Resources Top 4: Armada finds its groove on high grade rhodium hits

Armada Metals shares have been sliding precipitously in 2024 so far with the African nickel and copper explorer tumbling in January as the lithium market softened, leading it to jettison a highly touted move into Brazil’s white gold party.

Nickel’s been little better off, but it’s catching the eye today after returning high grades of the platinum group metal rhodium in assays from its re-prioritised Bend Nickel Project in Zimbabwe.

It comes after the explorer previously reported a hit of 5.45m at 2.46% nickel, 1.03% copper, 0.03% cobalt, 1.28g/t platinum, 3.22g/t palladium and 0.33g/t gold from 375.55m in diamond drill hole BNDDD002.

Armada has now lifted the lid on rhodium assays, with 0.46g/t in that intersection.

A 0.78m segment grades higher at 10.33% Ni, 2.25% Cu, 0.1% Co, 4.3g/t Pt, 11.97g/t Pd, 1.48g/t Rh and 0.19g/t Au from 379.38m.