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News.com.au
12 hours ago
- Business
- News.com.au
Resources Top 5: Magmatic adds western gold arm to Aussie portfolio
Magmatic will pay $50,000 cash and 36 million shares for the Weebo gold project The commercial potential of the Ema rare earths project in Brazil has been enhanced by test results Investors have welcomed two positive recent announcements from Trigg Minerals Your standout resources stocks for Monday, June 16, 2025. Magmatic Resources (ASX:MAG) With gold trending toward the record high of US$3500/oz set in April, having reached $3452 in the past 24 hours aided by escalating tensions in the Middle East, any positive moves by ASX-listed gold players are welcomed by investors. One to benefit is Magmatic Resources (ASX:MAG) which has identified an inexpensive entry-point to stake its claim in one of WA's hottest gold regions with the acquisition of the Weebo gold project. This adds a west coast arm to the company's Australian operations and complements its potential Tier-1 gold and copper prospects in the Lachlan Fold Belt of New South Wales. The deal will see Magmatic pay $50,000 cash and 36 million shares, valued at around $1.47m, with a further 14m shares contingent on milestones for 136km2 of ground at Weebo. This project covers a 50km north-south strike wedged between five of WA's largest gold mines, including Bellevue Gold's (ASX:BGL) namesake operation, Vault Minerals' (ASX:VAU) Darlot, Northern Star's (ASX:NST) Thunderbox and Bronzewing, and Gold Fields' Agnew-Lawlers. That's more than 15Moz of gold resources or historic production surrounding a vast underexplored tract of WA's Northern Goldfields. 'The company is extremely pleased to add to its portfolio of projects with this exciting new gold property superbly located in the heart of WA's Yilgarn Goldfields,' MD David Richardson said. 'The prospectivity of this area is highlighted by the proximity to five large gold mines and we believe the project area is underexplored, offering a great opportunity for new discoveries. 'We have already put a local exploration team in place and expect to commence exploration drilling in the coming quarter.' With heritage clearances in place, drilling is being planned to begin next quarter and there are already significant results to follow up, having been drilled by fellow ASX explorer Midas Minerals (ASX:MM1) when it had an option over the ground in 2021 and 2022. They include the Ockerburry and Scone Stone prospects, the former a mineralised structure defined by drilling over at least 5km. At Scone Stone, drilling outlined an 800m-long northeast trend of potential intrusive origin, wedged between an ultramafic unit to the west and mafic unit to the east. Mineralisation like that has been closely watched in WA since De Grey Mining's discovery of the Hemi gold deposit in the Pilbara in 2020. First-pass drilling is also 'warranted' for the Otto prospect, where lower grade gold has been found in limited wide-spaced drilling around an aero-magnetic target 5.5km north of Northern Star's Otto Bore mine. Over in NSW, Magmatic has strong strategic backing, with Andrew Forrest's Fortescue its major shareholder and farm-in partner on the Myall project in the Lachlan Fold Belt. Work in the East Lachlan Fold Belt is continuing as MAG adds another string to its bow at Weebo. 'Our four projects give shareholders exposure to both the gold and copper markets, with two potential Tier 1 gold-copper projects and now, two near-surface gold projects in the heart of two of Australia's most well endowed mining regions,' Richardson added. Brazilian Critical Minerals (ASX:BCM) The commercial potential of the Ema rare earths project in Brazil has been further enhanced by testing with Brazilian Critical Minerals recording the tracer reagent magnesium sulphate in multiple extraction holes. This work forms part of an in-situ recovery trial and shows the potential value of using the chemical, a much more environmentally friendly alternative to ammonium sulphate, for leaching rare earths. The tests showed that magnesium sulphate had migrated from the injection holes to the extraction holes in the field trial locations. Encouragingly, pH levels were also reduced significantly to at or below pH 4.0 in the extraction solution with the addition of low concentration magnesium sulphate. Not only is the solution at the pH level required to leach REEs into solution via in-situ recovery, solution flows through the clay zones also continue to exceed laboratory estimates with injection and extraction wells showing a steady rise in solution levels over time indicating the basement rock is largely impermeable. Solutions containing REEs have now been extracted from the monitoring holes and are enroute to the laboratory for certified analysis. The testing success reported on June 13 has seen shares climb 40% to 1.4c before closing 20% higher at 1.2c. 'Over the past 10 days, we've successfully applied the same testing protocols to the Ema mineralisation that delivered exceptional laboratory results throughout 2024 and early 2025,' managing director Andrew Reid said. 'Encouragingly, the pilot field trial has confirmed that permeability rates are not only consistent with lab data but, in many cases, even better. 