Although the S&P/ASX 200 Index closed down 16.60 points today, or 0.2 per cent, at 8680.50, it did pare some earlier losses following RBA governor Michele Bullock’s statement that the cash rate had now become a “bit restrictive”.
The RBA raised the cash rate to 4.35 per cent, the highest level in more than a year.
Across Markets…
The local sharemarket finished lower on Tuesday after the Reserve Bank of Australia delivered its third interest rate increase this year to tame runaway inflation.
It was an 8-1 decision and reversed all the rate cuts the central bank made in 2025. The RBA also updated its forecasts and now has inflation peaking at 4.8 per cent in June before easing to 2.5 per cent by mid-2028.
The Australian dollar hit a low of US71.39¢ after Bullock’s press conference sounded less hawkish than expected.
“This gives the board space to see how the conflict plays out and the response of Australian households and businesses to the shock,” the governor said. “The board will continue to be driven by the incoming data, and we will monitor the situation overseas.”
Earlier in the session, the ASX had hit a five-week low of 8621.60 after renewed strikes in the Middle East sparked an overnight rally in Brent to around $US113 a barrel.
Banks were the main drag as Westpac fell 2.3 per cent to $37.63 after the lender’s first half report showed signs that profit margins were coming under pressure even after it increased earnings by 3 per cent for the period.
ANZ fell 0.9 per cent to $35.95 and National Australia Bank 0.6 per cent to $38.95. Commonwealth Bank closed up 0.4 per cent at $172.86
The eruption of fighting in the Middle East weighed on materials as Northern Star dropped 1.3 per cent to $20.82, James Hardie 2.6 per cent to $27.96 and BHP 0.4 per cent to $54.72.
Meanwhile, Vault Minerals advanced 3.1 per cent to $4.65 after it agreed to merge with Regis Resources to form the third-largest ASX-listed gold miner, in a $10.7 billion deal that will generate more than 700,000 ounces annually.
Under the terms of the deal, Regis will acquire Vault via a scheme of arrangement and hold a 51 per cent stake in the new company. Regis shares dropped 5.9 per cent to $6.75.
Energy stocks got a boost from the higher oil price. Woodside Energy added 1.9 per cent to $32.71, Viva Energy 1.2 per cent to $2.45 and Ampol 0.5 per cent to $35.46.
Source: AFR
Impact Minerals Returns Bonanza Silver and 27g/t Gold from Drilling at Silica Hill
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Bonanza: 0.5m vein; 20,603 g/t Ag and 27 g/t Au.
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Expansion: Silica Hill beyond fault; system open.
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Phase 2 drilling: Kuniko-funded; new conductive corridor.
Impact Minerals (ASX: IPT) has returned bonanza grades of up to 20,603 grams per tonne silver and 27g/t gold from two discovery holes the company drilled at its Silica Hill prospect as part of a broader exploration campaign at the Commonwealth gold-silver project in New South Wales.
A best intercept from one of the holes lies 100 metres outside of Silica Hill’s existing mineralised envelope and below a fault, confirming a significant expansion of the precious and base metals system which is open in all directions.
A 0.5m massive sulphide vein returned 2.1% silver (20,603 g/t) and 27g/t gold with 1.5% lead and 3.3% zinc from 230m, representing a very high-grade polymetallic intercept interpreted to be part of a feeder-style structure within the system.
This hit occurred within a broader intercept of 84m at 0.6g/t gold, and 123g/t silver with lesser lead and zinc from 226m including 3.4m at 4.1g/t gold, 2,947g/t silver, 0.3% lead, and 0.6% zinc from 227.5m, as well as 21m at 1.5g/t gold, 2.5g/t silver, 0.07% lead, and 0.14% zinc from 244m.
Infill and Step-Out Assays
The second hole was drilled as an infill and step-out hole, returning a best assay of 50m at 1g/t gold, 59g/t silver, 0.10% lead and 0.14% zinc from 74m including 17m at 113g/t silver, 0.4g/t gold, 0.11% lead and 0.14% zinc from 47m.
