S&P/ASX 200 drops 2.4% this week over worries of rising COVID-19 cases worldwide

Gold is set for a fifth straight weekly gain today as the spike in COVID-19 cases kept the safe-haven metal above the technical US$1,800-per-ounce threshold.

Andromeda Metals Ltd - S&P/ASX 200 drops 2.4% this week over worries of rising COVID-19 cases worldwide
US crude prices are set to fall more than 3% this week

S&P/ASX 200 (INDEXASX:XJO) closed 0.6% down today following news of another 288 COVID-19 cases in Victoria, a new daily record, and US futures also sliding into negative territory.

The biggest losses have been among the likes of energy and materials following a 2-3% fall in oil prices in overnight trade.

This weighed on local oil and gas producers with Oil Search (ASX:OSH) down the most with a loss of 4.1% while Woodside (ASX:WPL) and Origin Energy (ASX:ORG) dropped more than 2.2%.

COVID-19 update

306 new COVID-19 cases were recorded across Australia today, with Victoria, New South Wales, Western Australia and the Australian Capital Territory all seeing a rise in new infections.

In the US, more than 60,500 new COVID-19 infections were reported on Thursday, according to Reuters, setting a new one-day record.

As infections rose in 41 of the 50 states over the last two weeks, the US has become increasingly divided on issues such as the reopening of schools and businesses.

Top gainers

Today’s top gainers on the ASX include VIP Gloves Ltd (ASX:VIP) (+10.00%), Artemis Resources Ltd (ASX:ARV) (+14.29%), Comet Resources Limited (ASX:CRL) (+13.33%), Esense-Lab Ltd (ASX:ESE) (+11.11%) and Archtis Ltd (ASX:AR9) (+12.50%).

Proactive news headlines:

Legend Mining’s ongoing hits of thick, massive nickel-copper sulphides are highly encouraging: Euroz

Legend Mining Ltd (ASX:LEG) recently added to the robust nature of Mawson prospect within the Rockford Project in WA’s Fraser Range with an intersection of 4.5 metres at 3.05% nickel, 2.32% copper and 0.19% cobalt - the best grades to date. Euroz has reiterated its speculative buy rating for Legend with a price target of 30 cents per share (current price: 14 cents) after the recent high-grade drilling results.

Red River Resources sets new quarterly copper production record

Red River Resources Limited (ASX:RVR) has achieved record copper production at its Thalanga Operation in Northern Queensland for the quarter ending June 30, 2020. An increase in copper grade of ore milled to 1.0% and a record copper recovery to copper concentrate of 84.7% resulted in quarterly production of 2,697 tonnes of high-quality copper concentrate, compared to 2,310 tonnes in the previous quarter.

Andromeda Metals' maiden halloysite-kaolin reserve supports 26-year mine life

Andromeda Metals Ltd’s (ASX:ADN) 12.5 million tonnes maiden ore reserve at Carey’s Well deposit within the Poochera Halloysite-Kaolin Project JV in South Australia supports a 26-year mine life at an annual mining rate of 500,000 tonnes. The reserve of bright white kaolinised granite in the probable category comprises 15% halloysite and 78% kaolinite in the minus 45-micron fraction.

Bellevue Gold fields strong support for $100 million placement, reflecting quality of project

Bellevue Gold Ltd's (ASX:BGL) $100 million fully underwritten share placement has been strongly supported on the back of its impressive gold story with firm commitments from institutional investors for the issue of 100 million new shares at $1.00 per share. There was strong demand from domestic and offshore institutions with the book multiple times covered over the placement amount.

Creso Pharma wins second purchase order from Israel’s Univo for premium medicinal cannabis flower

Creso Pharma Ltd’s (ASX:CPH) (OTCMKTS:COPHF) (FRA:1X8) wholly-owned subsidiary Mernova Medicinal Ltd has secured a US$625,000 purchase order for its premium, cured and hand-trimmed dried medicinal cannabis flower from Univo Pharmaceuticals Ltd (TLV:UNVO).

Oklo Resources Seko drilling nears completion, on track to deliver maiden gold resource

Oklo Resources Ltd (ASX:OKU) has drilled a further 19 reverse circulation (RC) and 13 diamond drill holes at Seko deposit and is nearing completion of its 2020 drilling campaign at the flagship Dandoko Gold Project in west Mali due to the onset of the wet season.

De Grey Mining confirms further gold extensions at Brolga zone within growing Hemi discovery

De Grey Mining Limited (ASX:DEG) continues to expand gold endowment at the Hemi discovery in WA's Pilbara region with drilling still to define the limits of mineralisation. Extensional reverse circulation (RC) and diamond drilling continue to define strong gold mineralisation.

Moho Resources kicks off extensive drill campaign at East Sampson Dam gold prospect

Moho Resources Ltd (ASX:MOH) has begun an extensive four-stage drill program in its third drilling program at East Sampson Dam gold prospect, part of the company’s Silver Swan North Project in Western Australia. Phase one of the program is underway and involves 15 reverse circulation (RC) holes for around 1,400 metres of drilling.

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