Plus, the bulls are running on Highfields’ Spanish potash project after receipt of environmental permit

Persistence in the Chilean coastal range is about to pay off handsomely for ASX-listed Hot Chili (ASX:HCH). It has just reported a top-40 porphyry copper-gold hit at its recently optioned Cortadera project, near the iron ore mining town of Vallenar and 700km north of Santiago. It’s a game-changer, but first some history.

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Venturex Resources has intersected high-grade copper within the first hole of a reverse circulation drilling program at its wholly-owned Sulphur Springs copper-zinc project near Port Hedland in Western Australia (reports Small Caps). Drill hole SSR007 hit several thick mineralised intervals such as 29m at 1.47% copper from 45m; 9m at 0.86% copper from 82m; and 31m at 3.24% copper from 94m, including 11m at 4.15% copper from 99m.

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Sydney-based institutional broker Blue Ocean Equities has maintained its 70c price target and “Top Pick” Buy rating on copper developer Venturex Resources (ASX: VXR) after the company reported “exceptional” assay results from the first of two in-fill drilling holes into the shallow portion of its Sulphur Springs deposit. The drilling is designed to upgrade a portion of the Inferred Resource into Measured and Indicated and the first hole returned spectacular assay results of 29m @ 1.47% Cu from 45m, 9m @ 0.86% Cu from 82m and 31m @ 3.24% Cu from 94m (incl 11m @ 4.15% Cu from 99m).

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Plus, Sunstone chief upbeat on porphyry drilling with assays imminent and PolarX validates its exploration strategy with $70m Lundin deal

Pilbara Minerals (PLS) was the big lithium presence at this week’s Resources Rising Stars conference, where there was lots of discussion about Tesla wankers and whether the electric vehicle revolution was real. After braving unusually cold weather on the Gold Coast at a knees up the night before beneath giant tepees erected on the green at the RACV’s Royal Pines resort, Pilbara CEO Ken Brinsden told the assembled throng that it will only be a “matter of time before we all become Tesla wankers”.

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Sentiment in the junior mining space has reached “peak despondency” and could be ripe for a turning point, according to a respected fund manager (reports The West Australian). Delivering the keynote address at the Resources Rising Stars conference on the Gold Coast, Lion Selection Group investment manager Hedley Widdup says a resurgence in M&A activity at the major end of the resources sector could usher in growing interest in the junior end of the market as the big players go looking for growth.

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PolarX has been plugging away at its huge Alaska Range Project since 2017 with a focus on three core prospects

PolarX has been plugging away at its huge Alaska Range Project since 2017 with a focus on three core prospects — Zackly, Mars and Saturn (reports Stockhead). The Mars and Saturn porphyry targets could be absolutely gigantic – which is why PolarX needed deep pockets to help fund exploration. The Saturn magnetic body, for example, is comparable in scale and geometry to Grasberg, one of the world largest copper-gold mines. It has vertical extent of 3km.

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Sunstone Metals’ second hole at its Limon prospect in Ecuador was a “winner” and showed “all the signs of a typical porphyry system,” says Patersons analyst Xavier Braud. Sunstone announced this week that the second hole at Limon, which sits in the company’s Bramaderos Project, intersected a “very encouraging interval of porphyry-related mineralisation with visible and persistent chalcopyrite (copper sulphide) and molybdenite (molybdenum sulphide), minor bornite (copper sulphide)”.

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Plus, investors’ eyes turn to PolarX as the new field season beckons

The Kambalda nickel camp is stirring again some 53 years after WMC (acquired by BHP in 2005) drilled the KD1 discovery hole, with Mincor boss David Southam positioning the company to be in the thick of things. The Vietnam War and prolonged nickel mine strikes in Canada underpinned the nickel price spurt which led to WMC’s breakthrough discovery at Kambalda, 60km south of Kalgoorlie.

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Upcoming Events

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4th - 5th Jun 2019

Gold Coast Conference

The 2019 Resources Rising Stars Conference was held on Tuesday 4 and Wednesday 5 June 2019 at the scenic RACV Royal Pines Resort on the Gold Coast. 

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