Juniors on Radar: Explorers on the Move Today

The S&P/ASX 200 materials index opened -5.07% lower today, underperforming the ASX 200.

It’s been a rough start to the day for juniors, with few companies marking any notable price gains. 

3-month chart of the S&P/ASX 200 materials index, with the ASX 200 shown in red. 

#1 Copper

Copper is up 0.81%, rebounding from a recent 2-month low after covid-related lockdowns in China led to worries about demand. 

• Superior Resources (ASX: SPQ) is up 2.33% at the open and 266.67% for the year. The company has several northern Queensland projects with copper exposure, such as the Greenvale and Nicholson projects.  

• Carawine Resources (ASX: CWX) is up 5% at the open and down -17.75% for the year. The company has several gold, copper, and base metal exploration projects in Australia. 

• Legend Mining (ASX: LEG) is up 4.44% at the open and down -22.95% for the year. The company operates the  Rockford nickel-copper project in the Fraser Range district of WA.

Company announcements

#1 BMG Resources

BMG Resources (ASX: BMG) has opened 38.89% higher after a recent diamond drilling program extended the existing gold mineralisation at the Abercromby gold project.

Managing Director Bruce McCracken commented:

“It’s now well and truly game on at Abercromby. In one single program, we have more than doubled the likely size of the deposit, intersected extremely high-grade gold in fresh rock, and proven the system is fertile at depth via the deepest drilling undertaken at the Project to date.”

Next catalyst: results from aircore drilling completed in February are expected to be announced soon. 

#2 Marmota

Marmota (ASX: MEU) has opened 10.42% higher after reporting that Petratherm (ASX: PTR) have made a notable rare earth element (REE) discovery in the Gawler Craton, located directly on the border of Marmota’s own tenements. 

“There is substantial upside potential for additional new REE discoveries to be made in the surrounding un-explored tenure,” says Petratherm.

Next catalyst: Marmota plans to start exploring for REE mineralisation with targets on the company’s tenement boundary, beside Petratherm’s property.