Initial Results shallow, high grades up to 12.7 grams per tonne gold

These ASX stocks are first out of the gate
Mining
7 hours ago | Reuben Adams

• Coal explorer Prairie could score big payday if it wins legal battle against Polish government
• Red Mountain Mining has rare earths and gold exploration results pending
• Bryah Resources hits high grade manganese under historic Horseshoe Lights mine

Here’s your top ASX small cap resources winners in morning trade Tuesday, January 5.

PRAIRIE MINING (ASXDZ)
(Up on no news)
What’s cooking at Prairie?
The coal exploration stock is seeking legal damages from the Polish Government, which has unfairly blocked the company going into production. Allegedly.
In mid 2020 the company partnered with litigation funder LCM to take Poland to court, seeking “lost profits for both the Jan Karski and Debiensko mines as well as the value of Prairie’s historic expenditure in developing both the Jan Karski and Debiensko mines plus interest and costs”.
Which could be a lot of money.
Importantly, LCM puts up the initial $18m in litigation costs, and only gets paid if Prairie wins.
“The substantial litigation funding secured from LCM is testament to the strength of Prairie’s claims,” the company said last year.
“The $18m facility is non-dilutive to Prairie shareholders, will cover the full legal budget as well as partially cover a portion of Prairie’s operating expenses, while being repayable in the event that a damages award is paid out.”
In 2019, LCM had completed 205 cases since inception – 87 per cent of these were profitable.
That’s a good win rate.



RED MOUNTAIN MINING (ASX:RMX)
(Up on no news)
A late 2020 airborne survey at the Mt Manbridge rare earths project was designed to look for targets similar to Northern Minerals’ (ASX:NTU) high grade Dazzler and Iceman heavy rare earth deposits.
Interpretation and processing of the data is due to be released pretty soon, Red Mountain says.
Also due to be released soon are drilling results from Mt Maitland gold project, which produced gold at a high average grade of 19.3g/t gold in the early 1900s.
The maiden drilling at Mt Maitland returned initial shallow, high grades up to 12.7 grams per tonne gold.
27 holes for ~1,850m were completed with assays for the remaining 23 holes still pending.