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    18 September, 2023

How was your Monday?

A busy day @PeakHQ with a few moving parts…

It was a weekend of great weather and divisive footy, here’s looking forward to a productive week ahead.

On another note, over in the US…

The Dept. of health and safety is asking the DEA to re-classify marijuana’s drug status as a scheduled III substance, another push that may see the sector benefit.

See pic below for more. 

Across Markets…

A broad sell-off, led by tech shares, pulled the sharemarket lower on Monday.

The ASX/S&P 200 closed 0.7 per cent, or 49 points, lower at 7229.2. The All Ordinaries also fell 0.7 per cent.

The ASX tech sector fell 2.7 per cent, its worst one-day performance so far this month. All 11 ASX sectors ended in the day in the red.

In company news, Silver Lake Resources fell 8.3 per cent after confirming it was the mystery buyer of an 11 per cent stake in West Australian gold producer Red 5.

Red 5 shares shot up 20.5 per cent, following news of the deal. Silver Lake sank 3.7 per cent following the announcement.

Costa Group dropped 3.4 per cent after Paine Schwartz Partners cut the amount it is prepared to pay for the fruit and vegetable processor from $3.50 per share, made in May, to $3.20 per share.

QBE sank 1.5 per cent. The insurer’s group head of distribution, Julie Wood, has been promoted to CEO of QBE’s North American division, following the departure of Todd Jones in August.

Azure Minerals fell 12.3 per cent, following the release of new lithium intersections at its Andover project in WA.

Yellow Brick Road declined 10.3 per cent. Shareholders in the soon-to-be-delisted mortgage-broking business will get the chance to top up shares through a final purchase plan, announced earlier today.

Zip Co fell 6.3 per cent, following news the buy-now-pay-later platform’s chief financial officer will retire at the end of this month. Martin Brooke will step down from the role on September 29 and former Westpac general manager of group finance Gordon Bell will step into the role.

Source: AFR

Pic of the day

Local Equity News

Venus Metals Corporation (ASX: VMC) has delineated multiple new zones with outcropping lithium-caesium-tantalum pegmatites from a mapping and sampling field program at the Deep South prospect within the Youanmi project in Western Australia.

Geological mapping has identified the Central (grading up to 4.5% lithium oxide), East and North (both up to 4.6%) zones as common areas of high lithium grades associated with coarse-grained petalite.

Petalite is a lithium mineral with similar composition to spodumene and known to occur alongside it in other lithium deposits in the region such as Mt Holland, located 350 kilometres to the south.

The northerly-trending Central Zone is interpreted to dip gently towards the east, while the orientation of the other two zones is yet to be determined.

The mapped LCT pegmatites are believed to correlate with broad geochemical anomalies for caesium (up to 10,591 parts per million) and tin (up to 473ppm), consistent with an extensive intrusive system.

Venus said the Deep South mineralisation was shaping up to be a significant new lithium find and exploration had been accelerated to better understand the dimensions of the pegmatites and map the distribution of lithium minerals.

The company is currently planning a reverse circulation drilling program to test the depth extent of outcropping pegmatites and explore for additional LCT pegmatites below extensive areas of cover.


Source: Small Caps

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If you would like more information on future Peak deals, please don’t hesitate to get in touch.

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