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With the commodity supercycle in full effect, we are seeing high potential junior miners reap significant rewards.
Today, we are talking about Mandrake Resources (ASX: MAN).
Resources Top 5: Drilling a Julimar doppelgänger
In March, Mandrake said it would be the first company to drill a Julimar-style EM target following the Chalice discovery in early 2020. The stock is up 950% over the past year.
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Mandrake Resources Limited (ASX: MAN)
Mandrake Resources (Mandrake or the Company) is a unique junior explorer feat. a multi-asset portfolio of projects in WA and NT. MAN to farm-in to highly prospective 140km2 land package application located 30km east of Chalice Gold Mine Limited’s exciting new Julimar Ni-Cu-PGE discovery in the Jimperding Metamorphic Belt.
Scheduled to begin in May is Mandrake's drilling of the highly prospective Newleyine Ni-CU-PGE target which is located 30km from Chalice's (ASX: CHN) Julimar discovery.
The drilling program consists of the testing of bedrock anomalies with geophysical interpretation suggesting a potential response of massive sulphides consistent with Julimar-style mineralisation.
Mandrake also has a land access agreement and binding purchase option executed with the private landholder of Newleyine, thus de-risking the project's future development.
Although historical work did not test for PGEs, the Group suggests the comparison between the Newleyine prospect and the Julimar discovery is similar in nature.
The Company's corporate snapshot is robust with a cash balance of $4.7 million and a 40 per cent equity control amongst the Top 20 shareholders.
Mandrake Resources (ASX: MAN) Share Price Update - 5 May 2021:
Mandrake's share price has recently exploded and is now looking to successfully breakout and continue its uptrend leading into drilling.
With the Group's market cap valuation at $63m, and its neighbour, CHN, sitting at $2.3B, the potential upside is significant if it proves its claims.
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