Search

Wednesday 26 June 2024

What’s Hot – IEC, ILT, EMS, HLX, ION, RGL, SS1, ERW, BGD, RNX & MMC

What’s Hot, Not & Doing
Brought to you by TSN Contributor & Wealth Advisor Nick Kelso

What’s Hot – IEC, ILT, EMS, HLX, ION, RGL, SS1, ERW, BGD, RNX & MMC
What’s Not – WOA

What’s Hot
IEC – Intra Energy Corporation Limited today closed up 100% to finish at 0.3c on $160k stock traded. The reason they were up today was because they announced exploration results from its Maggie Hays Hill Project located in WA.

Rock chip samples have confirmed additional mineralised quartz reefs with average assays returning 2.56 g/t gold and a peak assay of 7.6 g/t gold.

All three quartz reefs are open along strike 600m to the northwest and 400m to the southeast where soil anomalies greater than 10ppb gold have been previously reported.

ILT – Iltani Resources Limited today closed up 74% to finish at 34c on $340k stock traded. There was no news out today but last week they announced drilling had commenced at its Orient Silver-Indium Project located in Northern QLD.

Iltani’s proposed drilling at Orient West is designed to infill some areas adjacent to previous drilling, and to test the strike extent of mineralisation, particularly to the northeast where no drilling has previously been undertaken.

ILT has also designed to test the A2 anomaly, a strongly chargeable, moderate conductor on the edge of magnetic body on the periphery of a magnetic low.

EMS – Eastern Metals Limited today closed up another 39% to finish at 5c on $530k stock traded. There was no news out today but roughly a fortnight ago they released its quarterly which highlighted that exploration activities were being fast tracked at the Home of Bullion copper deposit located within its West Arunta Project.

EMS recently released an updated Mineral Resource estimate of 3.1Mt @ 2.9% CuEq for the Home of Bullion copper deposit.

Mitre Geophysics was also engaged to review the extensive existing geophysical dataset focusing on Home of Bullion and the Mulbangas prospect, which will complement the structural review and aid target generation along the ~9km magnetic trend between the two prospects.

HLX – Helix Resources Limited today closed up 33% to finish at 0.4c on $170k stock traded. The reason they were up today was because they announced drilling had commenced at its Canbelego copper project located in Cobar, NSW.

The drill program is designed to test a 625m long undrilled Induced Polarisation (IP) chargeable anomaly located west of the Canbelego copper resource.

The Canbelego copper resource contains a JORC (2012) Mineral Resource of 1.83Mt @ 1.74% Cu for 31.8Kt of contained copper at a cut-off grade of 0.8% Cu.

ION – Iondrive Limited today closed up 33% to finish at 1.2c on $69k stock traded. There was no news out today but on Tuesday they announced an update on its exploration activities with Joint Venture Partner KoBold Metals Company on its Lithium Projects in South Korea.

A total of 74 rock-chip samples were taken from the Samgeun project, with 10 samples returning grades over >400 ppm Li2O, further fieldwork at Samgeun will include follow up mapping and stream-sediment sampling.

KoBold may earn a 75% interest in Iondrive’s Samgeun, Seobyeok, Danyang, Seosan and Cheongpyeong Li Projects through a two stage earn-in arrangement of A$7m over 5 years.

RGL – Riversgold Limited today closed up 29% to finish at 0.9c on $360k stock traded. The reason they were up today was because they announced drilling would commence next week at its Northern Zone Gold Project located in WA.

The Northern Zone Project has an exploration target of 200Mt-250Mt @ 0.4 g/t-0.6 g/t Au for 2.5M-4.8Moz of contained gold.

The gold at the Northern Zone is hosted in a diamond drill confirmed +100m wide porphyry, drilling is designed to enable estimation of a maiden JORC compliant gold resource.

SS1 – Sun Silver Limited today closed up another 26% to finish at 53.5c on $8m stock traded. There was no news out today but yesterday they listed after raising $13m @ 20c through the boys and girls at Wagtail Capital.

