Basic Materials

Juniors on Radar: Explorers on the Move Today

Tue 19 Apr 22, 11:15am (AEST)

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Key Points

  • Assay results from Strickland Metals (Gold) and Lefroy Exploration (Gold/Copper)
  • Drilling updates from Minerals 260 (Base Metals) and Desert Metals (Nickel)
  • Surefire Resources refocuses on its Vanadium Projects

The S&P/ASX 200 Materials Index opened 1.32% higher today, outperforming the ASX 200. 

Materials (ASX Sector) LIVE DATA - Market Index
Intraday chart of the S&P/ASX 200 Materials Index, with the ASX 200 shown in red

Company announcements 

#1 Minerals 260

The non-lithium asset spinoff of Liontown Resources (ASX: LTR), Minerals 260 (ASX: MI6) has discovered a second significant copper-gold zone at the Moora Project in WA. The company's stock is up 9.4% in early trade.

Minerals 260 said that current results continue to demonstrate the potential of the Moora Project to host major precious and base metal discoveries. 

Upcoming catalysts:

  • Assays pending for 126 air-core hole drilling across other geochemical anomalies

  • First-pass and infill geochemical sampling across other parts of the Project area

  • Follow-up drilling planned for later in the year 

#2 Strickland Metals

Strickland Metals (ASX: STK) reported its first assays from the Millrose Gold Project in WA. The stock was up 15% as the market opened.

“It’s very exciting that assays are beginning to flow from our 2022 drilling campaign. Even more exciting is the fact we are intersecting such wide, consistent zones of gold. The result in MRRC089 – 55m @ 2.4g/t Au from 86m – is one of the most impressive assays to date out of all historic Millrose drilling,” CEO Andrew Bray said in a statement. 

Upcoming catalysts: 

  • From the initial 16 drill holes, the first 6 have been received from the laboratory

#3 Lefroy Exploration 

Lefroy (ASX: LEX) shares rallied 22% in early trade after assays returned multiple significant intervals of gold and copper mineralisation.

“LEX will follow up as soon as possible. We will look north, south, east and deeper around the current excellent intersections to establish the size of what we already have to JORC resource status as soon as possible,” Chairman Gordon Galt said in a statement. 

Upcoming catalysts: 

  • Assay results pending for AC drilling completed in February

  • Additional drill program scheduled to commence in May

#4 Desert Metals 

Desert Metals (ASX: DM1) has returned a number of significant nickel intercepts at the Innouendy Project in WA

Interestingly, multiple samples across 10 holes indicated elevated lanthanum, a rare earth element. A selection of samples have been submitted for further analysis to determine the presence of any rare earth elements. The company's stock is up 13% in early trade

Upcoming catalysts: 

  • Follow up drilling program planned to define the extent of the shallow mineralisation

  • Samples pending re-assay results for rare earths

#5 Surefire Resources (ASX: SRN)

Vanadium have caught the interest of investors, given its emerging use case as a sustainable battery solution for the renewable energy sector.

Surefire Resources (ASX: SRN) shares are up 15% on early trade after announcing plans to advance its Victory Bore / Unaly Hill Vanadium Project.

Upcoming catalysts:

  • Diamond drilling is being planned

  • Updating project economic parameters for prefeasibility study

  • Initiated discussions with possible partners

 

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University and was Vice President of the University Network for Investing and Trading (UNIT). He is an avid swing trader, and drawn to breakouts and technical set ups. Outside of writing and trading, Kerry is a huge UFC fan, loves poker and bouldering.

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