Juniors on Radar: Explorers on the Move Today

The S&P/ASX 200 Materials Index is down -1.1% in early trade, underperforming the ASX 200.

Intraday chart of the S&P/ASX 200 Materials Index, with the ASX 200 shown in red

Company announcements 

#1 Ozaurum Resources

What happens when a rather dormant, illiquid gold explorer makes a new gold discovery?

Ozaurum Resources (ASX: OZM) spiked 130% in early trade after announcing results for a recently completed drilling program at the Mulgabbie North Project in WA.

“The new virgin gold discovery at the Mulgabbie North Demag Zone has intersected significant gold mineralisation in a number of RC drill holes,” commented chief executive, Andrew Pumphrey.

Upcoming catalysts: 

• Follow-up drilling at the Demag Zone

• Ongoing drilling to test gold anomalies and extensions at Mulgabbie prospects 

#2 Nickelsearch 

Nickelsearch (ASX: NIS) opened 20% higher after drill results confirmed an increase to current resources across 3 known nickel sulphide at the Carlingup Nickel Project in WA.

Initial resource definition and metallurgical test work drilling is now complete, and the company expects to identify a potential pipeline of future resource development opportunities.

“We are now very excited to embark on the next phase of Greenfields Exploration work programs,which aims to unlock the hidden potential of new nickel sulphide discoveries across our very large strategic tenement package at Carlingup,” said Managing Director, Nicole Duncan. 

Upcoming catalysts: 

• Studies involving airborne EM data, geochemical fertility indices and high-res magnetic data to help identify more effective drill targets for the coming months

• Pending results for ultra-fine soil samples

• Permitting work is underway at various prospects

#3 Aurumin

Aurumin (ASX: AUN) plans to kick off a lithium drilling program at the Mt Palmer Project next week, targeting areas where pegmatites have previously been identified.

Managing Director Brad Valiuaks said the "first programme will drill through the pegmatite package and help define the geology, using the XRF results and historical logs as an initial guide."

Upcoming catalysts:

• Assay results from soil sampling

• A planned second phase of drilling to target additional areas based off anomalies from the soil sampling program

#4 Technology Metals

Investors are beginning to catch onto vanadium stocks amid a significant appreciation in spot prices, growth in core steel sectors and the emerging application of vanadium batteries as an energy storage solution. 

Technology Metals (ASX: TMT) shares rallied 8.5% in early trade after successful roast-leach testwork for the company's vanadium product.

A range of furnace roast-leach test were completed on concentrates representative of the company's Yarrabubba Vanadium Project. The tests returned "very high vanadium recoveries of up to 96%" compared to typical recovery rates of 85-95%.

Managing Director Ian Prentice said the results support the delivery of an updated ore reserve estimate and enable a smooth progression to the implementation phase of the project.