Australian shares traded higher at midday, with the S&P/ASX 200 up 42.8 points, or 0.5 per cent, to 9,270.6 at 12.30pm AEST. The benchmark reached another record high in morning trade as hopes of progress towards reopening the Strait of Hormuz improved investor sentiment, despite mixed overnight trading on Wall Street and renewed caution over the outlook for US interest rates.
Materials led the gains as copper prices reached fresh highs and gold extended its recent rally, lifting BHP and Fortescue, while Rio Tinto traded flat. Energy stocks pared earlier losses as Brent crude recovered towards US$77 a barrel, while technology stocks weakened following the US tech sell-off, with WiseTech Global and Life360 both trading lower.
In small cap company news:
Chilwa’s resource drilling advances at Mpyupyu West
Chilwa Minerals (ASX: CHW) has provided an update on drilling at its Mpyupyu West heavy mineral sands prospect in Malawi, where reconnaissance sonic drilling continues to intersect mineralised, free-dig saprolite from surface. Sixty holes have now been completed as part of the Phase I program, with drilling indicating a consistent mineralised horizon averaging 7.3 metres thick. Both drilling rigs are now operating at Mpyupyu West after resource drilling at Bimbi was paused to accelerate work on the emerging discovery. Laboratory assays are expected from October, while the company said the consistent geology supports the potential for a low-cost, near-surface development opportunity. Click
here to read the full announcement.
Middle East distribution agreement expands orthopaedic reach for Osteopore
Osteopore (ASX: OSX) has signed a three-year distribution agreement with Al-Umnia Medical to supply its orthopaedic products across Saudi Arabia, the United Arab Emirates, Oman, Qatar and Bahrain. The agreement expands the company’s commercial footprint into the Gulf region, with product registrations now set to begin across the five markets. The company said the Middle East represents a significant growth opportunity for orthopaedic bone regeneration, supported by increasing demand for trauma and reconstructive procedures. Osteopore believes the partnership provides a platform to accelerate international commercialisation beyond its existing Southeast Asian market.
DeSoto Resources exploration programs resume
DeSoto Resources (ASX: DES) has restarted drilling and field activities across its Siguiri Gold Project portfolio in Guinea following engagement with government authorities. The company has resumed a 10,000-metre power auger drilling program at Timbakouna while commencing a large airborne geophysical survey covering multiple prospects. The drilling campaign will target more than six kilometres of artisanal workings and historical gold intersections that have not previously been followed up. DeSoto expects drilling activity to increase over coming weeks as additional rigs return to site, while the geophysical survey is designed to generate new drill targets across the broader project area.
Maiden drilling begins after Sabre Resources’ Tennant Creek acquisition
Sabre Resources (ASX: SBR) has completed its acquisition of 4,000 square kilometres of prospective gold and copper-gold ground in the Northern Territory and commenced its maiden drilling program at the Kurundi North Project. The first stage includes up to 6,000 metres of aircore and reverse circulation drilling targeting Tennant Creek-style ironstone-hosted copper-gold systems. The company said the newly acquired portfolio includes the East Tennant Ridge and North Arunta projects, located on extensions of the prolific Tennant Creek Mineral Field. Results from the current campaign will guide deeper follow-up drilling, with additional exploration planned at the North Arunta Gold Project later this year.
Somerset Minerals announces new copper-silver discovery at Talisker
Somerset Minerals (ASX: SMM) has reported a new copper-silver discovery at its Talisker Project in Canada’s Coppermine region, with the first two holes from its maiden drilling program returning broad, high-grade mineralised intervals. Highlights included 36.6 metres at 1.62% copper and 11.8g/t silver, alongside 38.1 metres at 1.27% copper and 7.4g/t silver, confirming the discovery along the previously untested Talisker corridor. The results come from the first-ever drilling across a 17-kilometre target corridor, with only around two kilometres tested so far. Somerset said assays from the remaining 12 drill holes are expected over the coming weeks, while permits are already in place for up to 100 follow-up holes as it advances exploration across the broader district.
