Juniors on Radar: Explorers on the Move Today

The S&P/ASX 200 materials index opened -0.28% lower today, underperforming the ASX 200. 

3-month chart of the S&P/ASX 200 materials index, with the ASX 200 shown in red. 

#1 Tin

Tin prices have opened 4.33% higher, currently trading at $44,767 USD/t. Tin reached a record high of $49,500 on March 8. 

• Dart Mining (ASX: DTM) is up 18.92% at the open. The company’s exploration portfolio in the northeast Victorian Lachlan Fold Belt has exposure to tin, along with gold and other strategic minerals.

• Todd River Resources (ASX: TRT) is up 9.86% at the open. The company holds base and precious metal projects covering over 7,500 sq.km of prospective geology in WA and the NT.

Company announcements

#1 Sovereign Metals

Sovereign Metals (ASX: SVM) has opened 24.17% higher after an updated Mineral Resource Estimate (MRE) placed the Kasiya deposit as the world’s largest rutile deposit, with over double the contained rutile as the nearest rutile peer. 

The updated MRE also sees Kasiya become the second largest flake graphite deposit in the world.

“It is a really remarkable achievement by our team to have made the largest natural rutile discovery ever in just two years since initial identification,” says managing director Julian Stephens. 

Moving forward, Stephens says the company will conduct a scoping study to target “a large-scale, low carbon-footprint and environmentally sustainable natural rutile and graphite operation.”

#2 Australasian Metals

Australasian Metals (ASX: A8G) has opened 23.53% higher after securing an exploration licence for the Mt Peake lithium project.

“The granting of the Mt Peake exploration licence allows us to be more aggressive with our on-ground exploration,” says managing director Qingtao Zeng.

“The soil sampling program successfully identified the northwest striking structures which are consistent with the DGPR interpretation. This gives us added confidence in our exploration strategy in identifying potentially mineralised pegmatites.”

Moving forward, the company will soon commence infill soil sampling and field checking. 

Click here to read Australasian Metals’ Deep Dive page.

#3 Tambourah Metals

Tambourah Metals (ASX: TMB) has opened 17.86% higher after completing drilling at the Tambourah gold project. 

Executive chairperson Rita Brooks commented:

“The successful completion of the maiden drill program at Tambourah marks a significant milestone for Tambourah Metals and we look forward to receiving the assay results. Potential lithium bearing pegmatites have been identified across the Tambourah Goldfield.” 

No previous Lithium exploration has been conducted at Tambourah. 

Moving forward, further mapping and pegmatite sampling will begin in the upcoming weeks. Assay results from this maiden drill campaign are currently undergoing laboratory testing, with the company expecting results in 3 months.