ASX Small Cap Lunch Wrap: Two yellow metal explorers and an Africa-focused oil play go for gold
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Australia’s broad All Ordinaries index struggled to reach the magic 7,000 points mark in early Friday trading — had it done so it would have capped off a fine week.
The index was hovering around 6,903 points at lunchtime in Sydney, while the ASX 200 was down 21 points at 6,660.
A setback in a CSL (ASX:CSL) trial for a COVID-19 vaccine sent a mild shockwave through the Australian share market, and CSL lost 3 per cent on its share price.
A phase 1 trial involving 216 participants showed some had generated antibodies that would cause a false positive on HIV tests, CSL said.
There were no safety concerns but widespread use of the vaccine would necessitate significant changes to well-established HIV screening procedures, the company added.
On a brighter note, there were some winners this morning among smaller ASX stocks.
Here are the best performing ASX small cap stocks at 12pm Friday December 11:
Swipe or scroll to reveal the full table. Click headings to sort.
Sunshine Gold (ASX:SHN) was a clear winner in early Friday trading, advancing nearly 200 per cent after it rejoined the ASX as a gold exploration company.
The gold explorer has sloughed off its former name of Pelican Resources that was a former owner of the Cockatoo Island iron ore project in WA.
It has two gold exploration projects in Queensland, Hodgkinson near Cairns and Triumph south of Gladstone port for which it has started drilling.
As Pelican Resources the company recently sold its Romblon nickel project in the Philippines for $2.1m.
Pancontinental Oil and Gas (ASX:PCL) put on 100 per cent in early morning trade, without putting out any new information on its activities.
The company has two exploration licences for oil off the coast of Namibia in south-west Africa, one in the Orange Basin and another in the Walvis Basin.
“Offshore Namibia is a vast region which remains virtually unexplored, it covers an area of approximately 240,000sqkm which is equal to the combined offshore areas of Gabon, Congo, Democratic Republic of Congo and Angola,” said the company in a November update.
“It is one of the few remaining countries in the world where truly giant fields could be discovered,” it added.
Another gold company, Amani Gold (ASX:ANL) also did well Friday after announcing this week $185,000 of exploration expenditure.
The company has carried out drone surveys and data preparation for a feasibility study for its Gio gold project in the Democratic Republic of Congo.
The project lies in the central African country’s Kilo-Moto greenstone belt that hosts Rangold Resources’ 17 million ounce Kibali deposits 35km west of Giro.
Amani said in an earlier update it planned to drill four holes for a total of 2,000m at its Giro project in November.
Here are the worst performing ASX small cap stocks at 12pm Friday December 11:
Metals Australia (ASX:MLS) saw its share price head south Friday, without issuing any fresh information to the market.
The company’s projects span graphite, lithium and gold in Quebec, Canada, zinc in it Manindi project, and base metals in its Sherlock Bay project in Australia.
Bass Metals (ASX:BSM) also went down in early trade, after publishing an exploration update earlier in the week on its Graphmada project in Madagascar.
A drilling program intersected graphite mineralisation that confirmed an extensive system of the mineral.