The following mining stocks may catch investors’ attention today:
Spectrum Metals Limited
Headquartered in Australia, Spectrum Metals Limited (ASX: SPX), a resource development company deals in exploration and development of gold through its high-grade brownfield assets.
In a recent announcement, the company informed that it had received the assay results from the drilling program in its wholly owned Penny West gold project near Youanmi, Western Australia. The results showed the existence of high-grade gold mineralisation at Magenta and Penny North.
On 18th April 2019, Spectrum released its quarterly activities report for the quarter ending March 2019. During the quarter, the company completed the maiden RC drilling program at the Penny West Gold Project and preliminary design for RC drill program at First Hit Project. The company’s cash balance stood at $0.82 million at the end of the quarter.
On 31 March 2019, the company had 1,053.7 million shares on issue and 75 million unlisted options.
In order to raise $5,000,000, the company decided to issue 208,333,333 fully paid ordinary shares at $0.024 per share. The information was provided on ASX on 16th April 2019 by the company.
Late in March, Spectrum discovered three more holes from drilling at Penny North. The holes were positioned at 25 kilometres south of the Youanmi mining centre in Western Australia.
The company’s stock traded last at flat AUD 0.017 on 3rd May 2019. 11,024,468 number of shares were in trade today, and 1.26 billion are outstanding. The market capitalisation of the company at that moment was AUD 21.5 million. The stock has performed well in the past and had 240 per cent growth in YTD and 183.33 per cent growth in six months.
Ausmex Mining Group Limited
Ausmex Mining Group Limited (ASX: AMG) is a company having over a hundred years of experience in the mining, exploration and resource sector. The company got officially listed on ASX on 3rd May 2012.
Recently, the company released its quarterly activities and cash flow report for the quarter ending March 2019. During the quarter, the company raised $7 million at the international investors conference in Hong Kong. 58,333,336 shares were issued at a price of $0.12 per share. Investors strongly supported the placement undertaken by the firm. The funds were to be raised for the exploration activities including the company’s drilling program at Tier 1 IOCG Target in Cloncurry, Queensland.
A 10 km spaced magnetotelluric (MT) geophysical survey was successfully completed during the period by Ausmex and the University of Adelaide. The cash and cash equivalents of the company stood at A$522,000 during the period.
On 29th April 2019, the company announced the results of Audio-Magnetotellurics (AMT) Survey conducted at Burra. The survey confirmed that the Burra site has the potential to host multiple, large scale, Tier 1 conductive drilling targets.
The company’s stock ended higher on ASX at AUD 0.130 on 3rd May 2019, 4 per cent more than the previous day’s market price. 574,101 exchanged hands in trade today, and 479.46 million shares were outstanding. The company’s stock has witnessed a growth of 92.31 per cent in YTD and 145.10 per cent in the last six months.
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