Resources & Energy Group and WA Resources excited their investors this morning
Nick Sundich, June 5, 2023
There were two resources companies that excited investors on Monday – Resources & Energy Group (ASX:REZ) and WA1 Resources (ASX:WA1). Both companies unveiled solid exploration results – but is this really a new beginning?
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Resources & Energy Group has more than doubled…
…but is this deja vu? This explorer has been listed since 2005 and has been up and down over that time. It went from 2.2c to 9.8c in just 3 months during 2020 due to gold exploration results at the Gigante Grande prospect in WA. But it hasn’t seen those highs again as sentiment towards gold companies cooled.
This morning, the shares more than doubled after telling shareholders of its first results from its new drilling campaign at its Springfield prospect (also in WA). Key results included an interval of 8m @ 0.64% nickel within a broader interval of 17m @ 0.4% nickel.
Shareholders are excited because this reads well with electro magnetic exploration is conducted last year that suggested there was solid nickel mineralisation. They are also optimistic more is to come because further assay results are pending.
Resources & Energy (ASX:REZ) share price chart, log scale (Source: TradingView)
WA1 Resources
Although this company “only” rose by 38% today, its long-term growth record is second to none. Having listed at just 20c per share in February 2022, it is over $6 now.
WA1 Resources (ASX:WA1) share price chart, log scale (Source: TradingView)
It had a business model of being a project generator, owning multiple projects with the intent of selling them off before mining having grown the resource at those projects. This is similar to Chalice’s (ASX:CHN) model before discovering Julimar.
Today it unveiled its latest results from its West Arunta project which is prospective for Niobium and other rare earths. Results included 42m at 2.7% Niobium including 10m at 8.3% as well as 40m at 1.1% including 8m at 3%.
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