Australian shares fell sharply on Friday, with the S&P/ASX 200 down 109.5 points, or 1.24 per cent, to 8,709.9 at 12.15pm AEST. Seven of the 11 sectors were lower, taking the market’s decline for September to more than 4 per cent. Brent crude climbed to around US$108 a barrel as the Iran war intensified, adding to inflation concerns and expectations of higher interest rates.
Resources led the weakness as copper fell more than 5 per cent, with BHP down 4.8 per cent, Rio Tinto 3.7 per cent and Fortescue 1.8 per cent. Gold miners also fell as bullion weakened, while technology stocks came under pressure from higher rate expectations, with WiseTech, NextDC and Appen all trading lower.
In small cap company news:
Immutep outlines new development strategy for efti
Immutep (ASX:IMM) has outlined its future development strategy for cancer treatment efti following the discontinuation of the TACTI-004 study. The company plans to focus future clinical development on certain head and neck cancer patients and soft tissue sarcoma, with preparations for new trials underway and a study start targeted for the second half of 2027. A root cause analysis has also identified differences between efti produced at different manufacturing scales, with a new 200-litre manufacturing run contracted. For the full announcement please click here.
Alchemy begins drilling high-priority NSW gold and copper targets
Alchemy Resources (ASX:ALY) has commenced reverse circulation drilling at its Yellow Mountain and Overflow projects in New South Wales, with up to 15 holes planned. At Yellow Mountain, drilling will follow up previous results including 113 metres at 1.17 per cent copper equivalent and test two geophysical targets. At Overflow, the program will target high-grade gold zones and extensions to the existing 342,000-ounce gold equivalent resource.
Auravelle begins gold drilling at Nuckulla Hill
Auravelle Metals (ASX:AUV) has commenced a 3,500-metre aircore drilling program at its Nuckulla Hill Gold Project in South Australia. The program will test five targets along the Yarlbrinda Shear Zone and is expected to take seven to 10 days, with assay results anticipated in mid to late October. Further drilling at Sheoak, Sheoak East and Bimba is scheduled to follow.
Voltaic identifies new copper target at El Dinero
Voltaic Strategic Resources (ASX:VSR) has identified copper-rich material across several locations at its El Dinero prospect within the Meekatharra Project in Western Australia. Preliminary field readings from four selected samples returned indicative copper levels averaging between 1.88 per cent and 8.31 per cent. The company cautioned that these readings are preliminary, with laboratory testing underway and further mapping and sampling planned.
CGN intersects gold across multiple Christmas Well targets
CGN Resources (ASX:CGR) has intersected gold at three of four targets tested in its maiden drilling program at the Christmas Well Project near Leonora in Western Australia. The strongest result was 5 metres at 2.5 grams per tonne gold from 151 metres, including 1 metre at 10.94 grams per tonne. The company says the results support its exploration model and will help guide further drilling across the project.
