US stocks were mostly higher on Friday following the Scots voting "no" on independence. By the close the Dow was 0.1% higher to 17,280, while the S&P 500 eased slightly to 2010.4. The NASDAQ lost 0.3% to 4580.
Another day, another record on Wall Street. Down under on the ASX gains have been more modest of late. Leading the market higher today was a bounce in the blue chip banks, with the miners struggling as commodity prices were lower.
Cott Oil and Gas now holds around $5M in cash following the sale of a non-core stake in Kina Petroleum, and has exposure to a growing LNG hub in Asia through the 40% owned Pandora Gas Field. Santos is a partner. Michael O’Keeffe (ex-Riversdale chairman/ founder) holds an 8.7% stake in Cott.
The first two trial mining pits at the lead-zinc-silver Uludere Project have been opened by Project operator, Anatolian Resources Madencilik. This follows an off take sales contract Condor signed this week with the largest Lead-Zinc miner in Southeast Turkey.
Sun Resources has revealed that significant hydrocarbon indications have been observed in the Lower Woodbine target formation. The area is highly prospective with the US$50B capped EOG Resources having drilled 7 producing wells. Sun has some powerful backers, including Gina Rinehart's Hancock Prospecting.
In one of the most highly anticipated drilling programs in the Fraser Range we can recall, Segue Resources' MD Steven Michael has fast tracked a major diamond (and RC) program at the Plumridge Project. This was after aircore drilling intersected favourable geology with mafic/ultramafic rocks identified.
RedFlow shares are expected to rise after the company completed its initial trials with its prototype large scale energy storage system. The company is partnering with the circa $6B Flextronics for manufacturing, with commercial volumes expected before the end of 2015.
Phase 2 drilling at Plymouth Mineral’s Morille Tungsten-Tin project in Spain will follow up earlier drilling this year that confirmed high-grade mineralisation and the widespread extension of mineralisation within the Project. New drilling will obtain geotechnical, structural and metallurgical information in areas which are deemed prospective for resource generation.
Drilling to increase the resources open pit limits and the M1 underground potential at Blackham Resources’ Matilda Gold Project in Western Australia has intersected high grade gold. The latest intercepts provide grades and widths that are attractive to underground mining, and confirm significant continuity of the shoots.
The acquisition of the San Santiago Assets is a "walk-in/walk-out" transaction and will cost US$5.5 million with settlement to take place on Wednesday 17 September 2014, Peru time. This will deliver to Minera control of an operating copper toll treatment business that is generating annualised EBITDA of circa US$2.5 million per annum.
Early assays from the first diamond hole drilled at Pacific Niugini’s Nicolsons Gold Mine in Western Australia have returned notable high grade results of 3.0 metres at 20.43g/t from 106 metres including 1.6 metres at 34g/t gold. Pacific Niugini is looking to re-commence mining and ore processing at the high-grade Nicolsens Project.
Phoenix Gold has identified a number of new extensions over a 3km strike to the north of Stage 1 at Castle Hill and remain open in all directions. Further drilling is planned at this new Stage 3 and an independent resource update will be completed in the December quarter.