Lunchtime small cap wrap: who’s splashing out and who’s getting washed away
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Here are the key gainers and losers at 12PM AEST.
The ASX Small Ords was trading up 3.2 points to 2808 at lunch.
In the green
Liontown Resources (ASX:LTR) today told shareholders it was ‘on track’ for a maiden lithium resource — news that spurred it up 29 per cent to 3.1c.
Its latest assays from Kathleen Valley were said to confirm continuity and strike extensions of high-grade mineralisation.
Resource drilling is now in full swing, including diamond coring for metallurgical sampling.
Microscope-maker Optiscan Imaging (ASX:OIL) was up 25 per cent to 7c with no news in the market.
The company produces confocal endomicroscopes for clinical and research use, designed for examining eyeballs and the insides of stomachs.
Nex Metals Exploration (ASX:NME) has shot up 25 per cent to 1.5c.
Earlier this year, the company told shareholders it was continuing to investigate the different processing strategies associated with the Kookynie tails project in order to start trial processing of the Cosmopolitan, Altona and Cumberland historic tails stockpiles.
Chilean and Argentinan explorer Austral Gold (ASX:AGD) surged 20 per cent to 12c.
The company’s flagship Guanaco project in Chile is a gold and silver producing mine with what it says has further exploration upside. It is also the operator of the underground silver-gold Casposo mine in San Juan, Argentina.
Reedy Lagoon (ASX:RLC) staked additional claims in the Clayton Valley Lithium Brine Province, what saw it jump 20 per cent to 1.2c.
They’ve staked 112 extra claims over an area of 906 ha to form the Clayton Valley project in the northern part of Nevada.
It says they hold potential to trap lithium brines and, once registered, will undertake a program of geophysical surveys to evaluate the newly staked ground.
In the red
Empire Resources (ASX:ERL) fell 22 per cent to trade at 1.4c.
The company recently payed off its debts to Blue Cap Mining for its Penny’s Find Joint Venture.
At its announcement the company told investors a final processing summary for the fourth treatment campaign will be issued to the market once Mint and mill reconciliations had been finalised.
Jindalee Resources (ASX:JRL) fell 15 per cent to 16c with no news in the market.
Earlier this month it partnered with Aldoro Resources to earn in to North Sinclair and Camel Bore projects.
It told the market it was part of an ongoing divestment program of non-core projects.
The termination of an exclusive contract has seen global roaming solution provider United Networks (ASX:UNL) drop 14 per cent.
Trade reached lows of 16c at lunch.
UNL told shareholders it terminated the contract after concerns about declining revenue at its partner Covermore, to whom it had been exclusively suppling its Global SIM.
Gold aspirant Apollo Consolidated (ASX:AOP) fell 13 per cent to 16c.
It earlier told the market its Rebecca Gold Project had excellent potential for other high-grade positions associated with its mineralisation at 161 Lode.
NT gold miner Ark Mines (ASX:AHK) fell 12 per cent to 7c.
The explorer is going through the motions to develop mining tenements in the Northern Territory which last month passed environmental studies.