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Highlights:
- Larvotto Resources Limited (ASX:LRV) notified grade results of TREO from drillings at Merivale South Prospect.
- OD6 Metals Limited (ASX:OD6) reported assay results and clay thickness from the second phase of drilling work at its Splinter Rock project.
- Pointerra Limited (ASX:3DP) notified trading and operations updates for the third quarter and as of 18 April 2023.
The Australian benchmark index S&P/ASX200 ended 0.29% lesser at 7,360.20 points on Tuesday, 18 April 2023. However, at the same time, there were three ASX penny stocks- Larvotto Resources Limited (ASX:LRV), OD6 Metals Limited (ASX:OD6) and Pointerra Limited (ASX:3DP), which defied the benchmark index and rose by 81.481%, 40.677% and 14.285%, respectively.
Let’s find out the reasons behind the price surge in the three ASX penny stocks- LRV, OD6 and 3DP.
Larvotto Resources Limited (ASX:LRV)
The mineral exploration company surged as much as 81.481% at AU$0.245 on Tuesday, after it notified bonanza grade results of total rare earth element oxide results (TREO) from the of late aircore drilling activity at LRV’s fully owned WA-based Merivale South Prospect.
The results of up to 1.26% (12,611ppm) TREO with 3,787ppm magnetic REO emphasises the potential of the 3-kilometre anomaly sited in a bigger 8-kilometre envelope. LRV’s latest drilling work consists of two drill lines 500-metre portion of an 8-kilometre geochemical TREO anomaly discovered by historic auger soil drilling. The area remains open in all directions, especially towards the west.
The latest results consist of one metre resamples taken from original field samples to further define the known mineralisation. Just a small portion of one out of the three Merivale South geochemical targets has been drill tested. Further, metallurgical testing will form the basis of upcoming drill programs and is presently underway.
OD6 Metals Limited (ASX:OD6)
The explorer and developer of prospects in the resources space zoomed 40.677% on Tuesday at AU$0.415, after it reported bumper assay results and clay thickness from the second phase, 83-hole drilling work at its northeast of WA-based Esperance Splinter Rock project.
Grades of up to 6,605 ppm TREO were returned, with massive clay thickness in the range of 20 metres and 80 metres at constantly high grades. Assays obtained from 74 of the 83 holes have returned substantial TREO grades and thickness.
Clay held rare earths are in thick zones of the Centre Prospect. They vary between 10 to 70 metres with TREO intersections up to 2,029ppm at a 300ppm cut-off grade. These outcomes from drilling firmly connect with interpreted data from Airborne Electromagnetic Survey, authenticating geological modelling and exploration program design.
The phase three 188-hole, 10K metre drilling program focused on Centre and Prop is scheduled to start in the second quarter of this year.
Pointerra Limited (ASX: 3DP)
The software developer grew 14.285% and was at AU$0.120 on Tuesday, post its trading and operations update for the third quarter and as of 18 April 2023. In the reported period, 3DP was anticipated to resolve multiple program delays with main US consumers experienced in the 1HFY23 period.
In the third quarter, the anticipated rebound produced cash receipts of AU$3.3 million against AU$1.9 million in the second quarter. It delivered a cash flow positive quarter, which is a trend anticipated to continue in the fourth quarter and beyond that.
3DP continues to work via contract renewals with present US energy utility consumers, a procedure that is anticipated to further add to growth in annual contract value through the expansion of present contracts and the addition of new subscriptions.
Further, 3DP has recognised two experienced executives like Joe Gerczak, to fill the roles of CGO (US operations) beginning April 2023 and Anthony Roe for CGO (US operations) beginning July 2023. Milan Bogunovic will take over his role as 3DP’s CFO on 1 May this year.
