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Australian stocks are up for the third straight session with the ASX200 up 17.9 points of 0.3% to 5944.9.
Mining stocks were amongst the strongest performers with the Materials Index up 1.2% to 9785.9 points.
() was up 1.3% to $33.50 while (ASX:RIO) gained 0.7% to $63.58.
() climbed 0.8% to $2.48 and Newcrest () is up 1.4% to $14.01.
Market action here…
’ () shares have jumped almost 165% since the beginning of this year as the company continues to advance its Matilda Gold Project towards production which could occur in late 2015.
Matilda could be restarted in late 2015 and the project in the Northern Yilgarn Western Australia could be cash flow positive within five months of the development decision.
Earlier this month the company defined a maiden open pit Resource estimate of 280000 ounces of gold for the Bulletin South deposit.
This increased total resources located within 20 kilometres of the wholly-owned 1.3 million tonnes per annum gold plant to 44 million tonnes at 3.3 grams per tonne for 4.7 million ounces of gold.
Open pit mining studies are now underway for the Bulletin Happy Jack Squib and Golden Age North deposits with a view to extending the mine life.
These have resources totalling 3.5Mt at 3.4g/t for 376000 ounces of gold and sit outside the initial mineral inventory of 5Mt at 2.8g/t for 454000 ounces of contained gold.
Blackham is currently carrying out a 4000 metre reverse circulation drill program designed to grow mine life at the project. Notably the contractor has agreed to a 20% payment of the consideration in BLK shares valued at $0.09 each.
Drilling will follow up on successful previous intercepts by testing down-plunge extensions with the aim of increasing the resources within open pit limits.
This is in line with the company’s focus on free-milling gold targets and resources within open pit or shallow underground depths and in close proximity to the WGP plant and infrastructure and capable of being bought into the front of the mine plan.
Shares in Blackham were up 12.5% to $0.135 today with more than 2.1 million shares traded.
() is up 11.1% to $0.01 while () gained 11.4% to $0.039.
Blue Chip Stocks
Oil and Gas
Oil Search () down 1.1% to $8.20
() down 2.8% to $7.89
() down 4.2% to $34.91
Big 4 banks
ANZ Bank (ASX:ANZ) up 0.1% to $35.31
() down 0.2% to $90.87
() up 0.5% to $37.78
() down 0.2% to $37.88
Other banks financials and industrials
() down 0.1% to $6.74
() up 0.6% to $14.31
Bendigo and Adelaide Bank () down 0.2% to $12.94
() up 1.1% to $72.23
Suncorp () up 1.9% to $14.13
() down 2.0% to $6.46
Retailers
JB Hi-FI () up 0.6% to $17.56
() up 0.3% to $45.60
Woolworths () up 0.1% to $34.35
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