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Australian stocks continued to climb following yesterday’s rally with the All Ords rising 49.1 points or 1% to close at 5189.7 points.
In this broad rally this junior miner has drawn investor attention with its nickel project in the Solomon Islands.
(ASX:AVQ) rose 13.3% to $0.017 with more than 13 million shares traded.
This brings the total gain this week to 30.8% from its open of $0.13 on Monday.
Earlier this week the company announced that drilling at the Isabel Nickel Project in the Solomon Islands intersected high grade mineralisation of up to 18.2 metres at 1.88% nickel.
Notably the initial results had grades and widths that exceeded those evaluated by previous explorers in their feasibility studies.
Drilling will continue into 2015 with the aim of upgrading data across the deposit to JORC standards and completing relevant studies to progress the project towards mine development phase.
In November the company revealed it was in negotiations with debt and equity financiers and project level joint venture partners to fund development of the Isabel Project.
Shares in () were up 20% to $0.006 with about 1.3 million shares traded.
The company recently intersected further nickel mineralisation at its Roe Hills Project just 200 metres south of another high grade intersection of 11% nickel.
The results are interesting as it shows that the system is consistent with the company’s named “cabbage leaf” geological model of Kambalda komatiite flows.
This significantly expands the projects potential of MPJ making a major discovery as the down plunge extension of the mineralised channel is now 400 metres long.
A new High-Powered Electromagnetic (EM) survey over the lava channel area is being designed. This extends the survey south-easterly to fully define the source of this EM anomaly located on the edge of the historic FLEM survey.
The initial planned drill program is on track and is planned to complete before Christmas 2014.
() rose 20% to $0.006 () gained 14.7% to $0.195.
How did the blue chips fare
Oil and Gas
Oil Search () up 4.4% to $7.62
() up 5.0% to $7.96
() up 3.1% to $36.60
Major miners
() up 1.8% to $28.00
() up 6.4% to $2.50
Newcrest () up 4.5% to $10.74
(ASX:RIO) up 2.5% to $54.73
Big 4 banks
ANZ Bank (ASX:ANZ) up 1.7% to $30.98
() up 1% to $81.80
() up 1.2% to $31.73
() up 0.8% to $31.58
Other banks financials and industrials
() down 0.4% to $5.29
() up 1.0% to $11.82
Bendigo and Adelaide Bank () up 1.5% to $12.33
() up 0.3% to $55.96
Suncorp () down 0.5% to $13.53
() up 1.0% to $5.82
Retailers
JB Hi-FI () up 0.3% to $15.32
() up 0.2% to $40.60
Woolworths () up 0.9% to $29.40
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