Cashed up and ready to rock: Explorers turn up the volume

• Junior explorers advancing projects across various commodities and jurisdictions
• Fresh capital funding a new wave of exploration drilling across WA gold projects
• Copper explorers also attract multimillion-dollar investments

Mineral exploration is deeply entwined with capital raisings.

Everything from project acquisition and target generation to drilling campaigns, resource estimates, technical studies and mine construction requires funding.

For explorers, stock markets primarily provide that critical source of capital.

On the ASX, the resources-heavy materials sector hosts more than 700 companies.

Industry giants BHP (ASX:BHP) and Rio Tinto (ASX:RIO) lead the way, with a swarm of gold, industrial metals and critical minerals producers and developers following.

But looking beyond the leading players it becomes apparent that the sector is dominated by junior explorers.

More than 500 companies are estimated to fall into this category, with many relying on capital raisings to advance projects.

For early-stage explorers, a cash injection often marks the start of a flurry of activity.

Fieldwork, drilling campaigns and the highly anticipated assays follow, marking a pivotal stage in the hunt for new discoveries.

Over the past few weeks, an assortment of ASX explorers have bolstered their cash positions and are now getting boots on ground.

Gold has featured prominently, with WA leading the charge.

Copper has also attracted substantial funding, including an $8.77 million investment from Gina Rinehart’s Hancock Prospecting in White Cliff Minerals (ASX:WCN).

Veteran resources investor Mark Creasy also appeared, further backing Peregrine Gold (ASX:PGD) as it looks to accelerate gold and iron ore exploration across its vast Pilbara tenure.

Peregrine is targeting maiden drilling across two large-scale iron ore prospects near BHP’s Western Ridge operations in one of the world’s most established iron ore mining hubs.

WA goldies put money to work

Gold and WA go together like peas and carrots.

The state is one of the world’s largest gold-producing regions and remains a hotspot for exploration.

Nexus Minerals (ASX:NXM) raised $5.4m in September to advance its Wallbrook project northeast of Kalgoorlie.

The company plans to build on the project’s 631,000 ounce resource base through targeted RC drilling, while a regional aircore program will chase further upside.

Mamba Exploration (ASX:M24) is preparing a 6000m RC drill program to test four gold anomalies at its Meeka East project in the heart of the Murchison goldfield.

It recently pocketed $6m to support its exploration push, including a $500,000 contribution from regional gold producer New Murchison Gold (ASX:NMG).

Elsewhere in the Murchison,Terrain Minerals (ASX:TMX)has launched its largest ever RC drill program on the back of a recent raise.

More than 10,000m of drilling will aim to grow its Lightning gold-silver resource and test new targets across the broader Smokebush project.

Tambourah Metals (ASX:TMB) has reported a series of high-grade strikes at its Baxter South prospect in the Murchison, including 4m at 41.7g/t Au from 55m this week.

Another hole pierced 3m at 35.5g/t Au, including a 1m interval in fresh rock grading 73.2g/t Au.

The company is conducting a rights offer aiming to raise $2.2m.

Recharge Metals (ASX:REC) has fired up the rig for a 30,000m drill blitz at its Sunset Well project near Leonora, as it looks to grow a 95,000oz resource at Prospero.

It raised $4.1m earlier this month.

Metal Hawk (ASX:MHK) is awaiting results from a 10 hole program at its Leinster South project, following a $1.2m placement in September.

The drilling was designed to follow-up on recent hits, including 9m at 12.3g/t Au at the Numbat lode.

Peregrine eyes iron ore in the Pilbara

Peregrine has assembled a portfolio of gold exploration projects across the Pilbara, including extensive landholdings at Newman, Mallina and Rocklea.

Peregrine’s tenements in the Pilbara. Pic: Peregrine Gold

Earlier this year, the company expanded the footprint at Rocklea to about 1250km2 through five new exploration licence applications.

It believes the project has geological similarities to the high-grade Paulsens gold mine operated by Black Cat Syndicate (ASX:BC8).

Peregrine pocketed $2.25m at the start of October, with the placement headlined by existing shareholder and renowned mining investor Mark Creasy.

Creasy now holds about 16% of the company through his private investment vehicle Yandal Investments.

Resources-focused investment house Lion Selection Group (ASX:LSX) also participated in the raise.

The proceeds will be used to accelerate exploration at Newman and Mallina.

At Mallina, Peregrine plans to drill-test a series of geophysical gold targets later this year, subject to heritage approvals.

At Newman, the exploration potential extends beyond gold.

The company is advancing two large-scale channel iron deposit discoveries – Carneys CID and Coopers CID.

Carneys is defined by an inferred magnetic strike stretching for 4.6km, with grades from outcrops averaging 55% iron.

Nearby, Coopers is interpreted to extend for about 6.4km in length and up to 200m width, with surface sampling returning average grades of about 57% iron.

Peregrine is planning RC drilling across both prospects to confirm the extent of the discoveries, once all relevant permits are secured.

Coopers CID relative to BHP’s Western Ridge. Pic: Peregrine Gold.

Gold exploration also remains on the agenda at Newman.

Peregrine is planning an expanded bulk sampling program at the Capricorn prospect, whilst ramping up exploration at the Peninsula prospect.

