Juniors on Radar: Explorers on the Move Today
Here are several junior miners to keep on your radar today.
Mentioned
KEY POINTS
- Coal - Ikwezi Mining
- Gold - Monger Gold
- +9.52% Auroch Minerals
- +5.71% Australian Mines
Commodities
#1 Coal
Coal has gained 9.23% today. Supply restrictions from Russia sanctions, combined with strong demand, saw coal prices hit an all-time high in early March.
Ikwezi Mining (ASX: IKW) was up 8.19% at the open and 927.78% for the last year. The company’s recent quarterly report noted an average of 85,228t of feed per month at the Emoyeni wash plant, along with a 9% increase in total tonnes mined from the Kliprand mine.
Upcoming catalyst: at the Emoyeni wash plant, the company plans to increase production throughput to 125,000t per month in the upcoming quarters.
#2 Gold
Gold has rallied 1.4% after slumping in the second half of last month. Today’s bounce came thanks to a less hawkish US Federal Reserve, along with a weakening US dollar.
Monger Gold (ASX: MMG) is up 10% at the open after reporting what the company describes as “further significant gold results” at the Providence prospect. The company is up 106.25% for the last year.
Upcoming catalyst: the company is developing a maiden mineral resource estimate at Providence.
Company announcements
#1 Auroch Minerals
Auroch Minerals (ASX: AOU) opened 9.52% higher after reporting assays for four more drill holes at the Saints nickel project in WA.
According to the company, all holes found “high-grade massive nickel sulphides.”
Managing director Aidan Platel commented:
“The results from the recent diamond drill programme at Saints continue to confirm the modelled zones of thick high-grade nickel sulphides, which also include significant grades of copper, cobalt and PGEs (Pt & Pd). This bodes well for upgrading the confidence level of the Saints MRE [Mineral Resource Estimate].”
Upcoming catalyst: the company plans to complete a mineral resource estimate for the Saints project later this quarter.
#2 Australian Mines
Australian Mines (ASX: AUZ) has opened 5.71% higher after providing an exploration update for the Biloela copper-gold project in QLD. To date, the company identified seven possible copper-gold targets, and plans to commence further exploration work soon.
“The Biloela Project appears highly prospective for porphyry copper-gold and epithermal gold deposits, and the geology is already host to the successful Cracow Gold Mine,” says the company.
Upcoming catalyst: the company is creating a 12-month exploration program to cover the 7 copper and copper-gold prospects.
