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Highlights:
- The Australian benchmark index S&P/ASX200 closed the market session lower by 0.27% at 7,324.10 points on Thursday.
- Auric Mining Limited (ASX AWJ) updated on lately concluded drilling work at its Chalice West project and Miitel South Prospect.
- On 11 April, Iron Road Limited (ASX:IRD) announced selecting Amp Energy as the lead developer for IRD’s Cape Hardy Green Hydrogen project.
The Australian benchmark index S&P/ASX200 closed the market session lower by 0.27% at 7,324.10 points on Thursday, 13 April 2023. Apart from it, eight out of eleven sub-sectors decreased on ASX. Further, three ASX penny stocks also closed the day in the red zone.
Let’s find out more about these three ASX penny stocks -AWJ, IRD and GIB.
Auric Mining Limited (ASX AWJ)
WA-based gold developer and explorer ended Thursday reducing by 12.698% at AU$0.055 after it updated on lately concluded drilling work at its Chalice West project. The drilling work was concluded in February this year with five RC holes drilled for 600 metres.
The reverse circulation drill holes returned numerous weakly anomalous gold results in fresh rock but less than in the overlying weathered rocks defined by aircore drilling.
The company also updated on WA-based Miitel South Prospect, wherein drilling work was concluded in February this year with three RC holes drilled for 410 metres. Findings from the three holes were modest, however, the mineralised trend has been outlined for above 500 mt, and drilling has intersected extensive sulphide mineralisation along with quartz veining. These features give enough justification to continue with the maiden RC program.
Iron Road Limited (ASX: IRD)
The iron ore mining and exploration company closed Thursday, decreasing by 12.500% at AU$0.105 despite no price-sensitive news today.
Though, yesterday it announced that after a three-month competitive offer-to-bid process, Canada-based renewable energy developer and supplier Amp Energy had been chosen as the lead developer for IRD’s Cape Hardy Green Hydrogen project.
Both companies have executed Strategic Framework Agreement and begin a nine-month exclusivity duration after a competitive Cape Hardy green hydrogen offer-to-bid process. This deal’s terms and condition consist of an upfront AU$1.5 million exclusivity fee along with an additional, conditional 2023 payment of AU$1.5 million upon implementation of detailed transaction documents.
Beginning from the year 2024, indicative project development milestone payments of AU$21 million in total are staged through to initial green hydrogen, etc, exported from the forthcoming Cape Hardy industrial precinct.
GIBB River Diamonds Limited (ASX: GIB)
The developer and explorer of mineral properties declined 19.672% at AU$0.049 on Thursday.
The company last provided updates pertaining to projects and strategic plans on 11 April 2023. It mentioned regaining full control of the Ellendale Diamond project delivers to GIBB River a substantial prospect. The company has chosen four main target areas, which it believes offer the best prospect to re-establish production: E9 Lights Stockpile, E12 Alluvials, E9 West Alluvials and E9 East Alluvials.
BMGS, located at Kalgoorlie, are working with GIB to estimate the initial geological resource for the Neta Gold Prospect at the Edjudina Gold project (fully owned by GIB). In another fully owned Highland Plains Phosphate project, NT, GIB is looking for a strategic investment partner to aid the company in progressing project. It has a JORC (2004) inferred resource of 53 million tonnes at 16% P2O5.
