Federal Reserve stimulus tapering fears have re-emerged, sending the All Ords down 1.3% to 5,196.9 points. The Shanghai Stock Exchange Composite Index is down 0.11% to 2,249.35 points while in pre-open markets the Dow-mini is down 7 points to 15,879. Banks were hit hard as were shares in Qantas.
Syrah's infill drilling results today have confirmed further very wide zones of high grade graphite and vanadium mineralisation at Balama East, starting near surface. More results are pending, along with assays from Mualia, which will be followed by a resource upgrade.
Metallurgical flowsheets for both the mineral concentrator and the refinery for the company’s Kvanefjeld multi-element project in Greenland have been finalised and it is now focused on reducing the risk of the refinery flowsheet with continuous pilot plant testwork.
KGL Resources' (ASX: KGL) yesterday delivered some impressive massive sulphides from the Jervois project in the Northern Territory, and received a 'Drill hole of the Day' note from UBS Securities and distributed by Bell Potter.
Phoenix Gold's aggressive drilling program in the WA Goldfields continues to pay dividends, with the latest results demonstrating the depth potential below current resource. Gold mineralisation has now been extended 200 metres below the previous drilling - with grades increasing at depth. The Castle Hill Stage 1 open cut reserve study is due on the next month.
Base will now ramp up processing rates at its Kwale mineral sands project in Kenya to build inventories of rutile and Ilmenite ahead of bulk shipments in January 2014. Construction of the zircon circuit is in its final stages with commissioning expected during January.
KGL Resources has further built a case for a significant resource upgrade at Jervois, after intersecting the Copper Equivalent of 18 metres at 10.3% copper in resource extension drilling. Drilling is ongoing at depth and along strike. Shares in KGL Resources are expected to open firmer following the results.
Rigless testing of the Gradizza-1 well in Italy has more than doubled flow rates to 15,000 standard cubic metres per day from the 7,000scm/d from initial testing. This is due to continued clean-up of the well and reduction of formation damage.
New Australian iron ore producer Shree Minerals has increased defined Reserves at Nelson Bay River mine in Tasmania from recent drilling program. This saw an upgrade of the resource and an improved Mine Plan where production of Direct Shipping Ore operations has comenced with first shipping of iron ore due last week of December, first week of January.
With the profit sharing agreement now finalised with Chapmans, Jatenergy will now proceed with reworking the Jongkang project in East Kalimantan, Indonesia, into a higher production facility with a monthly production target of 20,000 tonnes per month. With this we calculate it could be worth $600k to $720K in profit per year to Jatenergy.
With two Memoranda of Understanding signed for a further 1.3Mtpa of coking coal, Aspire Mining has increased total potential orders for coking coal from its Ovoot Project in Mongolia up to 6.9Mtpa. It has also signed agreements to access 2Mtpa of Russian rail and port capacity which attests to the growing demand for products from Ovoot.
Hard rock drilling at Lubuk Mandi targets an Exploration Target of between 174,000 ounces and 443,000 ounces of gold, adding to the gold-in-tailings Resource of 34,800 ounces of gold. GBM Resources is targeting cash flow from retreating the tailings as soon as April 2014.