Weekly ASX small cap wrap: Who went on a stampede this week?
Lithium play Strike Resources (ASX:SRK) led the pack this week, rocketing from 4 cents to above 10 cents for a weekly gain of 150 per cent,
Investors were excited by Strike’s acquisition of a 90 per cent interest in a prospective lithium site in Argentina.
The site supposedly sits within South America’s ‘Lithium Triangle’ in north-west Argentina. The company is targeting a fast-track exploration program to test geological models for production of lithium carbonates.
And junior explorer Ausmex (ASX:AMG) had a good week, after spiking on Thursday when it announced 3D geophysical modelling revealed a “massive” conductive structure at its Golden Mile tenements in Queensland.
Shares in the mining company, led by an experienced team with a strong history of value creation, closed the week at 13 cents for a gain of 101 per cent.
Elsewhere, there were big moves for Kalnorth Gold (ASX: KGM) which spiked on Thursday after releasing its half-year accounts earlier in the week.
And health and wellness company Skin Elements (ASX: SKN) surged by almost 140 per cent to 4.3 cents per share before going into a trading halt on Thursday.
Here are the best performing ASX small cap stocks for March 11-15:
Red Emperor Resources (ASX: RMP) came back to earth with a thud, after rocketing higher last week following an announcement on its drilling operations at the Winx-1 oil & gas well in Alaska.
Unfortunately, it turned out to be a dud. The clay formation in the Winx area makes it hard to get the oil out and also takes up more space, so there’s less oil to extract. RMP led the market lower with a weekly fall of 84 per cent.
And lithium player Galan (ASX:GLN) also suffered a heavy fall after a rollercoaster of a week.
The company’s stock price initially rocketed above 60 cents (prompting a please-explain from the ASX), before an equally sharp fall to finish the week 50 per cent lower.
A Monday announcement was to blame, as Galan advised that drill hole number two at the Candelas lithium brine project in Argentina wasn’t replicating the success of the first just yet.
Here are the worst performing ASX small cap stocks for March 11-15: