The S&P/ASX 200 Materials Index is up 0.3% in early trade, in-line with how the broader ASX 200 is performing.
Gold prices closed the overnight session up 0.65% to US$1,965. Gold rallied as Treasury yields declined following a weaker-than-expected US inflation report.
US core inflation (excludes food and energy segments) increases slowed to an annual rate of 6.5%, fueling hopes that prices are beginning to peak.
Vango Mining (ASX: VAN) is up more than 50% in the past sevens sessions. The explorer announced high grade gold intercepts on 5 April
TechGen (ASX: TG1) is another gold explorer making a comeback. The company kicked off field works at its nickel-copper-PGEs project in WA earlier this month
Black Canyon (ASX: BCA) shares rallied 20% in early trade after announcing a significant increase in indicated mineral resource estimates and contained manganese at its Flanagan Bore Project in WA.
The previous Mineral Resource at Flanagan Bore comprising 15m tonnes at 11.3% manganese (indicated) has been significantly expanded to 104m tonnes at 10.5%.
Upcoming catalysts include further exploration at partly testing or untested manganese targets. These areas have the potential to "deliver significant additional tonnage to the project.
Nimy Resources (ASX: NIM) intersected nickel sulphides with nickel and copper mineralisation at a second drill hole at the Mons Project in WA. The company's stock is up 15% in early trade.
“These results provide strong evidence that Godley hosts a large mineralised system with potential for high-grade zones,” said Chairman, Simon Lill.
“We will now prioritise down-hole EM to help us with drill targeting at Godley while at the same time drilling is underway at the Dease target 7km to the north, where we recently discovered a nickel-bearing gossan at surface.”
Upcoming catalysts:
Diamond hole samples have been dispatched for assay
Further drilling at Mons
Melbana Energy (ASX: MAY) has attracted a lot of hype after several encouraging drilling updates.
The company completed its drill program for the Alameda-1 well on 17 March. The drill program was stopped due to the "significant and highly pressued influex of oil and gas into the well bore".
On Wednesday, the company advised that oil has continued to flow into the well bore.
"The highly pressured oil that continues to enter our well bore, despite the maximally weighted mud column we have put on top of it, speaks volumes about the potential of this structure," said Executive Chairman, Andrew Purcell.
Upcoming catalysts:
More tests in the Alameda structure
Commence drilling at Zapato-1, the second well in this exploration program
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