With more than 600k average monthly users on the HotCopper forums, each and every discussion can move markets. That’s why getting in front of those red-hot trends is key for every trader worth their salt. In this daily HotCopper Trends column, we break down the top Oz stocks through each trading day.
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NGX: Expanding its Namibia footprint
NGX (ASX: NGX) jumped on news it had made the strategic acquisition of the right to acquire up to an 85% interest in seven exploration licences in a district-scale land package of over 1,300 sq. km within Namibia’s emerging Damara Belt which hosts significant gold endowment.
NGX’s consolidated package is located in close proximity to WIA Gold’s Kokoseb gold discovery and are intersected by major lineaments, faults and thrust structures known to host gold mineralisation across the region.
“This ground consolidation represents an exciting evolution of NGX’s presence in Namibia, giving the Company a substantial and highly prospective gold position in the Damara Belt,” executive director, Peter Fox, said.
“The quality of this ground, sitting alongside emerging discoveries such as WIA Gold’s Kokoseb and hosting the same geological footprints and significant regional structures associated with the region’s gold deposits, speaks to the calibre of the opportunity.”
NGX jumped 50.0% to 10.5¢.
Elk Range Mining: Gold continues below historic workings
Elk Range Mining (ASX: ELK) was popular on HotCopper after it reporedt that its maiden diamond drill hole at the Friday gold project in Idaho, USA, had demonstrated significant continuous gold mineralisation along the Friday shear zone.
Drilled along the shear zone to test its continuity, the successful hole returned 89.6m at 5.5 grams per tonne (g/t) gold from 76.6m, including 37.1m at 8.3 g/t from 129.1m.
“Every investor looking at an old mine asks the same question: did the gold stop where the drilling stopped? This hole answers it. The gold carries on for more than 170 metres below where the old hole stopped, starting with 11 metres at 21 grams per tonne,” CEO, Edward Keys, said.
“We drilled this hole along the shear zone to test its continuity, and it delivered: gold over 290 metres, with high-grade zones like 89.6 metres at 5.5 grams per tonne inside it.”
ELK jumped 33.3% to 18.0¢.
Auravelle Metals: New targets at Nuckulla Hill
Auravelle Metals (ASX: AUV) was up after it identified the existing anomalous gold zone and successfully identified new priority targets for deeper RC drilling with recent shallow aircore drilling at the Nuckulla Hill gold project in South Australia
The trend remains open at depth, to the north and, south.
Selected new targets will be tested in the upcoming RC program, which will also infill and extend known mineralisation at Sheoak and Bimba. The commencement of the RC program remains on track with the rig expected on site the next few weeks.
“Exciting new gold drill assays from Auravelle’s aircore program at Nuckulla Hill extend the Sheoak gold trend and identified new targets for follow up drilling,” MD,Andrew Muir, said.
“The grades and widths returned are comparable to those from shallow drilling at Sheoak, reinforcing the prospectivity of these new targets and supporting further investigation through RC drilling.”
AUV was up 16.7% to 0.7¢.
Looking wider: The ASX 200 is little changed
Looking wider, the S&P/ASX 200 was up just 1.60 points this morning to 8,811.50. Over the last five days, the index is virtually unchanged, but has gained 1.12% year to date.
Elsewhere, the Chamber of Minerals and Energy WA (CME) has welcomed the WA government’s “Plan for Affordable Energy” and its focus on containing electricity prices for WA businesses.
CME CDEO, Aaron Morey, said putting affordability at the centre of energy policy was an important step towards improving the State’s investment attractiveness and ability to sustain and grow its industrial base.
“The Cook government understands that it’s Made in WA ambitions hinge on competitively priced electrons,” Mr Morey said.
“Without action, the Government’s own modelling has industrial power prices rising 89 per cent by 2032.
“This plan holds them at around $200 a megawatt hour. Holding prices steady stops the damage getting worse.
“But at roughly twice the price our members say they need, WA will struggle to attract new processing and manufacturing industries or keep the ones it already has.”
That’s Tuesday’s HotCopper Market Trends, I’m Colin Sandell-Hay - see you for close.
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