Resources Top 5: Skylark secures funds for Zaranou drilling, Fortuna racks up

• Skylark Minerals secures commitments for a $20m placement to fund gold drilling
• Fortuna Metals’ drilling returns strong rutile results at Mkanda project
• Iltani Resources hits high-grade silver-lead-zinc-indium at Orient project

Your standout small cap resources stocks for Monday, November 2

Skylark Minerals (ASX:SKM)

Skylark has received firm commitments for a $20m placement at 24c per share to fund the next phase of systematic drilling at its flagship Zaranou gold project in Cote d’Ivore to grow the 1.2Moz resource.

This includes mid-cap producer PDI Gold (ASX:PDI) committing to take up $5.1m worth of shares, which will give it a 9.9% stake in the company.

The company will focus exploration on the Central Zone, which despite hosting the resource, covers just a small portion of the prospective corridor and remains open along strike and at depth.

RC and diamond drilling will target depth extensions and the prospective corridor extending from Ehuasso through CoČee Bean to M’Basso.

Drilling will also test extensions at M’Basso South while regional exploration will evaluate additional targets across the broader Zaranou project.

Fortuna Metals (ASX:FUN)

Drilling at Fortuna Metals’ Mkanda project in Malawi has returned rutile results described as exceptional below the base of the inferred resource estimate at Kahuna prospect.

Notable assays from the aircore drilling include 24m grading 1.27% rutile, 24m at 1.22% and 24m at 1.12%, all starting from surface to the end of hole.

Mineralisation remains open to the north and south with further assays pending over the ~2km Kahuna prospect.

These results demonstrate the potential to increase the resource below the current 8m limit of the ~300Mt resource.

Assays for drilling at the Agogo prospect are being processed at the lab along with more than 2700 samples from this year’s drilling.

Iltani Resources (ASX:ILT)

Iltani continues to demonstrate the prospectivity of its Orient silver-zinc-indium project in north Queensland after drilling returned multiple assays described as outstanding.

These include the thickest intercept of mineralisation to date at Orient and six intercepts of high-grade silver-lead-zinc-indium mineralisation of more than 1000 silver equivalent grade metres.

Hole ORR221 returned the thickest intersection of 106m at 143g/t AgEq from 8m including a high-grade core of 22m at 384g/t AgEq from 52m.

Drilling continues to confirm the size and scale of the Orient project with the company planning to use results from the initial 110 hole program to update resources in Q4 2026.

This updated resource will feed into the Orient scoping study in 2027.

Solstice Minerals (ASX:SLS)

Ongoing drilling at Solstice’s Nanadie copper-gold project in WA’s Goldfields has returned new results that confirm an expanding shallow high-grade zone in the northern part of the deposit.

Notable results include 41m grading 2.79% copper and 0.7g/t gold from 19m including 10m at 9.4% copper, 2.13g/t gold and 23.4g/t silver (NANRC067) as well as 10.9m at 2.67% copper and 0.52g/t gold from 239m (NANRCD060).

The expanding high-grade zone in the northern part of the deposit sits within and below the current 40.4Mt resource.

Assays from continued infill and step-down drilling throughout the deposit highlight the potential for ongoing drilling to define commercially important near-surface zones of mineralisation at grades higher than the current resource.

This is particularly true within under-explored, up-plunge positions along the eastern side of the host gabbro package.

Falcon Metals (ASX:FAL)

Reverse circulation drilling at the Errabiddy gold project in Western Australia has uncovered evidence that the 5.8km surface gold anomaly at the Olsen Well craton-margin anomaly reflects underlying bedrock mineralisation.

Assays from a further nine holes returned a second significant bedrock gold intercept of 16m at 2.2g/t from 8m including 4m at 6.9g/t from 20m about 240m east of the discovery hole.

Drilling is focused on defining the orientation, geometry and continuity of the confirmed mineralised zones with the program expanded to 7500m.

Assays are also pending for a further 36 completed holes.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions.

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