Lunchtime small cap wrap: Anson shareholders stampede for the exit
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Here are the key ASX small cap gainers and decliners for Tuesday at 12.30pm AEDT.
The Small Ords were at 2,731 — down 14 points or 0.5 per cent at 12.30pm.
Winmar Resources (ASX:WFE) soared 150 per cent to a four-year high of 1.5c after raising $3.1 million to investigate “potential new cobalt acquisitions” in the Democratic Republic of Congo.
Winmar also appointed Singapore-based Airguide as a corporate advisor. Airguide made a cornerstone investment of $500,000 in the placement.
The shares were trading at 1.4c by 1pm AEDT.
Respiratory and auto-immune drug developer Invion (ASX:IVX) gained 37 per cent on Tuesday morning after signing a research deal with the Monash University-aligned Hudson Institute of Medical Research.
Invion and Hudson will collaborate on a range of research and development projects for Invion’s Photosoft cancer treatment technology.
Photosoft uses photosensitisers, light and oxygen to kill malignant cells, shut down tumours and stimulate the immune system.
Hudson will provide research facilities and expertise for Invion-sponsored research projects.
Invion shares were trading up 0.7c at 2.6c by 12.30pm AEDT.
Alta Zinc (ASX:AZI) put on 29 per cent by 12.30pm AEDT after telling investors it had applied for an exploration licence for a historic cobalt production area in the Piedmont region of Italy.
Historic records show that 55 tonnes of cobalt that was exported to Germany back in the 18th and 19th centuries to make blue dye.
The two-year licence would cover an area of about 14 sq km.
Alta’s main focus is its early-stage Gorno zinc project in northern Italy.
The shares were trading at 0.9c at 12.3opm AEDT.
Intermin Resources (ASX:IRC) jumped to a record high of 31c after announcing it had a “world-class vanadium resource” on its hands.
Battery metal vanadium is one of the hottest resources commodities among ASX investors at the moment.
Intermin announced an updated JORC resource for its Richmond vanadium project in central north Queensland.
JORC compliance refers to the mining industry’s code for reporting exploration results, mineral resources and ore reserves, managed by the Australasian Joint Ore Reserves Committee.
“The scale of the project places it as one of the largest undeveloped vanadium resources in the world. [It is] close to surface and remains open in all directions,” the company said.
The shares were up 18 per cent at 26.5c by 12.50pm AEDT.
Copper explorer Thor Mining (ASX:THR) ticked up 15 per cent to 5.5c after telling investors it had found a zone of mineralisation — contained within previously announced resource boundaries — of 29 million tonnes at 0.32 per cent copper for containing 91,200 tonnes of copper.
Stocks moving up on very thin trading and no news included Rubicor Group (ASX:RUB), Hardey Resources (ASX:HDY) and Datadot Technology (ASX:DDT).
Anson Resources (ASX:ASN) investors were rushing for the exit this morning after the explorer announced lithium levels were “below expectations” at its flagship project in Utah’s Paradox Basin.
More than 67 million shares traded hands on Tuesday morning, as the shares lost half their value to 5.9c by 1pm AEDT.
“Lithium concentrations are well below historical assay (test) results in other parts of the Paradox Basin,” Anson told investors.
“The reasons for the low lithium results are still being determined.
“However, it is also possible that the lithium does not flow from the area around Long Canyon due to cross-cutting structures which may be forming lithium traps, concentrating the lithium in those areas.”
Stocks moving down on very thin trading and no news included Niuminco (ASX:NIU), EON NRG (ASX:E2E) and Rision (ASX:RNL).