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S&P/ASX 200 up 1.43% with miners leading the gains

The best performing stocks include Ora Banda Mining which rose 8.11% to 20 cents and Australian Mines which gained 12.5%.

Australian Mines Ltd - S&P/ASX 200 up 1.43% with miners leading the gains
The worst performers today were technology stocks

S&P/ASX 200 (INDEXASX:XJO) gained 76 points or 1.43% today to close at 5404.8 for its third straight week of gains.

Materials led improvements with a 3.3% rise helped by miners.

The best performing stocks include Ora Banda Mining Ltd (ASX:OBM) which rose 8.11% to 20 cents, St George Mining Ltd (ASX:SGQ) which gained 6.33% to 8.4 cents and Australian Mines Limited (ASX:AUZ) which rose 12.5%.

The worst performers today were technology stocks. Xero (ASX:XRO) declined 6% following another slump on Thursday.

Upcoming catalysts

Today is set to be a very busy session on the US data front.

Figures on retail sales, manufacturing, business inventories, industrial production, job openings and consumer confidence are all set to be released.

Proactive news headlines:

 

Ora Banda Mining higher on 144% increase in Callion gold resource at Davyhurst Project

Ora Banda Mining Ltd increased the Callion open pit mineral resource by 144% with this deposit forming a key part of the 1.99-million-ounce Davyhurst Gold Project in WA’s Eastern Goldfields. The mineral resource at Callion has been upgraded to 269,000 tonnes at 3.5 g/t for 30,000 ounces and includes an indicated resource of 241,000 tonnes at a higher grade of 3.7 g/t for 28,700 ounces. This resource is up from the previous estimate of 169,000 tonnes at 2.6 g/t for 14,000 ounces of contained gold. Shares have been more than 8% higher at 20 cents intra-day, double what they were at close on April 3.

St George Mining completes $3.6 million placement to fund drilling at Mt Alexander

St George Mining Ltd completed a private placement of ordinary shares to institutional and high net worth resources investors raising more than $3.6 million. A share purchase plan (SPP) was also launched by the company on May 12, under which eligible shareholders were invited to also acquire shares in St George at 8 cents per share. The SPP remains open and is scheduled to close on May 29, 2020. New funds secured under these capital raising initiatives will underpin the 2020 drill program at St George’s flagship Mt Alexander Project, with drilling scheduled to begin next week.

Australian Mines identifies 14 new nickel and cobalt targets within Sconi Project

Australian Mines Ltd identified 14 new nickel and cobalt exploration target areas within and adjacent to the flagship Sconi Cobalt-Nickel-Scandium Project in north Queensland. An independent review by SRK Consulting re-evaluated existing AUZ drill data alongside digital mapping data sourced from the Geological Survey of Queensland’s 2018 ‘Detailed Solid Geography-Queensland’ map and the latest State of Queensland’s Department of Natural Resources, Mines and Energy (DNRME) regional airborne magnetics imagery. The analysis defined additional nickel, cobalt, and scandium mineralisation targets both within the company’s existing tenements and within proximity to Sconi’s current tenement package.

Legend Mining enhances Mawson potential with strong nickel-copper sulphide assays

Legend Mining Limited further enhanced the commercial potential of Mawson discovery within its Rockford Project in WA’s Fraser Range with high-grade assays of up to 21.6 metres at 1.93% nickel, 1.09% copper and 0.10% cobalt from 217.5 metres. Within the 21.6 metres in first assays from two significant nickel-copper sulphide zones in diamond hole RKDD011 was 1.9 metres at 2.97% nickel, 1.10% copper and 0.15% cobalt also from 217.5 metres.

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