The S&P/ASX 200 materials index opened -0.6% lower today, underperforming the ASX 200.
Belararox (ASX: BRX) has opened 25% higher after intersecting visible copper and zinc sulphides at the Belara project in NSW.
The company believes that these results indicate mineralisation zones that were not included in the area’s historic resource.
Managing director Arvind Misra commented:
“Similar to the first hole, the mineralisation was intersected in an untested area up dip from deeper historic drill intersections.”
“This increases our confidence in Belara’s potential to host sizable commercial quantities of mineralisation.”
Next catalysts: drilling of the historic resource area is planned to be done by the end of this month, with assays expected in July.
The company is up 367.5% since listing in January 2022.
Notable intersections included:
19m at 11.35 g/t gold and 23.9 g/t silver
7m at 23.3 g/t gold and 24 g/t silver
According to Undervalued Equity, anything over 5 g/t is considered high-grade for gold, while anything between 10-50 g/t is considered medium grade for silver.
Director Gino D’Anna commented:
“The ore body at Sturec continues to deliver impressive zones of gold mineralisation. Our drilling has grown the confidence of the existing Sturec Mineral Resource and demonstrated that the mineralisation extends further to the south along strike of the existing resource and remains open down dip/plunge.”
The company is up 225.67% for the past year.
Alvo Minerals (ASX: ALV) has opened 13.79% higher after reporting final assay results from a maiden drilling campaign at the C3 deposit within the company’s Palma project.
Managing director Rob Smakman commented:
“The final set of assay results from the first phase of drilling at C3 continues to reinforce the consistency of high grade mineralisation and highlights the potential for materially expanding the existing JORC Resource. We will be returning to drill multiple extensions at C3 once we have completed geophysical targeting.”
Next catalysts: the maiden drill program remains underway at the C1 deposit (another deposit within Palma) and another phase of drilling at the C3 deposit is planned for this current quarter.
The company is up 32% since listing in October 2021.
Pantera Minerals (ASX: PFE) has opened 12.5% higher after identifying high-grade manganese targets at the Weelarrana project.
“It is very pleasing to quickly identify three areas of outcropping high grade manganese mineralisation with large parts of the tenement area yet to be assessed,” says CEO Matt Hansen.
“The upcoming drill program will be the first time the manganese mineralisation within the tenement area has been drilled tested and we are very much looking forward to the results of the maiden drill program.”
Next catalysts: the company has confirmed a heritage survey for later this month to cover the first drill area, with reverse circulation drilling projected to start in July 2022.
The company is down -12.5% since listing in August last year.
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