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    23 November, 2023

Happy Thursday!

Did you tune in for the ASX:WBE webinar today? If you missed it please email the team for a link to the recording! 

Across Markets…

  • Another down day on the ASX as miners, energy stocks slump
  • RBA governor warns of ‘homegrown inflation’
  • Nick Scali shares crumble after founder sells stake

The ASX pulled back another -0.5% on Thursday after a slump in the Mining and Energy sectors.

Lithium, gold and iron ore miners were sold off as RBA’s governor Michelle Bullock warned of a ‘homegrown’ inflation challenge.

Speaking at the Australian Business Economists dinner last night, Bullock said the RBA will use its “blunt tool” of interest rates to dent inflation for the collective welfare of Australians.

Energy stocks, meanwhile, capitulated to tumbling oil prices after the OPEC+ meeting, which had been scheduled for the weekend (November 26th), was postponed to November 30th, adding to production cut uncertainties.

Brent crude sank to as low as $US81 a barrel after a volatile session last night that saw crude prices swing by more than US$4.

On the data front, Judo Bank has released a November PMI reading this morning of 46.4, a decline from 47.6 in October and also a 27-month low. The PMI, or Purchasing Managers Index, is a measure of the prevailing direction of economic trends in manufacturing.

Across the region, Asian stocks were range-bound. But Chinese property stocks got a boost after news that Beijing included distressed builder Country Garden in the list of builders eligible for financial support from the government.

Japan market was closed today and US markets will be closed tonight for Thanksgiving public holiday.

Source: Stockhead

Pic of the day

Local Equity News

Resource Growth Drilling Update Titan Minerals Limited (Titan or the Company) (ASX:TTM) is pleased to provide an update on the Company’s 100% held Dynasty Gold Project (Dynasty) in southern Ecuador, where resource growth drilling at the Cerro Verde prospect is now complete and drilling at the Papayal prospect is underway.  

In total 9 diamond holes for 970 metres have been completed for the Cerro Verde prospect, while 4 diamond holes have been completed for 394 metres at the Papayal prospect.

Current resources at Papayal comprise 0.9Mt @ 4.54 g/t Au, 50.85 g/t Ag for a contained 0.13 Moz gold, 1.43 Moz silver, representing a high-grade part of the 9 kilometre epithermal corridor at the Dynasty Gold Project and a high priority area for resource growth.

 Initial drilling at Papayal was designed to test the recently discovered Julia target, which has never previously been drill tested. The Julia target is approximately 400 metres long by 200 metres wide and is located at a major structural intersection, where large-scale northeast, northwest and northsouth trending faults are exposed, representing a damage zone with significant brecciation, veining and associated alteration.

The first two drillholes completed at the Julia target have successfully intersected wide zones of mineralisation in quartz ± carbonate ± base metal veins with halos of phyllic-argillic alteration from shallow depths. Vein styles observed include comb, crustiform, and brecciated quartz veinlets and carbonate veinlets with disseminated pyrite – galena – sphalerite ± chalcopyrite, and massive sulphide veinlets (mostly pyrite).

 Successful drill confirmation of wide zones of mineralised veining and associated alteration from shallow depths at the Julia target represent potential high-grade resource additions, further validating the Company’s strategy of targeting shallow high grade, high margin ounces.

The Julia target represents the first of several high priority extensional targets that are set to be tested in resource growth drilling at the Papayal prospect.

Assays from drilling at Cerro Verde and the first holes from Papayal are expected to be returned in the coming 2-3 weeks.  Plate 1: Drill hole PPDD23-002 displaying typical vein styles observed in diamond core between 22m and 39m at the Julia target. 

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Recent Peak Deals

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


The trustee for Peak Asset Management Unit Trust (“Peak”) is a corporate authorised representative (#1295491) of Brava Capital Pty Ltd (AFSL #382585).
 
Peak accepts no responsibility for any views expressed and marketing material contained in this email except where the message specifically states otherwise and the sender is authorised to state them to be the views of Peak. Information provided in this email is general advise only and does take account your objectives, financial situation or needs.  Before acting on any advice in this email, Peak recommends that you consider whether it is appropriate for your circumstances.  If this email contains reference to any financial products, you should obtain the current Product Disclosure Statement (PDS) or other disclosure documents for the particular products and consider this information before making any decisions regarding the products. The Financial Services Guide (FSG) can be found at www.peakassetmanagement.com.au  or by telephoning Peak on 1300 304 460 

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