Sun Silver’s flagship Maverick Springs Silver-Gold Project is located in Nevada and hosts a JORC compliant Mineral Resource of 292Moz AgEq (silver equivalent) @ 72.4g/t.

Increase in Silver price since IPO closed can’t have hurt nor the note yesterday which you will see below.

ERW – Errawarra Resources Limited today closed up yet another 21% to finish at 17c on $2.2m stock traded. There was no news out today but on Monday they announced exploration results from its Andover West Project located in the Pilbara, WA.

ERW has identified a 1.6km x 1km stacked pegmatite swarm with a highly anomalous lithium soil trend that has a peak of 325ppm Li2O.

This trend appears to be along strike of the Raiden Resources’ (RDN.asx) pegmatites where Li2O values including 3.8% were reported from rock chips.

BGD – Barton Gold Holdings Limited today closed up 11% to finish at 34.5c on $370k stock traded. There was no news out today but on Tuesday they announced drilling had commenced at its Tarcoola Goldfield located in South Australia.

Tarcoola is an existing brownfield open pit mine which neighbours Barton’s 1.5Moz Au Tunkillia Project, it is also within trucking distance of its processing plant.

The program will comprise ~7,000m of RC drilling, focused on multiple interpreted priority targets adjacent to the Perseverance Mine, along with the Western Targets area including Tolmer, Mulgathing, Dark Hill and Warburton.

RNX – Renegade Exploration Limited today closed up 11% to finish at 2c on $1.1m stock traded. There was no news out today but on Tuesday they announced exploration results from its Mongoose Deeps prospect within the Cloncurry Project located in north QLD.

A high-resolution gravity geophysical survey at Mongoose Deeps has returned a dense gravity anomaly with a similar magnitude as the Ernest Henry gravity anomaly.

Evolution Mining’s (EVN.asx $7.8b market cap) Ernest Henry copper-gold operation is a large-scale, long-life asset which achieved FY23 production of 64.7k ounces of gold & 47.3Kt of copper.

MMC – Mitre Mining Corporation Limited today closed up 10% to finish at 75c on $1.2m stock traded. There was no news out today but roughly a fortnight ago they announced a placement to raise $10.5m @ 45c through the boys and girls at Euroz Hartleys & Canaccord Genuity.

The funds raised will be used towards the development of its Cerro Bayo silver-gold project located in Chile which hosts a high-grade JORC Inferred and Indicated Resource of 50Moz silver-equivalent.

MMC will focus on infill drilling with the aim of driving rapid and substantial resource growth in addition to targeting recently identified extensive high-grade mineralisation outside of its resource.

What’s Not
WOA – Wide Open Agriculture Limited today closed down 23% to finish at 2c on $360k stock traded. There was no news out today but last week they announced a proposed capital raising to raise up to $10m @ 2 consisting of a $7m placement and a $3m share purchase plan.

The funds raised will be used to meet its immediate liquidity requirements and support its short-term objectives.

At the time of announcing the equity raise, WOA was trading at 8.3c which means the raise was being issued at a 75% discount.

Rats Rant – IMPORTANT INFORMATION
The idea of this report is to be informative and hopefully point out some stocks that you wouldn’t ordinarily have seen during the day, maybe even have a laugh too.This report IS NOT personal advice. Sanlam Private Wealth Pty Ltd DOES NOT PROVIDE personal advice, Sanlam Private Wealth provides General Financial Product Advice.All advice included in The Rat’s Rant is General Advice. Please refer to the General Advice Warning. The views expressed in this report are my views and may not necessarily reflect the same views as Sanlam Private Wealth.It is very important to refer to the ASX website for information on any companies / stock that are contained in this report and as always please consult your financial adviser before acting.

Important Notice
Rat Consulting Pty Ltd (ABN 81 148 181 588 ) Authorised Representative (No 001281456) of Sanlam Private Wealth Ltd (ABN 18 136 960 775) holder of Australian Financial Services Licence (AFSL 337 927).

Free stock updates

Subscribe to receive the latest stock news, CEO interviews, expert insights, events and offers directly into your inbox