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S&P/ASX 200 remains flat as banks and miners weigh on the market

S&P/ASX 200 (INDEXASX:XJO) is flat at 5965 points by around 1.55 pm following a 1.5% surge on Friday and a strong lead from Wall Street.

The number of new COVID-19 cases in Australia continues to decline, with just five new cases identified in Victoria and no new cases for the second day in NSW.

Travel stocks including Webjet (ASX:WEB), Flight Centre (ASX:FLT) and Qantas (ASX:QAN) gained due to encouraging developments around COVID-19.

However, the major banks are down by as much as 1% following gains of between 3% to 7.4% on Friday after the Federal Government revealed plans to ease responsible lending rules which were introduced in 2009.

Top gainers[hhmc]
Todays top gainers on the ASX include FYI Resources Ltd (ASX:FYI) (+26.32%), Pharmaxis Ltd. (ASX:PXS) (+9.52%), Cauldron Energy Ltd (ASX:CXU) (+26.32%), Golden State Mining Ltd (ASX:GSM) (+9.30%), Macarthur Minerals Ord Shs (ASX:MIO) (+18.10%), Andromeda Metals Ltd (ASX:AND) (+9.68%), Vrx Silica Ltd (ASX:VRX) (+10.71%) and Piedm..

S&P/ASX 200 (INDEXASX:XJO) is flat at 5965 points by around 1.55 pm following a 1.5% surge on Friday and a strong lead from Wall Street.

The number of new COVID-19 cases in Australia continues to decline, with just five new cases identified in Victoria and no new cases for the second day in NSW.

Travel stocks including Webjet (ASX:WEB), Flight Centre (ASX:FLT) and Qantas (ASX:QAN) gained due to encouraging developments around COVID-19.

However, the major banks are down by as much as 1% following gains of between 3% to 7.4% on Friday after the Federal Government revealed plans to ease responsible lending rules which were introduced in 2009.

Top gainers


Todays top gainers on the ASX include FYI Resources Ltd (ASX:FYI) (+26.32%), Pharmaxis Ltd. (ASX:PXS) (+9.52%), Cauldron Energy Ltd (ASX:CXU) (+26.32%), Golden State Mining Ltd (ASX:GSM) (+9.30%), Macarthur Minerals Ord Shs (ASX:MIO) (+18.10%), Andromeda Metals Ltd (ASX:AND) (+9.68%), Vrx Silica Ltd (ASX:VRX) (+10.71%) and Piedmont Lithium Ltd (ASX:PLL) (+53.33%).

Proactive news headlines:

MGC Pharmaceuticals expands ArtemiC™ phase II clinical trial on COVID-19 patients in Israel and India


MGC Pharmaceuticals Ltd (ASX:MXC) has expanded a phase II double-blind, placebo-controlled clinical trial to evaluate the safety and efficacy of the natural anti-inflammatory formulation ArtemiC™ on patients diagnosed with COVID-19.

Fe Limited appoints experienced iron ore executive to drive new projects into production


Fe Limited (ASX:FEL) (FRA:B4T) has appointed an experienced iron ore executive as projects director to help drive the companys two new iron ore asset acquisitions into production.

Blue Star Helium acquires strategically significant acreage within highly prospective region of Colorado


Blue Star Helium Ltd (ASX:BNL) (OTCMKTS:AZZEF) has acquired an additional 22 new leases over 34,848 gross acres within the highly prospective Las Animas region in Colorado, USA.

Core Lithium returns visible gold and grades over 100 g/t in rock chips at Bynoe Gold Project


Core Lithium Ltd (ASX:CXO) has received gold grades of up to 106.5 g/t and observed visible gold in rock chips at the newly defined Covidicus West prospect of the Bynoe Gold Project in the Northern Territory.

Paradigm Biopharmaceuticals has clear path towards Zilosul® OA Phase 3 clinical trial and product registration in Europe


Paradigm Biopharmaceuticals Ltd (Read More – Source

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Australia

Argonaut Resources directors show faith in company by participating in oversubscribed SPP

Argonaut Resources NL (ASX:ARE) directors have demonstrated their faith in the company’s copper-zinc strategy by participating in the recently closed share purchase plan (SPP).

Independent non-executive chairman Patrick Elliot purchased more than 4.465 million shares at 0.55 cents per share in an indirect interest.

He now holds 5,876,159 shares in that interest with another 20,324,574 held in a separate indirect interest.

Independent non-executive chairman Malcolm Richmond acquired more than 5.454 million shares in a direct interest, increasing the number held in this interest to almost 15 million with another 1 million held in an indirect interest.

Overwhelming response to SPP[hhmc]
The company was overwhelmed by the response to its SPP which closed early and more than twice oversubscribed with the target subsequently increased to $2.5 million from $1.2 million.

Subscriptions in excess of $3 million were received and as a result, the SPP was closed with immediate effect.

Money ..

Argonaut Resources NL (ASX:ARE) directors have demonstrated their faith in the company’s copper-zinc strategy by participating in the recently closed share purchase plan (SPP).

Independent non-executive chairman Patrick Elliot purchased more than 4.465 million shares at 0.55 cents per share in an indirect interest.

He now holds 5,876,159 shares in that interest with another 20,324,574 held in a separate indirect interest.

Independent non-executive chairman Malcolm Richmond acquired more than 5.454 million shares in a direct interest, increasing the number held in this interest to almost 15 million with another 1 million held in an indirect interest.

