Top 5 Resources: DeSoto Sets Pace for REE Acquisition; OAR is breaking through thanks to the expansion of Brazilian uranium

DeSoto Resources posted the flyer earlier after announcing a new rare earths acquisition in New York
Meanwhile, Oar Resources has significantly expanded its Brazilian uranium deposit
OD6 has doubled resources at its Splinter Rock rare earth project in Washington State

Here are some of the biggest stock winners in early trading, Wednesday, May 29.

DeSoto led the pace this morning with a +100% gain early in the session before achieving a slightly smoother gain around 50% throughout the day.

The junior critical minerals exploration specialist has announced that it is acquiring a Northern Territory rare earths project called Spectrum, which has seen previous drilling produce 6m of material at a total rare earth element (TREO) grade of 6.55% from 248 m deep – what was within the radius 50 m at 1.55% TREO.

This came after the company conducted an aerial survey of its Fenton gold project in the Pine Creek region of New York.

The 2.5-mile-long impact and a large electromagnetic anomaly south of it are a “rough start” for the discoverer, noted MD Chris Swallow in a new interview with StockheadSarah Hughan.

DeSoto also notes that the project includes a large, unexplored, strong, partially convergent 2 km by 0.5 km copper-lead-zinc geochemical and geophysical anomaly that is located approximately 1.5 km along strike from the REE prospect.

The company plans to spend $2 million on Spectrum exploration activities in the first 15 months of operations, using $6 million in cash.

Swallow added:

“This highly complementary acquisition gives us a strategic, critical minerals position in the Northern Territory.

“With confirmed mineralization and associated geophysical anomalies in the surrounding Fenton project, we are now prepared for an accelerated exploration and drilling phase.”

Oar, an exploration company and aspiring producer of uranium and critical minerals, has announced the expansion of its Brazilian assets with the creation of an additional 650 square kilometers of potential land in the states of Rio Grande Do Sul and Goiás.

This represents an increase of 283% and brings the total Brazilian land area to 880 km2. The acquired tenements are considered promising for sandstone and sedimentary uranium mineralization.

Both projects are located within a 10 km radius of historic uranium deposits identified by Industrias Nucleares do Brasil (INB), a Brazilian state-owned company engaged in the exploration, testing and mining of uranium and other heavy metals.

OAR notes that it is working closely with INB to ensure compliance with all uranium exploration regulations.

OAR Resources CEO Paul Stephen noted in a prepared statement:

“The acquisition of these two highly prospective townhouses in the Brazilian states of Rio Grande Do Sul and Goiás supports our strategic goal of developing a diversified portfolio of projects for a low-carbon future.

“The additional Amorinopolis and Grande Project tenements are well located within 10 kilometers of historic uranium sites identified by INB. We are working closely with INB to ensure these projects progress rapidly over time.”

What happens next? Field work with identification of drilling targets for June.

OD6 Metals has doubled rare earth resources at its Splinter Rock project to 682 million tonnes at 1,338 ppm TREO.

“This mineral resource estimate sets OD6 apart from all other rare earths projects in Australia and highlights Splinter Rock as one of the largest and highest quality projects in the world,” says chief executive Brett Hazelden.

Splinter Rock is located in the Esperance-Goldfields region of Western Australia – approximately 30 to 150 km northeast of the main port and town of Esperance.

Total resources of 682 Mt include indicated resources of 119 Mt at 1,632 ppm TREO, which the company notes will help complete the scoping study, which is expected to take place later this year.

Finally some lithium love…

Pursuit has “significant high-grade lithium information” from the first phase of drilling at the Maria Magdelena tenement at the Rio Grande Sur brine project in Argentina.

This is a vast area of land including five tenement houses covering an area of 9,260 hectares in the province of Salta.

The interceptions took place in the numero uno well, at a shallow depth of approximately 131 meters. The most important thing is:

• 408 mg/l (“milligrams per liter of lithium”) at a spacing of 17.75 m to 25.80 m
• 412 mg/L at intervals from 38.85 m to 48.30 m
• 424 mg/L from 56.40 m to 64.50 m

Importantly, Pursuit claims, the highest concentrations achieved at this shallow depth are over 600 mg/Li.

The company notes that additional lithium-bearing brines continue to be captured below 130 m to a current depth of 500 m, and testing is ongoing with results expected in the coming weeks.

Pursuit CEO and CEO Aaron Revelle said:

“The preliminary results of the DDH-1 study are particularly sensational as the initial exploration phase of the Rio Grande Sur project progresses.

“With these initial intercepts, we are continuing the significant progress we have made in our understanding of mineralization at the RGS project, and the results are beginning to demonstrate the potential for significant project scale,” adding that with “exceptional, high-grade brine intercepts,” the project is “exceeding our expectations.”