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American Tungsten (ASX:AT4) took off early after it reported the definition of a system-scale tungsten soil anomaly across the Tennessee Mountain project in Nevada. The company told shareholders results to date are a boost for the exploration potential at the project beyond the historic Garnet mine.
Surface sampling has confirmed high-grade tungsten at Garnet Mine, supporting an interpretation that mineralisation extends beyond the historic workings and remains open along strike and at depth.
AT4 is now steady at 5.6¢. Mkt cap $75.25M.
Elsewhere, Hawsons Iron (ASX:HIO) has achieved a 37% increase in project NPV in a robust pre-feasibility study update for its namesake project – located 70km from the renowned mining hub of Broken Hill in NSW.
The positive results have come from one of the two optimisation studies the company undertook following the release of the PFS in December.
The process waste handling optimisation study confirmed the positive value outcome of substituting haulage trucks with a conveying and stacking system.
“The results of the updated study represent a significant advancement for the Hawsons Iron project and further reinforce the strength of the project in the current iron ore market environment,” MD Tom Revy said.
HIO was up 7.14% to 1.5¢ this morning.
And finally, Lithium Energy (ASX:LEL) has attracted interest after the sale of its graphite assets for $20 million. The Queensland Burke, Mt Dromedary, and Corella graphite projects have all been offloaded to M Battery Materials (MBM), with some $5 million payable in cash and $15 million in shares.
MBM plans to raise a minimum of $15M under an IPO as a specialist battery materials company focused on developing and supplying minerals and materials that are critical to the global energy transition.
LEL is up around +9.84%, to sell at 33.5¢.
Looking wider, the ASX was down 0.5% to 8,652 points, with oil prices again.
At the same time, new Australian Bureau of Statistics data found 72% of Australian businesses have been impacted by fuel and supply availability.
Over 36% of businesses reported revenue had dropped over the past four weeks, while more than a quarter expect revenue to fall over the next four weeks.
That’s Tuesday’s HotCopper Market Trends, I’m Colin Sandell-Hay — see you for close.
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