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Australian-based Birimian has been rated a speculative buy on the basis of the potential for a very large spodumene (lithium) development at its Bougouni project in Mali, Australian broker Hartleys reported. 
Bougouni comprises some 250sq km licence area that hosts the high-grade, potential bulk-tonnage Goulamina lithium deposit.
A maiden JORC-compliant resource is expected in October and Hartleys sees potential for a very large deposit at good grades (1.6-1.8% Li2O) on limited drilling to date.

The gathering momentum of West Australian explorer Gascoyne Resources’ exploration campaign at its 80%-owned Dalgaranga gold project in the Murchison region prompts Argonaut to maintain its speculative buy recommendation with its target price raised to $A0.65 (current price $0.50), from $0.53 previously.
Recent results at Gilbeys confirm the tenor (width and grade) of the orebody and first reverse circulation results at Hendricks, 3km east of the Gilbeys openpit, demonstrate the potential for a satellite deposit.

Australian-based Danakali has been given a "buy" recommendation with a $A0.50 price target, compared to its current share price of $0.31, in the initial research coverage of the company by broker Baillieu Holst.

A 3,000m drilling program beginning on the highly prospective Newman zinc project at the northern margin of the Capricorn Orogen in central Western Australia holds the key to the market judgment of Perth-based base metals explorer Marindi Metals.
Marindi acquired 100% of the project in mid-2015 from former joint venture partner Prairie Mining, when it chose to focus on its Lublin coal project in Poland.

The potential to add carbon-in-leach processing and increase production or mine life at the Tanlouka gold project in Burkina Faso has prompted broker Hartleys to revisit its price target for West African Resources.
The broker has lifted its 12-month target for the Australian-based explorer to $A0.16cps from 12cps previously.
Hartleys said the Tanlouka project offered a low-capex, high-margin heap leach starter project following the game-changing M1 discovery at Tanlouka.

After posting above-guidance production of 27,793oz in the December 2015 quarter, Ramelius Resources is well positioned for the coming quarters with the Vivien project now coming into production.
The company has once again boosted its guidance for the full year to 110,000oz at all-in sustaining costs of $A1,150/oz (from 104,000oz at $1,200/oz previously), and broker Taylor Collison sees that trend continuing.
The situation prompted Taylor Collison to retain a "buy" recommendation, raising its price target by 7.7% to 42c.

Having the world's second largest hard-rock lithium deposit at its Pilgangoora project in Western Australia's Pilbara region ranks Pilbara Minerals above other emerging producers in size, grade and costs.
Foster Stockbroking has initiated research coverage on Pilbara Minerals with a buy recommendation, at a 12-month price target of $A0.47 per share.
The target is based on Pilgangoora being further de-risked in 12 months due to progress on a definitive feasibility study, financing and permitting.

West Australian explorer Gascoyne Resources is one of only a small number of AUD gold developers left on the ASX after recent consolidation of the sector.
Hartleys initiates its coverage of the company, describing it as a forgotten Australian gold play. Gascoyne has two 1Moz-plus gold projects in Western Australia, Dalgaranga and Glenburgh.

The consistent flow of special diamonds from the 100%-owned Karowe mine in Botswana helps Canadian-based Lucara Diamond Corp to present a compelling investment case in a market that has seen weak performance as slowing demand from China has impacted the small and mid-market.
The capacity of Karowe to produce higher value and exceptional stones positions Lucara better than its peer group in this market, broker SP Angel noted.

Australian-based West African Resources has a robust, low-capex and high-margin potential development at the Tanlouka gold project in Burkina Faso.
The company is looking to develop the Mankarga 5 (M5) oxide heap leach starter project at Tanlouka in CY16, expecting to produce about 70,000oz pa at AISC of $US538/oz in years 1-3 with modest capital requirement of about $47M.


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