Two ASX-listed resource stocks under the spotlight today

Summary

  • The ASX resource index has gained more than 21% in the last one year.
  • Vulcan Energy has achieved a lithium extraction target. The company plans to ramp up activities towards its goal of developing the world's first zero-carbon lithium project.
  • De Grey Mining has extended gold mineralisation at the Hemi discovery in Western Australia.

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Today on the ASX, two resource space players - Vulcan Energy Resources Limited (ASX: VUL) and De Grey Mining Limited (ASX: DEG) made key announcements. Vulcan updated on its lithium extraction piloting test work, while De Grey has extended gold mineralisation at its Hemi discovery.

Interesting Read: Six Major Gold Miners with Massive Reserves

Vulcan Energy Achieves Lithium Extraction Target

The Company has scored a milestone, as its pilot plant team has successfully met target specifications for the Direct Lithium Extraction (DLE) feed into its pilot plant.

The pilot plant group accomplished target recovery of >90% for lithium chloride from Upper Rhine Valley brine.

Vulcan aims to develop the world's first zero-carbon lithium project, expected to produce a battery grade lithium hydroxide chemical product from its geothermal energy and lithium resource.

The laboratory tests have successfully demonstrated the post-treated DLE brine to be materially the same composition as production brine, excluding extracted silica and lithium. This is the first step of test work.

Source: Company update, dated 27 May 2021

The company will now focus on accelerating endeavours around the DLE pilot plant and lithium chloride solution production for conversion into lithium hydroxide.

Additional areas of focus are the production of samples for potential customers/offtakers and work on post-treatment of brine.

The stock of VUL last traded at AU$7.410 per share on 27 May.

Good Read: Hot Stock: A Green Energy Company that is up 2734% in a Year

De Grey Mining All Smiles with Mineralisation Extension  

De Grey has extended gold mineralisation to a higher depth at its Hemi gold discovery in Western Australia.

Source: Copyright © 2021 Kalkine Media

The extensional diamond drilling campaign had previously shown mineralisation to 300m at Falcon, whereas the current drilling campaign has pushed the mineralisation depth to 500m.

The current work was focused on the Falcon intrusion, located around 600m in the west of Brolga and south of Aquila. The resource drilling was undertaken at a 350m depth along the current 1,000m strike.

The most significant results include 20.3m @1.4g/t Au and 11.8m @0.7g/t Au. The mineralisation remains open below the depth of 500m.

Good Read: De Grey Mining Limited Defines Third Large Gold Zone at Hemi

The current drilling program is being conducted to support the maiden resource estimate, due in the mid of 2021.

DEG stock traded at AU$1.585 per share on 27 May.

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