The S&P/ASX 200 index closed higher, up by 32.6 points at 6,994.8 points today, marking a record high for the index. Notably, three small-cap resource stocks on ASX witnessed double growth in their share prices during today’s trading session. Let’s take a look at these players and their recent updates.
Indiana Resources (ASX: IDA)
Australian resources company, Indiana Resources has served a notice over Ntaka Hill Nickel Project Retention licence in Tanzania. The notice was delivered to the President of Tanzania, H. E. The Hon John Magufuli, to the Tanzanian Solicitor General and to the Tanzanian Ministry of Energy and Minerals on 14th January 2020. In the notice it was advised that a dispute has arisen in relation to NNHL’s investment in the Ntaka Hill Nickel Project located in the Nachingwea Property in southeastern Tanzania.
Indiana Chairman Bronwyn Barnes is very disappointed that the Tanzanian Government has unilaterally revoked the company’s Retention Licence and subsequently advertised the Project on its website as available to potential new investors without consultation.
It is to be noted in the last 18 years Indiana and its partners have worked cooperatively and diligently with Tanzania in developing the Ntaka Hill Nickel Project, and to date, in excess of AUD$60 million has been invested in defining the current resource and preparing development plans and studies.
The company has acted swiftly to appoint experienced counsel and is confident that, if arbitration is necessary, it can access willing third parties to fund such an action. The company also intend to pursue every feasible legal avenue to ensure its rights are respected and protected. The company also informed that its exploration activity on its gold projects in western Mali is progressing well with the results of recent soil sampling currently being reviewed and collated.
Following the release of today’s update, IDA stock price witnessed a jump of 11.538% during the day’s trade. The stock is currently trading at $0.029 with a market cap of $4.77 million.
Apollo Minerals Limited (ASX: AON)
Exploration company, Apollo Minerals Limited has reported the results of a recent surface exploration program undertaken at the Kroussou zinc-lead project (Kroussou Project or Project) in western Gabon. As per the results, the company has identified multiple new zones of mineralised outcrops extending over wide areas, each representing an exploration target with the potential to host significant shallow, zinc-lead mineralization. Further, the positive initial metallurgical test work has confirmed high recoveries and produced separate, high grade and high-quality zinc and lead concentrates with very low deleterious / penalty elements.
Best results from the sampling program at the Niamabimbou Prospect include:
- 16% combined Zn-Pb from sample JBR246
- 20% combined Zn-Pb from sample JBR244 o 10.71% combined Zn-Pb from sample JBR136
- 15% combined Zn-Pb from sample JBR069
- 98% combined Zn-Pb from sample JBR201
- 84% combined Zn-Pb from sample JBR131
- 14% combined Zn-Pb from sample JBR049
The proposed work plan for the Kroussou Project includes:
- Conduct surface exploration programs comprising geological mapping, rock chip and soil sampling to further assess identified prospects and to generate new targets within the broader project area;
- Rank and prioritise exploration targets across the project area based on newly acquired and historical data;
- Plan for the mobilisation of a track-mounted reverse circulation (RC) rig suitable for a rapid drilling program over multiple channels;
- Mobilise drill rigs to conduct an infill and extensional drilling program at the Dikaki Prospect and initial drill testing of other priority targets;
- Create road access to new prospects in anticipation of an aggressive drill program;
- Conduct ground geophysics to refine identified prospects and generate new targets;
- Continue metallurgical test work over all prospective targets to assess recovery characteristics, concentrate quality, and variability;
- Estimation and reporting of a Mineral Resource in accordance with the JORC Code; and
- Commence with feasibility studies.
Following today’s update, AON stock price increased by 11.538% during the intraday trade. The stock is now trading at $0.029, near to its 52 weeks low price of $0.023.
Australian Vanadium Limited (ASX: AVL)
Australian owned resource company, Australian Vanadium Limited has signed a Letter of Intent (LOI) with Hebei Yanshan Vanadium and Titanium Industry Technology Research Co Ltd to negotiate and sign a binding technical services and purchase agreement for AVL’s vanadium products.
As per the terms of LOI, AVL will provide a product sample to Yanshan Vanadium Titanium for testing. Managing Director, Vincent Algar and Chief Operating Officer, Todd Richardson will travel to Chengde, Hebei this month to progress technical and offtake discussions. The visit will allow Mr. Richardson to undertake technical discussions regarding potential improvements to the Project’s process, which Yanshan Vanadium Titanium believes could result in cost improvements.
Following the release of this news, AVL witnessed 30% increase in its share price during the day’s trade. At market close on 15 January 2020, AVL stock was trading at a price of $0.013 with a market cap of around $25.53 million.
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