The results demonstrate the co-existence of very high-grade, vein-hosted mineralisation with broad zones of disseminated sulphides and support the interpretation of a large, fertile, and vertically-extensive hydrothermal system at Silica Hill.
Funded by Kuniko (ASX: KNI) under an earn-in and joint venture agreement with Impact, whereby Kuniko can earn up to 70% interest in the project, the drilling followed completion of a MobileMT airborne geophysical survey and soil and rock chip geochemistry program.
These significantly expanded Commonwealth’s exploration footprint and identified a new conductive corridor extending beyond the currently defined resource.
‘Breakthrough’ for Silica Hill
Impact managing director Dr Mike Jones said the bonanza results represented a “breakthrough” for Silica Hill and the greater Commonwealth project.
“The extremely high-grade massive sulphide gold-silver vein is similar to a lower-grade vein we previously intersected above the fault and we believe these could be feeders for the narrower high-grade veins in the system,” he said.
Kuniko has planned a larger Phase 2 drilling program at Silica Hill for mid-year, targeting extensions and potential higher-grade zones at depth.
“The more extensive parts of the Silica Hill system could well be hidden at depth and we are looking forward to [the results of] Kuniko’s follow-up drilling program.”
Source: SmallCaps
Company: Fin Resources Ltd (ASX:FIN)
Sector: Gold/Mining
Deal Type: Placement
Latest Entry Price: $0.0065
Performance Since Entry: +85%
Company: Eden Innovations Ltd (ASX:EDE)
Sector: Construction/Clean Energy
Deal Type: Shortfall
Latest Entry Price: $0.035 with 1:2 option, strike $0.07
Price Performance Since Entry: +386%
Company: Tasman Resources Ltd (ASX:TAS)
Sector: Gold/Silver/Mining
Deal Type: Placement
Latest Entry Price: $0.0125 with 1:2 option, strike $0.02
Price Performance Since Entry: +308%
Company: Locksley Resources Ltd (ASX:LKY)
Sector: REE & Antimony/Mining
Deal Type: Placement
Latest Entry Price: $0.04
Price Performance Since Entry: +238%
Company: CuFe Ltd (ASX:CUF)
Sector: Copper/Mining
Deal Type: Placement
Latest Entry Price: $0.016 with 1:2 option, strike $0.025
Price Performance Since Entry: +144%
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Sector: Gold/Mining
Deal Type: Placement
Latest Entry Price: $0.04
Price Performance Since Entry: -8%
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Sector: Biotech
Deal Type: Placement
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Price Performance Since Entry: 0%
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Sector: REE
Deal Type: Placement
Latest Entry Price: $0.015
Price Performance Since Entry: +13%
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Sector: Biotech
Deal Type: On-market purchase
Latest Entry Price: $1.20 – $1.50
Price Performance Since Entry: +1,125%
Company: Dimerix Ltd (ASX:DXB)
Sector: Biotech
Deal Type: Rights Issue
Raise Amount: $800,000
Latest Entry Price: $0.08 with 1:1 option, strike $0.126
Price Performance Since Entry: +156%
Sector: Blockchain
Deal Type: Placement
Raise Amount: $1M
Latest Entry Price: $0.02 with 1:1 option $0.08 strike
Price Performance Since Entry: +60%
Company: Critica Limited (ASX:CRI)
Sector: REE
Deal Type: Placement
Raise Amount: $1M
Latest Entry Price: $0.0075 with a 1:1 CRIO
Price Performance Since Entry: +193%
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.09 with 1:2 PL3O
Price Performance Since Entry: +44%
Sector: Gold/Mining
Deal Type: Placement
Raise Amount: $2.3M
Latest Entry Price: $0.026 with 1:2 option $0.032 strike
Price Performance Since Entry: +38%
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