Stocks of the Hour: QX Resources, Vintage Energy, Alderan Resources

Company News

by Peter Milios

QX Resources (ASX:QXR) announced that Bayrock Resources has confirmed highly encouraging nickel-copper mineralisation, some in thick intercepts, in eight drill holes within Bayrock’s Nickel-Copper Project In Northern Sweden. QXR has a 39% holding in Bayrock Resources. In response, QXR Managing Director Steve Promnitz commented: “today’s results confirm excellent mineralisation in a new area of interest, expanding the project footprint.” Shares are trading 16.67 per cent higher at 2.8 cents.

Vintage Energy (ASX:VEN) has provided an update on the performance of the Odin-1 gas well. The Company has announced an early achievement of target flow rates and that 5 day production rate confirms the well’s capability. In response, Managing Director, Neil Gibbins, commented, “With 5 days of solid production history we have the data which shows Odin-1 is a good well from which we expect to realise a significant uplift in our production and cash generation.” Shares are trading 9.09 per cent higher at 3.6 cents.

Alderan Resources (ASX:AL8) announced the execution of a binding share sale agreement to acquire 100% of the issued capital in Parabolic Lithium Pty Ltd, which has the right to acquire a 100% interest in seven lithium exploration projects in the mineral resource rich state of Minas Gerais, Brazil. In response, Managing Director of Alderan, Scott Caithness, commented, “[this agreement] represents the successful culmination of project generation focused on securing high potential critical metals exploration opportunities.” Shares are trading 62.5 per cent higher at 1.3 cents.

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