Overwhelming response to SPP


The company was overwhelmed by the response to its SPP which closed early and more than twice oversubscribed with the target subsequently increased to $2.5 million from $1.2 million.

Subscriptions in excess of $3 million were received and as a result, the SPP was closed with immediate effect.

Money raised under this SPP and from the recently completed $2.7 million share placeRead More – Source

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Australia

Strickland Metals shares jump 39% ahead of drilling base metal target near DeGrussa

Strickland Metals Ltd (ASX:STK) shares surged 39% today ahead of its maiden drilling program at the Doolgunna Project, which will include a diamond drilling program that is likely to begin by the end of this month.

As a part of the program, a minimum of four diamond holes will be drilled to a depth of 500 metres to test a VMS target similar to the nearby DeGrussa deposit of Sandfire Resources (ASX:SFR).

Heritage survey[hhmc]
Exploration activity has recommenced on the Doolgunna Project following completion of heritage surveys to allow land access to areas where the company wishes to complete exploration drilling.

The target for drilling is a compelling base metal prospect that exhibits geological characteristics that are interpreted to be similar to Sandfire Resources’ DeGrussa deposit about 30 kilometres to the east of the project.

The prospect has a 3-kilometre-long electromagnetic conductor that lies below an outcropping copper-zinc gossan that has been mapped over a 1.2-kilomet..

Strickland Metals Ltd (ASX:STK) shares surged 39% today ahead of its maiden drilling program at the Doolgunna Project, which will include a diamond drilling program that is likely to begin by the end of this month.

As a part of the program, a minimum of four diamond holes will be drilled to a depth of 500 metres to test a VMS target similar to the nearby DeGrussa deposit of Sandfire Resources (ASX:SFR).

Heritage survey


Exploration activity has recommenced on the Doolgunna Project following completion of heritage surveys to allow land access to areas where the company wishes to complete exploration drilling.

The target for drilling is a compelling base metal prospect that exhibits geological characteristics that are interpreted to be similar to Sandfire Resources’ DeGrussa deposit about 30 kilometres to the east of the project.

The prospect has a 3-kilometre-long electromagnetic conductor that lies below an outcropping copper-zinc gossan that has been mapped over a 1.2-kilometre strike.

Diamond core drilling


The company plans to start the diamond core drilling by the end of this month.

A multi-purpose drill rig has been contracted to enable the minimum planned program wRead More – Source

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Australia

Pan Asia Metals has positive discussions on plans for Thai lithium project

Pan Asia Metals Ltd (ASX:PAM) has had positive discussions with authorities in Phang Nga Province, Thailand, including the provincial government, for its Reung Kiet Lithium Project.

PAM has submitted a presentation covering all aspects of the project including methods of ongoing exploration, conceptual mining and concentrate production, and the potential for downstream value-adding industries in Phang Nga and Thailand.

The presentation and subsequent discussions were aimed at assisting Phang Nga Provincial Government in their considerations for the proposed mining and industrial development areas.

Provincial Government discussions[hhmc]
Pan Asia was recently invited by the chief executive officer of the Phang Nga Provincial Administrative Organisation (PAO), a Phang Nga Provincial Government coordinating body, to represent PAM and the Reung Kiet Lithium Project.

The meeting was also attended by the head of Phang Nga Provincial Industry along with the representatives of the Phang Ng..

Pan Asia Metals Ltd (ASX:PAM) has had positive discussions with authorities in Phang Nga Province, Thailand, including the provincial government, for its Reung Kiet Lithium Project.

PAM has submitted a presentation covering all aspects of the project including methods of ongoing exploration, conceptual mining and concentrate production, and the potential for downstream value-adding industries in Phang Nga and Thailand.

The presentation and subsequent discussions were aimed at assisting Phang Nga Provincial Government in their considerations for the proposed mining and industrial development areas.

Provincial Government discussions


Pan Asia was recently invited by the chief executive officer of the Phang Nga Provincial Administrative Organisation (PAO), a Phang Nga Provincial Government coordinating body, to represent PAM and the Reung Kiet Lithium Project.

The meeting was also attended by the head of Phang Nga Provincial Industry along with the representatives of the Phang Nga Provincial Public Works and Town Planning Office.

Phang Nga Provincial Industry head has been appointed by the Phang Nga governor as chairman of the Phang Nga New Town Planning Committee.

During the meeting, the chairman of the committee conveyed its support for the Reung Kiet Lithium Project.

PAO wants to ensure that the requirements of the Reung Kiet project are incorporated into the town planning committee’s zoning plans to ensure that the project can progress once exploration and feasibility results prove positive.

“Can bring opportunities”


PAM managing director Paul Lock said: “We have been working hard in Phang Nga province and we are very happy with the positive reception that the Reung Kiet Lithium Project is receiving from the Phang Nga Provincial Government and surrounding communities.

“Reung Kiet is strategically located and based on peer feasibility work the project is positioned to potentially be one of the lowest-cost suppliers of lithium chemicals in the global peer group.

“This is a project that can bring substantial opportunities and value to Phang Nga and Thailand.”

Pan Asia is planning its second Reung Kiet drilling program with expectations that this will begin in the coming months following the conclusion of the current Khao Soon drilling program.

Potential cost curve leader


Reung Kiet is a hard rock project with lepidolite rich pegmatites chiefly composed of quartz, albite and lepidolite with minor cassiterite and tantalite as well as other accessory minerals including some rare earth.

Lepidolite does not require roasting and has a suite of by-products which are recoverable at the concentrator and processing stages of the flow sheet.

Peer feasibility work has Read More – Source

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