Australian shares traded sharply lower at midday, with the S&P/ASX 200 down 1.2 per cent to 8,957.50 at 1:30 pm AEST. Eight of the 11 sectors were weaker, tracking losses on Wall Street as rising global bond yields weighed on sentiment. Australia’s economy grew 0.4 per cent in the June quarter, ahead of expectations, pushing local bond yields higher and increasing bets on another Reserve Bank rate rise. Investors remain concerned that persistent inflation could keep interest rates higher for longer.
In other company news,
Greenvale identifies 9km uranium target at Thunderball
Greenvale Energy
(ASX:GRV) has identified a large-scale potential uranium paleochannel target at the Powers Prospect, part of its Thunderball Uranium Project in the Northern Territory. Field exploration has defined the target over approximately 9 kilometres of strike and up to 400 metres in width, supported by ground-based mapping and radiometric sampling. The company said ground exploration has confirmed anomalous uranium responses consistent with its airborne survey data, supporting the potential for paleochannel and calcrete-hosted uranium mineralisation. Greenvale has commenced permitting and approvals for maiden drilling, while planning a close-spaced airborne electromagnetic survey to further define the target.
Taruga extends high-grade gold-silver mineralisation at Weioko
Taruga Minerals
(ASX:TAR) has reported new high-grade gold and silver rock chip results from the Wenasia and Sipupu prospects at its East Normanby Gold Project in Papua New Guinea. Results included 33.1 grams per tonne gold and 223 grams per tonne silver at Wenasia, the company’s highest gold grade recorded to date, while Sipupu returned up to 25.2 grams per tonne gold and 867 grams per tonne silver. The results confirm high-grade gold-silver mineralisation at surface across the approximately eight-kilometre Weioko Gold District and add new priority exploration targets. Taruga plans further mapping, sampling and trenching at Wenasia and Sipupu, while its maiden diamond drilling program at the Weioko Gold Deposit is also set to commence.
Dundas begins 5,000-metre Kalgoorlie drilling program
Dundas Minerals
(ASX:DUN) has commenced more than 5,000 metres of reverse circulation drilling across its Capricorn, Baden-Powell and Rockland gold projects, around 40 kilometres north of Kalgoorlie in Western Australia. Drilling at Capricorn and Baden-Powell will target extensions to existing gold resources, while work at Rockland will follow up a high-grade discovery that previously returned 3 metres at 6.94 grams per tonne gold, including one metre at 20.35 grams per tonne. Assay results are expected progressively through the December quarter.
Elixir Energy advances Warkon gas pilot
Elixir Energy
(ASX:EXR) has progressed feasibility and engineering work for its Warkon gas and condensate production pilot in Queensland’s Taroom Trough. APA Group has completed feasibility work on connecting the project to the Wallumbilla Gas Hub, while Simpliphi has been appointed to undertake initial engineering work on the upstream plant. APA’s work identified a direct pipeline to the Wallumbilla Gas Hub as offering the best economics, with two potential routes of around 52 to 53 kilometres. Elixir said the studies will help assess a pathway towards commercial production, with further flow testing at the Lorelle-3H well scheduled to begin on October 1.
Cauldron expands uranium mineralisation at Manyingee South
Cauldron Energy
(ASX:CXU) has reported new drilling results that extend uranium mineralisation at its Manyingee South deposit by around 2.5 kilometres beyond the limits of its existing resource area. The deposit currently hosts an inferred resource of 21.2 million tonnes containing 14.9 million pounds of uranium oxide. Drilling has also extended the high-grade zone at Manyingee South by around 200 metres to the north and 300 metres to the west. Cauldron plans to continue growing its resource base at the broader Yanrey Uranium Project, with updated resource estimates for Manyingee South and Manyingee North planned.
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