The S&P/ASX 200 Materials Index opened 0.9% higher today, outperforming the ASX 200.
Nickel prices have gained 3.67% today, currently trading at US$32,932/t.
After a short squeeze saw nickel reach unprecedented levels of US$100,000/t, throwing the London Metals Exchange into a widely-criticised trading halt, nickel trading appears to have returned to a rough semblance of normality. Still, the commodity has soared almost 60% year-to-date, spurred by concerns of reduced Russian supplies.
Caeneus Minerals (ASX: CAD) is up 12.50% at the open. The company began drilling at the Pardoo nickel deposit in March, targeting shallow, historical nickel intersections. In a 14 March statement, Caeneus expected to report results by the end of the month, but failed to do so.
Pursuit Minerals (ASX: PUR) has opened 31.58% higher after auger soil samples identified multiple gold and copper targets at the Calingiri East tenement, within the Warrior project.
Aircore drilling of these targets will begin this month.
“Additional fieldwork in March confirmed our Warrior ground has the right host rocks for Ni-Cu-PGE mineralisation, and we look forward to receiving infill sampling results and completing our forthcoming Air Core program in April,” says managing director Bob Affleck.
Marquee Resources (ASX: MQR) has opened 21.43% higher after intersecting the widest zone of copper to date at the Lone Star copper-gold project in Washington State, USA.
According to the company, recent assays have found significant copper mineralisation extending beyond the extents of historical results.
Executive Chairman Charles Thomas commented:
“It’s great to see the drilling further unlock our knowledge of the Lone Star deposit and extend the envelope of mineralisation well beyond the previously defined limits.”
“We have a further 6-holes at the lab awaiting assays, so it’s going to be an exciting few months as we work towards completing our maiden drill campaign at the Project.”
White Cliff Minerals (ASX: WCN) has opened 28% higher after signing a binding agreement to acquire Abraxis Mining, which owns three adjacent tenement applications covering 294 sq.km in the Pilbara lithium region.
The consideration for the deal is $40,000 cash, $80,000 of White Cliff Shares and a 1% of net smelter return. In mining, net smelter return is the revenue an owner receives from the sale of their products, less transportation and refining costs.
“The acquisition of Abraxis, which holds three tenement applications considered highly prospective for lithium, expands the Company’s Western Australian lithium and REE project portfolio,” says White Cliff Technical Director Ed Mead.
“While the Abraxis Lithium Project area has been subject to sporadic historical exploration, primarily focused on tin and gold, it has had limited modern exploration.”
Caravel Minerals (ASX: CVV) has opened 10.53% higher after reporting a maiden ore reserve for the Caravel copper project, located in WA.
The project’s ore reserve stands at 553Mt at 0.25% copper, providing the project with an expected 28-year mine life.
According to the company, this “confirms the project as one of Australia’s largest undeveloped copper deposits.”
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