The S&P/ASX 200 Materials Index opened 2.43% higher today, outperforming the S&P/ASX 200. The index currently sits at an all-time high.
Zinc prices have spiked 3.8% today, continuing a strong bullish run thanks to a supply crunch in the European market. Zinc prices are now at a 15-year high.
Enterprise Metals (ASX: ENT) is up 7.69% at the open. The company’s Murchison gold project is considered prospective for “massive sulphide copper-zinc” deposits, and covers an area of 760 sq.km over a buried greenstone belt.
Castillo Copper (ASX: CCZ) is up 6.82% at the open. The company’s Cangai copper mine has an inferred resource of 3.2Mt of copper at 3.35%, which makes the project “one of the highest grade copper resources in Australia,” according to the company. Along with copper, the company says the project “holds good potential for development as a low tonnage, high grade copper-zinc-silver mine.”
Natural gas prices have soared 4.52% today, with US liquified natural gas (LNG) exports at record levels to help Europe replace lost Russian supplies. Natural gas prices are at 4-month highs.
Sacgasco (ASX: SGC) is up 11.11% at the open. The company’s gas exploration project in Sacramento, California, aims to supply a market with a significant local energy deficit: local Californian gas production only provides less than 10% of the state’s needs.
For context, anything over 5g/t gold is considered high-grade, according to Undervalued Equity.
“It is not often that you see a 2.5m @ 11.5 oz / t intersection in the modern era,” says managing director Brian Rodan.
Horizon Minerals (ASX: HRZ) has opened 13.64% higher after fully divesting the company’s shareholdings in Red Dirt Metals (ASX: RDT) and Cyprium Metals (ASX: CYM). The divestment has generated $2m in cash for Horizon, boosting the company’s total cash balance to $3.5m.
“Horizon has been successful in creating shareholder value through the divestment of non-core assets to groups with better alignment and capacity to take the projects forward. This has been a successful strategy in creating value for both sides,” says managing director Jon Price.
“Proceeds from the recent share sales, combined with the current cash position, will contribute to the large-scale multi-commodity exploration program for 2022 that commenced earlier this quarter.”
“These additional finds of spodumene bearing pegmatite outcrops support and significantly increase the lithium prospectivity of the broader Eastern Pegmatite Trend,” says the company.
Bulletin have also noted that the Ravensthorpe project is located just 12km away–and along strike–from Allkem’s (ASX: AKE) Mt Cattlin lithium mine.
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