Mandrake Resources (ASX:MAN) share price rockets 23%, breaks all-time high

The mineral exploration company has advised it now has permission to start new drilling operations.
The post Mandrake Resources (ASX:MAN) share price rockets 23%, breaks all-time high appeared first on The Motley Fool Australia. –

The Mandrake Resources Ltd (ASX: MAN) share price is one of the best performers on the ASX today. This comes after the company announced it will commence a new drilling programme.

During early afternoon trade, the mineral exploration and development company’s shares are up 23.68% to 23.5 cents, a record high.

Mandrake Resources accelerates drill targets

Investors are driving Mandrake shares into new territory after the company provided a pleasing update.

According to the release, Mandrake Resources advised it has received all the necessary permits and land access agreements to begin drilling operations at the Newleyine Prospect.

Located 30 kilometres east of Chalice Mining Ltd’s (ASX: CHN) Julimar discovery in Western Australia, the Newleyine Prospect is a rich PGE-Ni-Cu target. Mandrake controls 100% of a 140 square kilometre exploration licence prospective in the Jimperding Metamorphic Belt.

PGE-Ni-Cu stands for a number of different minerals. The first, platinum group elements (PGE) consist of palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh) and ruthenium (Ru). Next on the list is nickel (Ni), and then copper (Cu).

The Department of Mines, Industry Regulation and Safety (DMIRS) approved the Programme of Work (PoW) application for the drilling campaign.

Mandrake Resources will target three electromagnetic (EM) conductor plates that were identified by a fixed-loop electromagnetic (FLEM) survey. The geophysical interpretation suggests the EM conductor plates could be the response of massive sulphide mineralisation.

The company will seek to run a drilling program targeting PGE-Ni-Cu mineralisation similar to the Julimar Project.

A drill contractor has been secured and is scheduled to start work on 14 June 2021.

In addition, Mandrake Resources noted that it has also completed a geological mapping, sampling and portable X-ray fluorescence program across the Jimperding Project. In particular, anomalies were identified by a recent heli-Versatile Time Domain Electromagnetic (VTEM) survey.

The company said that it will release the results shortly.

Mandrake Resources share price snapshot

Established in 1986, Mandrake Resources is a mineral exploration company that is focused on the development of PGE-Ni-Cu and gold in Australia.

The company’s share price has jumped by more than 840% over the past year, and is 170% higher year-to-date.

Based on today’s price, Mandrake Resources commands a market capitalisation of roughly $85 million, with 363 million shares outstanding.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Why ALS, AMA, Chalice Mining, & Jumbo shares are pushing higher

ASX 200 up 0.2%: CBA share price cracks $100, ALS result impresses

The Chalice Mining (ASX:CHN) share price hits record high today
ASX 200 shares cashing in on the rising gold price this week

Why is the De Grey (ASX:DEG) share price plummeting today?

The post Mandrake Resources (ASX:MAN) share price rockets 23%, breaks all-time high appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!