'In recent days, we've also achieved a significant technical milestone — lowering the in-situ pH to levels that demonstrate clear migration of magnesium sulphate through the clay layers to the extraction wells. 'This is a critical step, as it indicates rare earth elements are now at a stage where they can be effectively ionically leached into solution.' He added that the WSP Brazil controlled and supervised independent field trial had further validated the company's confidence in the simplicity and effectiveness of the ISR process. Ema hosts one of the world's largest ionic clay rare earth deposits with a resource of 943Mt at 716 parts per million total rare earth oxides. It includes a starter zone of 341Mt with high-value magnet rare earths, used to make permanent magnets for advanced technology like electric vehicle batteries, wind turbines and particle accelerators. Trigg Minerals (ASX:TMG) (Up on no news) A number of ASX-listed companies are seeking to take advantage of positive sentiment toward critical minerals in the US, including Trigg Minerals, which has reached 8.5c, an increase of 14.9% on the previous close. Investors welcomed two positive announcements from the company last week centred on the Antimony Canyon project in the US. Firstly, the company confirmed multiple zones of massive stibnite mineralisation at the Utah project with initial field mapping pointing to several zones of massive stibnite mineralisation at the Emma and Mammoth deposits. The results highlight the project's potential as one of the highest grade and significant antimony projects in the US and bode well for Trigg as it pursues its strategy to become a key domestic supplier of critical minerals. Antimony is considered a critical mineral by the US government due to its military and industrial applications. It's used in missiles, flame retardants, renewable energy, defence and other high-tech industries. Later in the week, Antimony metallurgist David Fourie joined the Trigg Minerals (ASX:TMG) team as a technical advisor for its net zero antimony strategy, centred on Antimony Canyon. Fourie played a central role in the design and ESG elements of the first 'clean plant' antimony smelter built by SPMP to European environmental standards in Oman. SPMP is the largest antimony roaster outside of China, set to produce 20,000 tonnes of antimony products a year once the smelter reaches full capacity. Resolution Minerals (ASX:RML) Another increasing its focus on the US in line with that country's push to establish a domestic critical minerals supply chain, Resolute Minerals hit a new 12-month high of 5c, climbing 43% on the previous close on volume of more than 131m. The latest move to reach a massive investor base in the US sees the company's intended listing on the OTCQB Markets nearing completion. Resolution expects to increase its visibility, liquidity and accessibility for North American investors and hopes to stoke the interest of an investor base similar to NASDAQ-listed Perpetua Resources. Perpetua's ~A$2 billion Stibnite antimony-gold project with a resource of 4.8Moz gold and 148Mlb antimony shares its western boundary with RML's newly acquired Horse Heaven antimony-gold-tungsten project in Valley County, Idaho. Resolution Minerals (ASX:RML) also expects the dual listing will provide a stronger US presence for potential US Department of Defense funding as antimony is classified as a critical mineral, potential fast-tracking of Horse Heaven and a stepping stone to a potential NASDAQ listing. 'Listing on the OTCQB Market is a strategic move that aligns with our vision of becoming a globally recognised developer of what we believe will become a major antimony, gold and tungsten deposit in the United States,' executive director Aharon Zaetz said. Kairos Minerals (ASX:KAI) (Up on no news) Simon Lill-led Kairos Minerals holds the 1.4Moz Mt York gold deposit, the largest undeveloped, free-milling gold project in the Tier-1 Pilbara region of WA with mineralisation defined over 3km within a large, single optimal pit shell. The company's experienced technical team is confident that the gold deposit, hosted in banded iron formation (BIF), will grow significantly now that Kairos has access to an additional 1,500m of well-mineralised strike extension of the Main Trend geology from neighbours Pilbara Minerals. The company reached a two-year high of 3.2c, an increase of 23.1%. Its had no formal news since May 23 BUT did get a write-up from our mining maestro Barry FitzGerald over the weekend. Check out his Garimpeiro column here. The Mt York resource base of 43.08Mt at 1.0 g/t gold includes a higher-grade component of 14.6Mt at 1.6 g/t for 751,000oz. Plans to make Mt York a super-pit project are underway. The discovery of spodumene-bearing pegmatites at Mt York coupled with a lithium-caesium-rubidium soil anomaly at the Roe Hills project near Manna lithium deposit in the Goldfields, offer further potential significant value drivers. Roe Hills, which is around 120km east of Kalgoorlie, holds rare earth element potential after exploration confirmed a discovery called Black Cat. There is also gold potential undercover at this discovery.
