This week in Rockets and Tanks, Miramar Resources’ (ASX:M2R) share price shot up more than 87% to $0.015 per share yesterday (18 July), after the release of sampling results from its new Chain Pool Project in Western Australia.
Miramar conducted a sampling program during its initial reconnaissance field trip, with assays returning up to 5.48% copper, 54.5% lead, and 73.48 grams per tonne (g/t) silver.
The junior explorer says once the exploration licence over its Joy Helen prospect is granted, it will conduct a systematic rock chip sampling program and a grid soil survey to determine the potential strike extent of the mineralisation under cover.
Copper-focused company Noronex (ASX:NRX) saw a sudden 44% spike in its share price to $0.016 per share after announcing its partnership with South32 (ASX:S32) to accelerate exploration work in Namibia.
Under the earn-in agreement, South32, which has a market capitalisation of $16 billion, will fund $15 million in exploration expenditure over five years at the Humpback-Damara Project.
Upon completion, South32 will have the right to subscribe for a 60% interest in Noronex’s subsidiary Noronex Exploration and Mining, which holds the Humpback-Damara Project.
Under the earn-in agreement, Noronex will generate early-stage exploration opportunities which are primarily prospective for copper. South32 will provide $200,000 per year to generate copper-dominant prospective projects in Namibia.
Once Noronex has either secured the mineral rights or has engaged with the owner or holder and is advanced in the process of securing, the company will exclusively offer South32 the opportunity to pursue with it, on agreed terms and conditions.
If South32 accepts two or more exploration opportunities in a year, a $200,000 bonus generation fee is payable.
The agreement will endure until December 2026.
Meanwhile, rare earths explorer Lanthanein Resources’ (ASX:LNR) share price increased 33.33% to $0.004.
It comes after Lanthanein, which has a market capitalisation of $7.33 million, announced on July 16 that it has completed a comprehensive review which revealed that targets highlighted by geophysics have merged with targets generated by a soil sampling program at the Lady Grey Project.
The company is currently progressing a program of works and heritage approvals to begin drilling in the third quarter of this year.
Gold-focused explorer Dundas Minerals (ASX:DUN) shares increased 31.81% to $0.029 per share on the back of no news.
On 4 July, the company announced drill results from a reverse circulation drilling program at the Windanya Project had returned up to 3.124g/t gold.
Tankers
Australian Potash’s (ASX:APC) share price decreased 33.33% to $0.001. The company has not announced any news since 9 July.
Javelin Minerals’ (ASX:JAV) share price also saw a decrease by 25% to $0.001.
The diversified mineral explorer has not released any news since 5 July, when it announced its non-renounceable pro-rata entitlement offer to raise up to $1.25 million had closed.
Meanwhile, Yari Minerals’ (ASX:YAR) share price also dipped 25% to $0.003 per share, on the back of no news.
Further, Citigold Corporation’s (ASX:CTO) share price dipped 20% to $0.004.
The gold-focused company has not announced any news on the ASX since 29 June.
Write to Aaliyah Rogan at Mining.com.au
Images: Miramar Resources
