Thursday 13 June 2024

What’s Hot – M4M, M2R, GAS, SXG, KCN & CRS

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

What’s Hot – M4M, M2R, GAS, SXG, KCN & CRS
What’s Not – RTR

What’s Hot
M4M – Macro Metals Limited today closed up 26% to finish at 3.9c on $3.5m stock traded. There was no news out today but last week they released its quarterly which highlighted the acquisition of six highly prospective iron ore exploration licences across the Midwest and West & Central Pilbara.

The Deepdale Iron Ore Project is located adjacent to Rio Tinto’s (RIO.asx) Robe Valley Iron Ore Operations and CZR Resources (CZR) Robe Mesa Project in the West Pilbara.

Deepdale consists of three exploration licence applications which are prospective for hosting both Channel Iron Deposits (CID) and Detrital Iron Deposits (DID).

The W5 Iron Ore Project is located in the Midwest region, 5km along strike from Fenix Resources (FEX.asx) Iron Ridge Mine, $3m has already been spent on the licence.

M4M completed a placement to raise $1.35m @ 0.2c with the incoming board subscribing for $1.22m of the placement.

Those who entered the placement are looking at a lazy 18 bhags within the space of roughly 2 months, mind you they are mostly on the board so they won’t be selling without the punters knowing.

Not long after lunchtime they were handed a speeding ticket from the ASX after almost doubling this week alone, M4M responded that they were unaware of any unknown information.

They presented at the RIU conference this week & it was very well received from what I was told by a few over the last few days.

M2R – Miramar Resources Limited today closed up 22% to finish at 1.1c on $170k stock traded. There was no news out today but last week they announced an exploration update from its Eastern Goldfields project portfolio located in WA.

Drilling completed at the high-priority Blackfriars prospect within the Gidji JV Project intersected a quartz-dolerite unit, similar to the >2M oz Paddington gold deposit along strike to the north.

Significant sulphide mineralisation and quartz-carbonate stringer veins were intersected from 113m downhole.

The Blackfriars aircore gold footprint stretches for at least 1km, at greater than 1g/t Au, and remains open along strike to the northwest on the western side of the Goldfields Highway.

Miramar will review options for further work at Blackfriars, including adding a diamond tail properly test the dolerite unit and testing along strike to the northwest with further aircore drilling.

M2R is also working towards obtaining approvals for drilling of other high-priority targets at Gidji.

GAS – State Gas Limited today closed up 21% to finish at 14.5c on $210k stock traded. The reason they were up today was because they announced $5.5m of exploration grant funding was awarded through the QLD Government’s Frontier Gas Exploration Program.

The Grant will be used to further delineate gas resources and reserves within its Rolleston West coal seam gas (CSG) project, through drilling of two new vertical wells.

GAS’ exploration permit ATP-2062 is located approximately 24km southwest of the Rolleston Gas Plant and 35km west of the Queensland Gas Pipeline (QGP) and the Wallumbilla to Gladstone Gas Pipeline (WGP).

Successful results will accelerate its application for a petroleum lease over a substantial portion of the project area and support the ongoing evaluation of a significant CSG project in the area.

SXG – Southern Cross Gold Limited today closed up 20% to finish at $3.21 on $5.3m stock traded. There was no news out today but yesterday they announced a 1 for 33 rights issue to raise $9.3m @ $1.82.

The funds raised will be applied to its exploration expenditure, with a focus on the Sunday Creek Project located in Victoria.

Roughly a fortnight ago, SXG announced assays from Sunday Creek which returned highlights of 15 m @ 9.8 g/t AuEq (8.8 g/t Au, 0.5% Sb) from 511.2m.

Back in May 2022, SXG intersected 119.2m @ 3.9g/t AuEq from Sunday Creek when they were trading at around 20c, starting a huge share price increase which would eventually see them do 15 bhags and counting.

KCN – Kingsgate Consolidated Limited today closed up 13% to finish at $1.785 on $3.4m stock traded. The reason they were up today was because they announced the Plant #1 at the Chatree Gold Mine locatein Thailand has now been permitted to operate.

Following a successful inspection by the Department of Primary Industries and Mines, the operating permit for Plant #1 was granted.

Full commissioning of Plant #1 will commence immediately, followed by a ramp up to full operations.

The Chatree Gold Mine is a world class gold producing asset, with a proven operating history, with 1.8 million ounces of gold and 10 million ounces of silver produced between 2001–2016.

CRS – Caprice Resources Limited today closed up 10% to finish at 3.3c on $230k stock traded. There was no news out today but yesterday they announced a binding option agreement was signed to acquire 90% of the Bantam Project.

The Bantam Project consist of four tenements covering 1,470km2 in the West Arunta region, the tenements are located adjacent to and shares a 30km long border with WA1 Resources’ (WA1.asx) West Arunta Project.

Caprice believes the large tenement package acquired is highly prospective for targeting carbonatites and associated mineralisation.

CRS aims to expedite due diligence in a prudent manner, with a view to commencing exploration activities and geophysics as soon as practicable.

As a result of the acquisition, CRS has raised $1.584m @ 1.8c through the boys and girls at CPS Capital.

What’s Not
RTR – Rumble Resources Limited today closed down 13% to finish at 4.1c on $290k stock traded. The reason they were down today was because they announced a $4m capital raise @ 4c through the boys and girls at Wilsons Corporate Finance.

The capital raise consists of a $1.1m institutional placement and a $2.9m, 1 for 1 entitlement offer.

The funds raised will be used towards exploration at its Earaheedy Project including metallurgical studies, while also for drilling at its Western Queen Project.

It hasn’t been easy for Rumble shareholders over the last 24 months after trading north of 40c back in May 2022.

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).

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