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S&P/ASX 200 snaps 4-day winning streak; energy stocks continue to rise

The index touched a new 10-week high as the market opened but it stumbled after the heavyweights and the US futures market fell.

Argonaut Resources NL - S&P/ASX 200 snaps 4-day winning streak; energy stocks continue to rise
Mining titans BHP and Rio Tinto are down

S&P/ASX 200 (INDEXASX:XJO) failed to hold on to this morning’s gains of 0.7%, with the index falling by 0.4% or 22.6 points to 5,550.

However, the index remains on track to record its fourth straight weekly advance.

Energy stocks stood out after the price of oil rose 4.8% (up ~30% in one week).

DroneShield (ASX:DRO) shares surged 62% after its DroneGun Tactical product was selected by the European Union police forces.

Afterpay (ASX:APT) shares hit a new all-time high this morning and closed at $44.

Other Australian stocks with solid price increases today include Technology Metals Australia Ltd (ASX:TMT) (+25%), Great Southern Mining Ltd (ASX:GSN) (+10%), THC Global Group Ltd (ASX:THC) (+16.67%), Kingwest Resources Ltd (ASX:KWR) (+19%), Volt Resources Ltd (ASX:VRC) (+20%), Musgrave Minerals Ltd (ASX:MGV) (+13%), Eclipse Metals Ltd (ASX:EPM) (+14.29%), Black Rock Mining Ltd (ASX:BKT) (+15%), Cobalt Blue Holdings Ltd (ASX:COB) (+14%), Bryah Resources Ltd (ASX:BYH) (+24%) and Argonaut Resources NL (ASX:ARE) (+25.00%).

Proactive news headlines

Volt Resources higher on news of potential purchase of second African gold project

Volt Resources Ltd (ASX:VRC) has entered a binding term sheet to conditionally acquire an 85% interest in the Luiri Hill Gold Project in south-central Zambia, 120 kilometres from the capital Lusaka. Together with the proposed acquisition of a gold project in Guinea announced last week, purchasing the Luiri project will further diversify Volt's asset base with the precious metal, which has been proving its strength in difficult market conditions.

Salt Lake Potash paleochannel bore at Lake Way exhibits strong flow rates and high grades

Salt Lake Potash Ltd’s (ASX:SO4) (LON:SO4) pumping of initial brine extraction drilled into the paleochannel at Lake Way SOP Project in Western Australia has delivered flow rates of 18 litres per second with a consistent potassium grade of 7,100mg per litre. The results, which were sustained over a 17-day delivery, are above the average flow rates used in the company’s bankable feasibility study (BFS) which demonstrated 8 litres per second and average brine grades of 6,100mg per litre. Investors have responded positively with ASX shares up as much as 10% to A$0.50 intra-day and have risen from 30 cents at close on March 19.

Greenland Minerals completes key step toward securing mining licence for rare earth project

Greenland Minerals Ltd (ASX:GML) has lodged an updated Environmental Impact Assessment (EIA) of the Kvanefjeld rare earth project with Greenland’s Environmental Agency for Mineral Resource Activities (EAMRA). EAMRA has provided an indicative period of eight weeks to conduct the review process. Once EAMRA is satisfied, the Ministry for Mineral Resources and Labour will be notified, who manage the remainder of the licensing process.

THC Global rises with medicinal cannabis product now available via prescription in Australia

THC Global Group Ltd (ASX:THC) is trading 15% higher on confirmation that its first Australian-produced medicinal cannabis product is now available for prescription to Australian patients under Australia’s existing Special Access Schemes. Full-spectrum medicines are in high demand for prescribers and patients seeking benefit of minor cannabinoids, terpenes and flavonoids which may provide different therapeutic outcomes. The product is manufactured from cannabis plant material cultivated at THC Global’s Bundaberg facility.

Kingston Resources delivers 15% more gold and 30% more silver at Misima project in PNG

Kingston Resources Ltd (ASX:KSN) has boosted the golden bounty of its Misima project in Papua New Guinea by 15% to 3.21 million ounces with silver resources also up 30% to 18.2 million ounces. The new resource which incorporates results of recent successful drilling programs and updated gold price assumptions is 105 million tonnes at 0.93 g/t gold and 5.4 g/t silver. It also delivers a 17% increase in total indicated gold ounces, which are available for conversion to ore reserves, to 49.9 million tonnes at 0.95 g/t for 1.52 million ounces.

Pantoro confirms new high-grade gold discovery at Norseman with results of up to 5 metres at 24.84 g/t

Pantoro Ltd (ASX:PNR) has confirmed a new high-grade discovery at Panda within the Norseman Gold Project in WA with results of up to 5 metres at 24.84 g/t from 33 metres and 9 metres at 10.84 g/t from 25 metres including 5 metres at 18.11 g/t. The company highlighted the potential discovery of high-grade mineralisation at Panda in March 2020 with initial results including 5 metres at 15.91 g/t.

Whitebark Energy to increase Wizard Lake production as oil price strengthens

Whitebark Energy Ltd (ASX:WBE) will increase production at its Wizard Lake Oilfield Project in Canada from a low-base owing to the oil price strengthening to US$30. The company also remains committed to continuing the Wizard Lake Oilfield development and is undertaking a review to determine the appropriate time to recommence drilling.

Blackham Resources receives credit approval for first $21 million tranche of prepaid swap

Blackham Resources Ltd (ASX:BLK) has signed an updated, indicative term sheet with Mercuria Energy Group providing A$21 million in the form of a prepaid swap on gold with a supporting hedge facility, and an intention to a further A$40 million, for a total of up to A$61 million.

Infinity Lithium presents San Jose project to European Commission and European Investment Bank

Infinity Lithium Corporation Ltd (ASX:INF) (FRA:3PM) is strengthening its collaboration with the move to create a self-sufficient European lithium-ion battery value chain and its San Jose Lithium Project in Spain is set to play a key role. The company is regularly engaging with key executives in Europe’s value chain in which the European Battery Alliance (EBA) is a core focus area.

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