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It’s a fairly quiet day on the ASX after a closed US overnight session and a directionless Europe digesting an upward tick in Eurozone inflation.
Commodities remain where they were at the start of the week (except for Brent crude) and despite Commonwealth Bank and Droneshield hitting new record highs, the biggest event of the week was the RBA decision (notwithstanding the looming Guzman listing, set for lunchtime today.)
But this hasn’t stopped the ‘second world’ of the ASX – the junior explorer sector.
Here’s five announcements out today from companies with market caps under $50M.
You could bet on a cheap winner that goes gangbusters, or, you could absolutely lose all of your money. Therein lies the game, to quote Judge Holden.
Let’s dive in!
Antipa Minerals
Antipa Minerals (ASX:AZY) has announced its receipt of firm commitments for a $5.75M raise, with mining investment company Lion Selection Group (ASX:LSX) chucking in some cash.
The company is going to use the funds to progress its Minyari Dome gold-copper project; a 100% owned asset.
A somewhat curious development for an otherwise run-of-the-mill microcap raising – the company has entered into a drill-for-equity arrangement with private TopDrill, meaning Antipa can part-pay for future drill runs conducted by TopDrill in fully paid ordinary shares up to $1M.
E79 Gold Mines
E79 Gold Mines (ASX:E79) has announced its completion of a surface mapping campaign over a large copper system on-site its Mountain Home project.
The company reported a successful campaign with “copper minerals … sampled in outcrop.” 14 rock chip samples were taken and green malachite was, reportedly, visible.
The company recently secured an option to acquire the project; a share placement plan is currently open with E79 shares at 3.5cps.
Cooper Metals
Cooper Metals (ASX:CPM) has reported clocking its highest rock chip grades discovered to date in samples collected from the Attina prospect.
The copper-gold Mt Isa East project contains the Attina target of interest within its boundary envelope; one rock chip came back at 12.35% copper.
Not to be a bummer, but it’s worth noting rock chip results are always higher than concentrations found further underground.
Nimy Resources
Nimy Resources (ASX:NIM) has reported an electromagnetic target of interest is deeper than thought at its Masson asset.
The anomaly – not yet known to be confirmed for mineralisation – has been interpreted to extend to a depth of 225m, prospective for copper, nickel, cobalt and platinum.
However, geotechs have a reason to be interested. Previous drilling on-site has intersected sulphides containing the above minerals, though, in significantly low concentrations.
Tasman Resources
Tasman Resources (ASX:TAS) has flagged the results of a review of existing geodata, leading to the selection of new drilling targets at Parkinson Dam.
The company believes “relatively shallow” underground geological targets could bear the right conditions for gold-silver mineralisation to have formed across the slow dance of geological time.
But the company has a pretty interesting definition of “relatively” – the targets of interest are 1.2km underground and could continue to 5km.
