, located in QLD. Horizon has a 25% stake in the project, while Richmond Vanadium Technology has 75% ownership. 

The PFS sees a 20-year project life with a 1.9 year payback period and an annual production of 12,700t of vanadium oxide. Vanadium’s current spot price is $16.44/lb, according to the company. 

Managing Director Jon Price commented:

“With sustained increases in vanadium prices, declining supply, increasing demand in grid scale energy storage markets and strong government focus on critical minerals, it couldn’t be a better time to be advancing this world class project.”

“It’s also a great time to be a Horizon shareholder with our intention to distribute shares back to our supporters and give them a priority offering in the IPO to enable greater exposure to this exciting new energy metal market evolving in Australia.”

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