In Case You Missed it: Medicinal cannabis acquisitions and double digit gold grades
Stockhead’s In Case You Missed It highlights some of the strongest performing ASX stocks that might have slipped your notice today.
It’s a short, sharp update to help frame the trading day by showing some of the biggest movers in percentage terms.
ICYMI Leader Board
Stocks highlighted in green have made market-moving announcements (click headings to sort).
Shares in medicinal cannabis company Creso Pharma (ASX:CPH) charged out the gate this morning on news that its scheme agreement to acquire 100% of the issued capital in Health House International (ASX:HHI) has been approved by the Supreme Court of Western Australia.
HHI is an international pharmaceutical distributor, specialising in the distribution of medicinal cannabis products in Australia and international markets across the United Kingdom and Europe.
Health House generated $5.95m in cash receipts for the three-month period ending on March 31, which marked a 10.1% increase on the prior period.
The acquisition broadens Creso Pharma’s global distribution and provides another growing revenue channel for the distribution of medicinal cannabis.
High grade goldie Black Cat Syndicate (ASX:BC8), continues to sink its teeth into sweet mineralised veins with nuggety gold including a bonanza grade intercept within the Main Zone of its Paulsens operation in the Pilbara.
Today’s results, which includes assays such as 0.55m grading 73 grams per tonne (g/t) gold from 98.48m, 1.64m at 10.23g/t gold from 42.36m and 0.55m at 36.2g/t gold from 37.3m indicate that the current underground resource of 258,000oz at 10.8g/t gold is due for a big uptick that will also unlock more mining opportunities.
BC8 also noted that the results illustrate the grade and geological continuity of the target Gabbro Veins along a 1,200m plunge length, with many of the veins open along strike.
Drilling at Loyal Lithium’s (ASX:LLI) Scotty lithium project in Nevada, USA is now 50% complete after intersecting large intervals of sedimentary clays from near surface to a depth of 170m, confirming the MT-implied sediment basin in the northern area.
It is anticipated that the drilling, sampling procedures, and assaying techniques will allow for the estimation of a maiden JORC lithium resource, subject to assay results.
For the time being, drilling is continuing ahead of targeted completion in June.
And Hammer Metals (ASX:HMX) is up on news of a mineral resource upgrade to its Kalman copper-silver-molybdenum-rhenium deposit in Queensland’s Mt Isa region.
The company says the new mineral resource estimate (MRE) represents a 39% increase in the contained metal within the deposit, positioning Hammer with one of the largest undeveloped mineral inventories in the region.
The new MRE now sits at 39.2Mt at 1.07% recovered copper equivalent at 0.53% copper, 0.27 g/t gold, 0.10% molybdenum, 1.5 g/t silver and 2.1 g/t rhenium.
Recent drilling has also returned an additional 10Mt of material to the Indicated categorisation within the MRE (a 141% increase on the 2016 MRE) and the overall proportion of Indicated to Inferred material has improved by ~25%.
At Stockhead we tell it like it is. While Creso Pharma and Black Cat Syndicate are Stockhead advertisers, they did not sponsor this article.