In August, the company reported visible gold in bulk samples of paleo gravel adjacent to Peninsula.

Explorers take the hunt beyond WA

Outside WA, a band of explorers has also secured backing for their gold-dominant projects.

Unity Metals (ASX:UM1) rattled the tin in September to fund drilling at its O’Phlay and Ngot projects in Cambodia.

The raise involved a $3.5m placement and a share purchase plan that delivered another $336,000.

Funds will support extensional and infill drilling at O’Phlay, following-up on results that included 70m at 1.1g/t Au.

Regional drilling at O’Phlay and Ngot is also on the cards.

Altitude Minerals (ASX:ATT) is preparing for a drill program at its Firenze and Winnemucca gold-silver projects in Nevada.

Historical drilling at Winnemucca returned a series of notable intercepts, including 37m at 1.30g/t Au and 9.8g/t Ag.

Firenze has never seen the drill bit, but historical rock chip samples returned grades as high as 22.5g/t Au and 1825g/t Ag.

The prospect features outcropping veins along 1.2km of strike.

Altitude raised $1.2m through a placement in September and is seeking another $1.5m through a rights issue.

Drilling is expected to begin next month.

Flynn Gold (ASX:FG1) is also conducting a rights issue aiming to raise $3m, with half the amount underwritten by Mahe Capital.

The funds will support exploration across its Tasmanian portfolio.

The company is targeting a maiden resource for its Firetower gold-tungsten project, whilst advancing resource drilling at its Golden Ridge project.

At Firetower, recent drilling returned 12.95m at 2.24g/t Au and 0.46% WO3 from 157m.

Other notable strikes included 17m at 2.3g/t Au and 0.51% WO3, as well as 9.64m at 2.49g/t Au and 0.29% WO3.

Flynn is targeting a maiden MRE for the project in the first quarter of next year.

Golden Ridge, meanwhile, hosts an exploration target of between 449,000 and 520,000oz of contained gold.

Copper brings in the bucks

Some of the bigger capital raisings for exploration projects in recent weeks were centred on copper.

Kaoko Metals (ASX:KAO) secured $20m through a placement to advance exploration across two fronts in Namibia.

It has since expanded drilling at its Chalkos project to at least 15,000m, with two rigs probing the Otniel and Donkey Hill prospects.

Early results from Otniel included 37.1m at 1.23% Cu and 48m at 1.02% Cu.

The company is also planning regional exploration at Chalkos and at its Karibib gold-copper-tungsten project.

Sierra Nevada Gold (ASX:SNX) unleashed the rig for a 25,000m drill blitz at its As Safra copper-gold project in Saudi Arabia, after pocketing $12.85m via a placement.

Recent drill results from the project’s Central Copper Zone included 16m at 1.49% Cu and 9m at 1.83% Cu.

The program is following-up on those intercepts, whilst testing for mineralised extensions and probing new regional targets.

White Cliff Minerals has recently reported a string of significant copper hits at its Rae project in Canada.

Results included 90m at 4%, 76.5m at 2.01% and 15m at 4.8% Cu.

In September, Hancock Prospecting took a 13.5% stake in the company through an $8.77m private placement.

The funds will be used to expand and accelerate drilling, with a focus on the Danvers discovery.

Azzuro Resources (ASX:AZ9) locked in about $3m earlier this month through a strategic investment from Hong Kong’s Kerry Resources.

The funds will be used to advance two Mongolian assets, namely its Red Hill copper-gold project and its Oval copper-nickel-PGE project.

Assays from ongoing drilling at Red Hill remain pending, with metallurgical work also underway.

Previous results at Red Hill included 13.1m at 2.58% Cu and 0.96 g/t Au.

Azzuro is also progressing Oval towards drilling.

More ASX explorers prepare to get busy

Other explorers to boost their bank balances in the past few weeks include OD6 Metals (ASX:OD6).

The company landed nearly $7m to support maiden drilling and bulk sampling at its Quinn fluorspar project in Nevada.

Sultan Resources (ASX:SLZ) plans to get its boots dirty after recently securing its Kaalop copper-gold project in Namibia.

It subsequently raised $1.3m through a placement and plans to fund initial exploration, including reconnaissance mapping and rock chip sampling.

Octava Minerals (ASX:OCT) secured $1.8m to support the proposed acquisition of the West Sierra Grande fluorspar project in Argentina, alongside initial exploration.

Alvo Minerals (ASX:ALV) locked in $1m in October to progress its Brazilian rare earths hunt.

It recently reported high-grade strikes at its Bluebush project, including 19.5m at 1324 parts per million total rare earths oxide from 1m.

Chariot Resources (ASX:CC9) pocketed $1.1m to advance lithium exploration in Nigeria.

The company is pursuing a proposed partner-funded drilling and direct-shipping ore pathway with Chinese counterparties.

Turnstone Resources (ASX:TSR) also raised $1.1m to fund copper-gold exploration in Sweden.

At Stockhead, we tell it like it is. While Nexus Resources, Tambourah Metals, Peregrine Gold, Sierra Nevada Gold, White Cliff Minerals, Azzuro Resources, Kaoko Metals, Flynn Gold, Sultan Resources and Chariot Resources are Stockhead advertisers, they did not sponsor this article.

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