Bit of a gloomy start to the day as Australian shares are set for an opening drop of 1.7 per cent. Brent is currently trading at $US110 a barrel. Iran has retaliated for Israel’s attack on the South Pars gasfield by hitting Qatar’s massive LNG production facility.
Separately, and as expected, the Fed held rates steady, with Powell stating that war related uncertainty is clouding the outlook.
Market Highlights
ASX 200 futures are pointing down 119 points or 1.4 per cent to 8570.
All US prices near 4.15pm New York time.
- AUD -1% to US70.34¢
- Bitcoin -5.1% to $US70,873
- On Wall St: Dow -1.6% S&P -1.4% Nasdaq -1.5%
- VIX +2.28 to 24.65
- Gold -3.4% to $US4835.98 an ounce
- Brent oil +6.2% to $US109.79 a barrel
- Iron ore -1.3% to $US107.35 a tonne
- 10-year yield: US 4.26% Australia 4.89%
Across Markets…
More from Powell: “In the near term, higher energy prices will push up overall inflation, but it is too soon to know the scope and duration of the potential effects on the economy,” Powell told reporters. He added that monetary policy is “well positioned to determine the extent and timing of additional adjustments to our policy rate based on the incoming data, evolving outlook, and the balance of risks”.
Oil surged as high as $US109.84 a barrel in morning trade in New York then eased. However, after QatarEnergy reported “extensive damage” from Iranian attacks on its key LNG facility, oil moved back above $US109 near 4pm in New York.
ASX 200 futures were pointing down 149 points or 1.7 per cent to 8540 near 7am AEDT. The S&P 500 slid 1.4 per cent at 4.02pm in New York; all 11 of its industry sectors closed in the red. The Dow slumped 1.6 per cent. The Nasdaq Composite shed 1.5 per cent.
Eurasia Group’s Ian Bremmer said Israel’s attack on Iranian energy facilities, which were apparently co-ordinated with the US, mark “a meaningful escalation” in the war. A top Iranian government official said “an eye for an eye equation is in effect, and a new level of confrontation has begun”.
Source: AFR
Verity expands gold zones with strike and depth extensions at Monument
- Verity extends mineralised strike at its 154,000oz Monument gold project in WA by one kilometre
- Step-out drilling has expanded the scale of both the Korong and Waihi deposits
- An updated resource estimate for both deposits is due for release in April
Special Report: Verity Resources has extended the mineralised strike at its 154,000oz Monument gold project in WA by over one kilometre, with step-out drilling across the Korong and Waihi deposits returning a series of notable gold strikes, demonstrating that the current resource captures only a fraction of the total system.
At Waihi, drilling more than tripled the strike from a 150m section that hosts the existing resource, to about 800m of anomalous mineralisation.
Management noted that the high-grade nature of Waihi – which carried a resource grade of 2.1g/t Au (50% above the global average) – was evident in the step out holes. An intercept about 200m from the resource returned 3.2m at 5.27g/t gold, including a richer 0.8m zone at 21.3g/t gold.
Furthermore, a diamond hole also returned mineralisation 70m below the current resource envelope, striking 0.9m at 4.20g/t gold from 179m.
Shallow results at Waihi included 2.4m at 1.75g/t gold from 17m and 6.5m at 0.86g/t gold from 28m.
According to Verity (ASX:VRL) , Waihi remains open along strike and at depth.
At Korong, drilling grew the strike length from 900m to 1400m.
Shallow intercepts included 2.9m at 2.51g/t gold from 8m, 1.9m at 1.29g/t gold from 8m and 1.9m at 1.31g/t gold from 52m.
Additionally, one hole stretched the mineralisation by about 200m beneath the Korong resource, with a 2.4m hit grading 0.74g/t gold from 319m.
The deposit remains open at depth.
“These are not subtle extensions,” noted Verity Resources director Patrick Volpe.
“The step-out drilling has fundamentally expanded the scale of both deposits and demonstrates that the current 154,000 ounce resource captures only a fraction of the total mineralised system.”
Beyond scale, recent preliminary metallurgical testing at Korong has delivered exceptional results, with gold recoveries averaging 92.75%.
To read more, click here
Source: Stockhead
Company: Fin Resources Ltd (ASX:FIN)
Sector: Gold/Mining
Deal Type: Placement
Latest Entry Price: $0.0065
Performance Since Entry: +100%
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: +271%
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: +300%
Company: Locksley Resources Ltd (ASX:LKY)
Sector: REE & Antimony/Mining
Deal Type: Placement
Latest Entry Price: $0.04
Price Performance Since Entry: +338%
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: +163%
Company: Tambourah Metals Ltd (ASX:TMB)
Sector: Gold/Mining
Deal Type: Placement
Latest Entry Price: $0.04
Price Performance Since Entry: +38%
Company: Biotron Ltd (ASX:BIT)
Sector: Biotech
Deal Type: Placement
Latest Entry Price: $0.003 with 1:2 option, strike $0.02
Price Performance Since Entry: 0%
Company: Eclipse Metals Ltd (ASX:EPM)
Sector: REE
Deal Type: Placement
Latest Entry Price: $0.015
Price Performance Since Entry: +20%
Company: Neuren Pharmaceuticals Ltd (ASX:NEU)
Sector: Biotech
Deal Type: On-market purchase
Latest Entry Price: $1.20 – $1.50
Price Performance Since Entry: +1,028%
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: +356%
Company: Noviqtech Ltd (ASX:NVQ)
Sector: Blockchain
Deal Type: Placement
Raise Amount: $1M
Latest Entry Price: $0.02 with 1:1 option $0.08 strike
Price Performance Since Entry: -5%
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%
Company: Patagonia Lithium Ltd (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.09 with 1:2 PL3O
Price Performance Since Entry: +100%
Company: Kalgoorlie Gold Mining Ltd (ASX:KAL)
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: +54%
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