News.com.au
08-05-2025
- Business
- News.com.au
Resources Top 5: Latest Trump bump sees Locksley jump on rare earths pump
Locksley surges as it plans drilling near America's only rare earths mine Gallium juniors surge after Rio produces first batch of semiconductor metal in New York R&D Catalyst picks up gold offcuts from Sandfire's DeGrussa operations Your standout resources stocks for Thursday, May 8, 2025. Locksley Resources (ASX:LKY) Listed four years ago with the aim of giving a dedicated home to nickel miner Mincor Resources' unloved Tottenham copper project in NSW's Lachlan Fold Belt, Locksley's performance since its 2021 float has echoed the regression of its namesake Premier League football team. Until today that is, as a bullish announcement on its Mojave project in California sent the junior's shares flying in what has to be a good omen for Ange Postecoglou's Spurs and their Europa League. Unlike the overlooked Tottenham, Mojave is about as well located as a critical minerals project could be in 2025, sitting just 1.4km from Mountain Pass, the only operating rare earths mine in the United States. Since Donald Trump's March 20 executive order calling for the US to boost domestic minerals production and Chinese export controls on the heavy rare earths in which it dominates supply, there's been fresh steam for explorers previously weighed down by weak NdPr prices. Locksley has already found rock chips grading up to 46% antimony and 1022g/t silver from the Desert antimony mine, part of the Mojave land package and has now formally submitted a drilling permit to the Department of the Interior's Bureau of Land Management. It's bullish that the permitting process could be fast-tracked following the EO, with the BLM confirming it will undertake any initial enviro assessment requirements that may have otherwise held up approvals for a 12 month period. It comes after the BLM confirmed ASX-listed Dateline Resources' (ASX:DTR) right to mine the Colosseum gold mine in Cali, around 10km from Mountain Pass, where it is planning to also begin rare earths exploration – gaining a shoutout from the President on his patented social media service Truth Social. Rock chip assays at Locksley's El Campo prospect have already come in at 12.1% total rare earth oxides and 3.19% neodymium-praseodymium. Locksley shares were up 74% at 2.30pm AEST, up 2c to a level not seen since late 2023. (Up on no news) Gallium, a crucial ingredient in semiconductors, is drawing plenty of eyeballs on the ASX these days, with the niche critical mineral closing in on two years under export controls from major refiner China. Those controls were tightened in December when the Chinese government banned their export to the United States, something exporters were already avoiding. That's shone a light on any proponent outside the Middle Kingdom, who could, down the line, fill a gaping hole as a western supplier of the commodity, which has a global market of around 600t and is largely extracted from alumina refining. DY6 has caught the eye with its Tundulu project in Malawi, an emerging southern African jurisdiction where it's hit intercepts like 74m at 93.26g/t gallium oxide and 1.56% total rare earth oxides, 53m at 72.79g/t Ga2O3, 1.02% TREO, and 30m at 94.63g/t Ga2O3, 4.03% TREO. Tundulu has gallium from surface, co-located with rare earths (another critical mineral closely linked to the US-China trade war) and phosphate. The big move for DY6 was mirrored across other gallium exposed ASX explorers. Also in that list was MTM Critical Metals (ASX:MTM), which wants to produce gallium in the United States from high-grade scrap using its 'revolutionary' flash joule heating processing technology. And there's RareX (ASX:REE), which found Australia's highest grade gallium results in re-assayed drill core from its Cummins Range rare earths and phosphate deposit in WA's Kimberley, which bears striking resemblance in style to DY6's Tundulu. It's also working with Iluka Resources (ASX:ILU) to secure a site in Kenya similar to Cummins Range which could become a major non-Chinese rare earths producer and supplier to ILU's Eneabba refinery in WA. Why are all these gallium stocks in focus today? The secret sauce could be Rio Tinto (ASX:RIO), which last night announced it produced its first gallium in an R&D lab owned by New York-based Indium Corporation. Indium, intriguingly, is the same partner MTM has in its bid to pilot its flash joule heating technology to produce gallium from recycled material for the US market. If a pilot is successful, Rio plans to move to a 3.5tpa demo plant at its Vaudreuil alumina refinery in Quebec and then eventually to a 40tpa commercial operation. With a global market of around 600tpa, Rio predicts it could boast a market share of 5-10% – making it a key non-Chinese supplier. It's the second niche metal where Rio has raised its flag after scandium. That investment led to a M&A deal with junior Platina Resources for a small deposit in New South Wales. More open than competitor BHP (ASX:BHP) to playing in the weird world of critical and specialty metals, could Rio's plunge into gallium put some small explorers on its radar? Catalyst Metals (ASX:CYL) A sojourn to the larger cap end of the market, where Catalyst Metals is leading a big move up for gold stocks after paying Sandfire Resources (ASX:SFR) $32.5m to acquire its Old Highway gold project. It continues a garage sale for Sandfire, now a Spanish and Botswana focused copper mid-tier, of the assets around its brightly burning but short-lived DeGrussa mine and the broader Doolgunna province. Boab Metals (ASX:BML) last week announced the acquisition of plant infrastructure from Doolgunna, which it plans to retool to process lead, silver and zinc at its Sorby Hills project in WA's north. Old Highway is a more obvious bolt-on acquisition for the ~$1.4bn capped owner of the Plutonic gold mine, Catalyst. Boasting a resource of 206,000oz at 3g/t, including a higher grade portion of 140,000oz at 4.6g/t, Old Highway sits just 40km southwest of the Plutonic plant, and could deliver four years of feed at an average rate of 35,000ozpa and all-in sustaining costs of $1558/oz at $5000/oz gold prices. There are additional benefits. CYL is also chasing access to Sandfire's sealed aerodrome at DeGrussa, which lies 35km from Plutonic and could save CYL the $15m it would cost to seal its own airstrip. "Catalyst consolidated the Plutonic Belt bringing together many new ore sources," CYL MD James Champion de Crespigny added. "The purchase of Old Highway brings another new ore source into the portfolio. Collectively, these ore sources, all of which are on mining leases, give Catalyst the opportunity to fill the processing plant in the near term." Plutonic produced 18,265oz at AISC of $2587/oz in the March quarter, with a lot of work to do to expand the project, fill its mill and fulfil CYL's eventual dream of becoming a 200,000ozpa WA gold producer.
