Microcap Wrap: 5 explorers with news out today

Mt Malcom Mines

Mt Malcom Mines (ASX:M2M) has announced initial gold recovery results from its Golden Crown prospect, which the company called “outstanding.”

Average gold grade recovery achieved sat at 63.4%.

“This result enhances the future mining potential at the Golden Crown prospect, emphasizing shallow, higher-grade gold mineralisation. The proximity and availability of a pilot processing plant further strengthens the Golden Crown Prospect for future small scale mining operations,” Mt Malcom chief Trevor Dixon said.

M2M was up 9% to 2.4cps.

SIPA Resources

SIPA Resources (ASX:SRI) has announced its 2024 exploration campaign is “ramping up” with multiple landholdings covered.

Geotechs recently visited on-site the Paterson North copper-gold project and Warralong; as well as management meeting Traditional Owners at Barbwire Terrace.

As for drilling, Skeleton Rocks in the WA Goldfields is targeted for an aircore run in Q4 of CY2024 “following a review of historical data.”

SRI last traded at 1.3cps.

Delta Lithium

Delta Lithium (ASX:DLI) has announced a “major upgrade” to its Mt Ida gold resource, now boasting 6.6Mt @ 3.5g/t gold for 752K ounces of the yellow metal.

“The Baldock Deposit becomes one of only a handful of high-grade gold deposits exceeding 500,000 ounces in Western Australia,” the company wrote on Friday.

“The commencement of open pit mining has been approved, and the underground approval with the Department is submitted and pending. We are investigating the best options for Delta shareholders,” Delta chief James Croser said.

DLI jumped 15.2% on the news to 27cps.

Legacy Minerals

Legacy Minerals (ASX:LGM) has announced its identification of new drill targets at Central Cobar.

The company has gone back to Cobar after recent drilling at Black Range and Bauloora last month. Targets were selected on the back of rock samples and electromag data.

“Legacy Minerals is also pleased to have further work being completed by the NSW Government in the form of two recently completed seismic lines across the northern and southern areas of the Project,” company chief Christopher Byrne said.

LGM was up 7.7% on the news to 28cps.

Marquee Resources

Marquee Resources (ASX:MQR) has also announced new targets on-site its West Spargoville & Yindi Projects.

The company is targeting 3,000m of RC drilling at Spargoville by July of next year. “The focus at Yindi will be multiple, kilometre scale, gold [soil anomalies]” the company wrote on Friday.

“The combined data has provided us with a number of compelling lithium and gold targets across both projects and we will continue to refine our targeting criteria as we gear up to begin drill testing in the new financial year,” company chief Charles Thomas said.

MQR was flat at 1cps.