S&P/ASX 200 (INDEXASX:XJO) closed 1.6% lower at 5755.70 points today as renewed US-China tensions panicked local and overseas markets.

President Trump said on Thursday that he would hold a news conference on China today. Even without any details, this announcement was enough to send markets tumbling.

Still, the ASX 200 gained 4.71% this week, making it a fifth consecutive weekly improvement, while also advancing for a second month in a row.

Materials gain

The financials sector led the losses as the big four gave back some of their weekly winnings.

Westpac (ASX:WBC) fell 6.36%, National Australia Bank (ASX:NAB) lost 5.22% and ANZ (ASX:ANZ) dropped 4.54%.

The materials sector was one of only four to see green at the end of the day. Andrew Forrest's Fortescue Metals (ASX:FMG) gained 2.81%.

Gold stocks are continuing their good run with Northern Star Resources (ASX:NST) gaining 7.64% and Newcrest Mining (ASX:NCM) rising 2.62%.

Proactive news headlines:

Alto Metals surges after fielding improved Goldsea takeover offer with price lifted to 7.5 cents

Alto Metals Ltd (ASX:AME) has traded at two-year highs after receiving an improved takeover offer from Goldsea Australia Mining Pty Ltd that lifts the offer price per share by more than 15% to 7.5 cents from 6.5 cents. The new offer made in a second supplementary bidder's statement also exceeds the 6.6 cents made in a proposal from Habrok (Alto) Pty Limited, although a formal offer for this has yet to be received.

FYI Resources on track to becoming major player in global HPA market

FYI Resources Ltd (ASX:FYI) managing director Roland Hill says that the company is on track to deliver its HPA development objectives and in becoming a major player in the global HPA market. In a presentation at the NWR Virtual Resources Conference this month, Hill said the company was spending time examining options to finance its future activities and development costs which include offtake, joint venture, cornerstone investor, project debt, equity and strategic investor.

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Bellevue Gold Ltds (ASX:BGL) recent infill drilling at its namesake project in WA returned up to 1-metre at 1,169 g/t gold from 100 metres with the likelihood of boosting a mid-year resource upgrade at the project. While the 1-metre result was returned from Bellevue North, one of the peripheral lodes, there were also a host of exceptional results from the Deacon lode, which accounts for 41,000 ounces at 12.3 g/t gold of the 2.2-million-ounce inferred resource.

THC Global establishes presence in growing cannabidol medicine market

THC Global Group Ltd's (ASX:THC) first Australian-produced medicinal cannabis product has been prescribed to an Australian patient, marking a new milestone for the wholly Australian sourced and produced medicine. The product is a full-spectrum cannabidiol (CBD) medicine and these are highly sought after by patients and prescribers as they include minor cannabinoids, terpenes and flavonoids that may provide different therapeutic outcomes for patients than CBD medicine formulated from isolate.

Trigg Mining to receive infrastructure boost for Lake Throssell SOP Project from road sealing

Trigg Mining Ltd (ASX:TMG) welcomes a WA State Government and Federal Government announcement of the sealing of a 41-kilometre section of the Great Central Road which will benefit the Lake Throssell Sulphate of Potash (SOP) project. This road is a key arterial route that runs from Leonora and Laverton towards Trigg's high-grade project and the $20 million road sealing contract will provide an infrastructure boost to the company.

Euro Manganese surges as it sets out on search for gRead More – Source

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Alto Metals Ltd (ASX:AME) has traded at two-year highs after receiving an improved takeover offer from Goldsea Australia Mining Pty Ltd that lifts the offer price per share by more than 15% to 7.5 cents from 6.5 cents.

The new offer made in a second supplementary bidder's statement also exceeds the 6.6 cents made in a proposal from Habrok (Alto) Pty Limited, although a formal offer for this has yet to be received.

While lifting the offer price for shares, Goldsea, a wholly-owned subsidiary of Shandong Goldsea Group Co Ltd, has not changed the offer consideration payable for the Alto options.

Goldsea offer recommended

Altos board of directors continues to unanimously recommend the Goldsea takeover offers, in the absence of a superior proposal.

They also continue to advise that shareholders should take no action in respect of the Habrok proposal until they receive further advice from the Alto board.

Shares have surged more than 30% today to a new two-year high of 81 cents on the news and are now trading more than 22% higher at 7.6 cents.

Seeking FIRB approval

The Goldsea takeover offers remain conditional on, amongst other things, Goldsea receiving FIRB approval.

In this regard, the bidder has agreed with FIRB to a further voluntary extension until June 30, 2020, for FIRB to continue its process.

Alto has no control over the FIRB process and advises that there can be no certainty of a decision being reached within this timeframe, or what that decision may be.

The closing date for the Goldsea takeover offers is now 7.00pm, Sydney time, on July 8, 2020, unless further extended or withdrawn.

Goldsea holds 14.62%

At the close of trade on May 27, Goldsea held more than 42.9 million Alto shares, representing 14.62% of the company.

Each Alto director continues to intend to accept or to procure the acceptance of, the Goldsea offers, in respect of all of the shares and options controlled or held by or on behalf of that director or his associates, in the absence of a superior proposal.

Such acceptance will occur no later than five business days before the end of the offer period, as may be extended, in the absence of a superior proposal.

“Opportunity to realise value”

At the time of the board recommending Goldseas offer in early May after a supplementary statement was submitted, Altos non-executive chairman Richard Monti said directors had spent a significant amount of time giving careful consideration to the offers.

This included an assessment of the potential future risks and rewards for shareholders and option holders of staying independent and progressing the exploration of the Sandstone Gold Project aRead More – Source

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Corazon Mining Ltd (ASX:CZN) is pursuing a two-pronged strategy for the exploration and development of the Lynn Lake Project in Canada.

The company aims to expand the near-surface resource base of 16.3 million tonnes at 0.72% nickel, 0.33% copper and 0.033% cobalt for 116,800 tonnes of contained nickel, 54,000 tonnes copper and 5,300 tonnes cobalt via drilling and to support the potential future development of a significant, low-cost mining operation.

Simultaneously, the company is also exploring for new, world-class nickel sulphide deposits within the Lynn Lake project area, including at the FLC, which is just five kilometres to the south.

Executive managing director Brett Smith said: “Weve been exploring Fraser Lake since about 2016 and weve intersected a lot of magnetic sulphide out there.

“Its just recently through new geophysical processing that weve been able to pull together the framework and understand this system.”

New geophysical targets

The company is confident that new targets generated from geophysical processing could unlock a new nickel sulphide system at FLC, having previously used the same approach of Magnetic Vector Inversion (MVI) testing at the Lynn Lake Mining Centre.

Smith said: “Weve tested this new geophysical processing method on the mine site, and its proved quite extraordinary.

“Weve gone down to around 6 kilometres in depth and looking back we can say that the processing we were doing previously was only effective to about 200 metres.”

The method has proved capable of defining magnetic ore bodies within the FLC down-dip from drill defined mineralisation.

The application of MVI has advanced the geological understanding of the FLC.

Compelling location

The MVI identified a magnetic high on the flat basal contact of the FLC, which is potentially a basal accumulation of sulphide just west of the companys initial Matrix Trend target and similar to major global nickel-copper magmatic sulphide deposits.

Smith said: “Weve reprocessed some of these geophysics and thats really unlocked a lot of information at depth and its pulled together some of our surface known mineralisation, so weve ended up with this target thats Read More – Source

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