Australian shares traded lower at midday, with the S&P/ASX 200 down 37.1 points, or 0.41 per cent, to 8,973.8 at 12.12pm AEST. Banks and technology stocks led the declines, with all four major banks lower and ANZ among the biggest falls. Technology stocks also weakened as higher interest rate expectations continued to weigh on the sector, while major miners slipped despite stronger commodity prices. WiseTech and Xero traded lower, along with BHP and Rio Tinto.
In small cap company news,
Amara intersects high-grade gold at Apollo
Amara Minerals (ASX:AM3) has reported results from the first hole of its latest drilling program at the Apollo Gold and Antimony Project in Victoria. The hole returned 57.5 metres at 2.62 grams per tonne gold from 139.5 metres, including 20 metres at 5.13 grams per tonne and 10 metres at 8.04 grams per tonne. Three holes have now been completed for 862.5 metres, with drilling continuing to test the Dig Fault Zone at depth as the company evaluates the potential for a maiden mineral resource.
Sky Metals identifies high-grade tungsten target
Sky Metals (ASX:SKY) has reported high-grade tungsten results from surface sampling at its Theirman Mines prospect in New South Wales, around 20 kilometres north of its Tallebung project. Results included grades of up to 7.44 per cent tungsten oxide, with more than 500 metres of prospective strike identified across at least two mineralised trends. The company is advancing the prospect towards drilling, which is expected to begin in the coming weeks.
Maritana advances Windarra Tailings Project
Maritana Minerals (ASX:MRT) says Encore Minerals has made a positive final investment decision on the Windarra Tailings Project in Western Australia and exercised its option to move into the development period. Maritana, through its wholly owned subsidiary Poseidon Nickel, receives a $400,000 non-refundable payment and retains a 3 per cent net smelter return royalty on production from the project, reduced to 1.5 per cent for Lancefield tailings. Encore is responsible for funding, developing and operating the project.
Ballymore extends high-grade mineralisation at Torpy’s
Ballymore Resources (ASX:BMR) has reported further high-grade silver, lead and zinc results from its Torpy’s discovery near Chillagoe in North Queensland. New drilling returned 7 metres at 170 grams per tonne silver, 7.6 per cent lead and 3.27 per cent zinc from 44 metres, including 2 metres at 580.4 grams per tonne silver, 25.88 per cent lead and 10.08 per cent zinc. The latest drilling extended significant mineralisation 40 metres up-dip, with further assays pending.
Red Sky intersects gas at Yarrow 4
Red Sky Energy (ASX:ROG) has intersected gas at its Yarrow 4 development well in South Australia’s Cooper Basin. Preliminary data identified 5.2 metres of low-deliverability gas pay in the primary Tirrawarra Sandstone target, with the well reaching a total depth of 2,908 metres. Yarrow 4 will now be cased and suspended for future stimulation and completion, while drilling is set to move to the Yarrow 5 well. Red Sky holds a 20 per cent interest in the Santos-operated project.
To hear from four ASX-listed companies across silver, gold, critical minerals and sovereign AI, join our investor webinar, Uncovering Hidden Gems on September 9th at 12:30 pm AEST.
