Juniors on Radar: 5 ASX Explorers to Watch Today

By Market Index
Thu 24 Feb 22, 12:28pm (AEDT)

Key Points

  • Five juniors with interesting announcements today
  • Red Mountain, TMK Energy, Mako Gold, AuKing Mining, Antilles Gold

Red Mountain finds base metal potential 

Red Mountain (ASX: RMX) has jumped 11.11% this morning after announcing an update to the company’s Mt Mansbridge Project, located in the Eastern Kimberley region of WA.

Following a technical review of recent field inspection results, the company has identified a 1km lead-zinc-copper-silver anomaly. According to Red Mountain, this suggests the potential existence of a sediment-hosted base metal deposit, similar to the Chinook prospect at the Earaheedy Project, owned by Rumble Resources (ASX: RTR).

Non-Executive Chairman Mr. Flannery commented:

“The coincident Pb-Zn-Ag-Mn-Ba-Cu [lead-zinc-silver-manganese-barium-copper] geochemical anomalism in close proximity to a large intense hydrothermal breccia system and regional structure is worth following up during the 2022 field campaign.” 

“The similar blend of elements also seen at Rumble Resources Chinook Deposit, makes Boba Fett a very exciting base metals prospect.” 

Moving forward, the company aims to conduct further mapping, rock chipping, and soil sampling to better define drilling targets.

TMK Energy secures drilling contract

TMK Energy (ASX: TMK) has soared 15.38% at the open today after signing a contract with Ellehcor Drilling Services for the maiden drilling program at the Gurvantes XXXV coal seam gas project, located in the South Gobi Basin of Mongolia. Drilling will begin in the next few weeks.

The maiden drilling program will include 4 cored holes in the western portion of the licence area. This area has been extensively explored for coal over the past 15 years, and currently has several active open cut coal mines. 

However, the company has noted that historical data indicates high gas contents within two high quality coal seam groups. 

The drilling program aims to intersect these coal seams at suitable depths to convert the independently certified 5.96 trillion cubic feet gross prospective resource into contingent resources.

If the company can achieve that, this could be a major milestone in the establishment of a potential world class gas project right beside China – one of the world’s largest gas markets. 

CEO Brendan Stats said:

“I have recently arrived in Mongolia and am working with our established local team preparing for the mobilisation of the drilling team and drilling rig to the Nariin Sukhait area. The TMK operations team are well prepared for the drilling program having brought in the required specialised equipment from Australia over the last 12 months.” 

“With all approvals in place and all contractors engaged, we are looking forward to commencing our maiden drilling program in early March and taking a significant step forward in our goal to deliver a world class CSG project right next door to China, the largest growing gas market in the world.”

Yesterday, the company released an announcement with more details about the Gurvantes project, which you can read here

Mako Gold reports further high-grade gold

Mako Gold (ASX: MKG) has soared 9.09% at the open today after intersecting further high-grade gold at the company’s flagship Napié project in Côte d’Ivoire.

Out of the 25 holes drilled in the recent exploration program, 18 of these contained significant mineralisation. This has led the company to state that these extensional drilling results will boost the size of the upcoming mineral resource estimate area.

Notably, an intercept of 1m at 30.89g/t gold was found 2km north of the priority mineral resource estimate area, which has led the company to identify this as a new emerging zone. 

Moving forward, the company plans to report a maiden mineral resource estimate in Q2 2022. 

Commenting on the announcement, Managing Director Peter Ledwidge said:

“We are pleased with the ongoing results from our extensional drilling at the Gogbala Prospect. Having 18 of 25 holes return significant gold results indicates how widely mineralised the Gogbala Prospect is.”

“In addition to the positive results returned from the 2km-long high-priority maiden MRE zone, further promising intersects were returned outside that zone, which highlights the blue sky that remains at Gogbala and the whole Napié permit.”

AuKing Mining intersects more high-grade copper and silver

AuKing Mining (ASX: AKN) has jumped 2.38% after receiving further high-grade assays from 3 of the 7 holes recently drilled at the Onedin deposit within the company’s 25%-owned Koongie Park project.  

Koongie Park is a joint venture with Anglo Australian Resources (ASX: AAR), which now owns 75% of the project after providing exploration expenditure of $3m last year. 

According to AuKing, these results confirm a significant high-grade deposit, with wide zones of near surface copper, zinc, and silver across all three holes. Assays for the remaining Onedin holes are expected to be completed soon. 

Managing Director Paul Williams said:

“We are excited to report more exceptional results from the drilling undertaken at Onedin late last year. The results from these latest three holes highlight the continuity of high-grade copper, zinc, lead, silver and molybdenum across the Onedin deposit.”

“There are even compelling near surface assays of gold that have been intersected in hole AORD003 in the southern end of the deposit.” 

Antilles Gold releases financial results from scoping study

Antilles Gold (ASX: AAU) has jumped 8.75% after reporting financial results from a scoping study at the La Demajagua open pit gold and silver mine in Cuba. 

The study follows the recent confirmation of the maiden JORC resources at the project. 

Judging by the market’s response, the financial results appear favourable for the project, which Antilles will develop in a 49:51 joint venture with the Cuban Government’s mining company, GeoMinera SA. 

Executive Chairman Brian Johnson commented:

“The results of the Scoping Study were particularly encouraging and demonstrate the excellent return that Antilles Gold can expect to receive on its relatively low equity contribution to the project.”

According to Johnson, the results suggest that the company’s first project could use surplus cash to catalyse a series of mines throughout Cuba, allowing organic growth while minimising future equity contributions.

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