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S&P/ASX 200 loses steam after China approves controversial Hong Kong security law

Mining investments in Australia rose 4.2% in the March quarter – the biggest lift in 7½ years.

Archer Materials Ltd - S&P/ASX 200 loses steam after China approves controversial Hong Kong security law
Oil dropped as surprise US stock build doused demand recovery hopes

S&P/ASX 200 (INDEXASX:XJO) finished 76 points or 1.32% higher today at 5851 - touching a new 11-week high in the process.

The market broke through the 5900 barrier for the first time since March 11 but dropped during afternoon trade as oil prices fell and geopolitical tensions flared.

The index had risen by as much as 2.5% on a strong lead from Wall Street but sagged as China's legislature approved a proposal to impose the controversial National Security Law in Hong Kong.

Top gainers

Top gainers on the ASX today include Bellevue Gold Ltd (ASX:BGL) (+11.11%), Vrx Silica Ltd (ASX:VRX) (+9.37%), MacArthur Minerals Ltd (ASX:MIO) (+10.53%), Musgrave Minerals Ltd (ASX:MGV) (7.41%), Northern Minerals Ltd (ASX:NTU) (+9.09%), Predictive Discovery Ltd (ASX:PDI) (+10.23%) and Twenty Seven Co Ltd (ASX:TSC) (+16.67%).

Proactive news headlines:

Fe Limited step closer to completing $7 million iron ore royalty sale with buyer gaining FIRB approval

Fe Limited (ASX:FEL) is a step closer to receiving $7 million for the sale of its Evanston iron ore royalty interest after buyer Trident Resources PLC (LSE:TRR) received approval from the Foreign Investment Review Board of Australia (FIRB). The only remaining condition to complete the transaction is Trident listing on AIM, which is targeted to occur next week.

Lake Resources looks incredibly undervalued with significant advantages: Orior Capital

Lake Resources NL (ASX:LKE) (OTC:LLKKF) is incredibly undervalued as per a new research report by Orior Capital’s Simon Francis, a former top-rated metals and mining analyst in Asia with Macquarie, Credit Suisse and HSBC. This research highlights the potential value of Lake’s Kachi Lithium Brine Project in Argentina following the recently released pre-feasibility study (PFS) concerning its sustainable and scalable direct extraction process.

Gold Road on track to produce 250,000-285,000 ounces at Gruyere this year

Gold Road Resources Ltd (ASX:GOR) became one of Australia’s newest gold producers in June 2019, achieving its first gold pour from the Gruyere Gold Mine in WA along with JV partner Gold Fields Limited (JSE:GFI). Gruyere 2020 gold production for the calendar year is forecast between 250,000 – 285,000 ounces (125,000 – 142,500 ounces attributable to Gold Road).

Imugene research published in prestigious journal titled Frontiers in Immunology

Imugene Ltd’s (ASX:IMU) preclinical research to improve mimotope vaccines targeting checkpoint inhibitors has been accepted and published in the prestigious journal Frontiers in Immunology.

Ground-breaking research from Vienna identified mimotope peptides that when incorporated into Imugene’s proprietary immunotherapeutic vaccine delivery platform generate antibodies that bind specifically to immune cells expressing the PD1 biomarker.

Cassini Resources at 12-month high after intersecting nickel-copper-sulphide in first Yarrawindah Brook holes

Cassini Resources Ltd (ASX:CZI) has intersected nickel-copper sulphide in the first two drill holes at Yarrawindah Brook Project 100 kilometres northeast of Perth, Western Australia. The first two drill holes of a diamond drilling program at Ovis and Ovis down-plunge extension prospects have been completed and a third hole, testing a new electromagnetic (EM) anomaly 1 kilometre along strike to the north of Ovis, is in progress. Cassini believes the intersections are ‘visually encouraging’ having intersected nickel-copper sulphide over a 10-metre zone in hole YAD0010 at Ovis.

Mako Gold's strongly supported placement raises A$3.25 million to fund Napié gold exploration

Mako Gold Ltd (ASX:MKG) has received binding commitments for a two tranche placement to raise A$3.25 million before costs, funding further exploration at the Napié Gold Project in Côte d’Ivoire, West Africa. The placement was strongly supported by existing shareholders and introduced several new, high-quality domestic and international investors to the Mako share register, further validating the Napié project and Mako’s tier-1 exploration team. A strong indication of the demand came with the receipt of firm commitments for in excess of A$6.4 million.

Chase Mining raising up to A$1.396 million with aim of extending Canadian drill plans

Chase Mining Corporation Ltd (ASX:CML) has embarked on a capital raising exercise to boost its bank balance by up to A$1.396 million to allow for additional drilling at its highly prospective Canadian projects. The company has received firm and binding commitments from sophisticated and professional investors to raise A$646,756 in a private placement.

Archer Materials raising up to $3 million to accelerate work programs

Archer Materials Ltd (ASX:AXE) is offering shareholders an opportunity to participate in a share purchase plan (SPP) to raise up to $3 million at an issue price of 60 cents per share. Funds raised will be used to accelerate work programs in the advanced materials and mineral exploration business components as well as to start hiring additional staff to do this work.

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