Top 10 at 11: ASX crashes hard in early trade as small cap miners drill big
With the market opening at 10am sharp eastern time, the data is taken at 10.15am, once trading kicks off in earnest.
In brief, this is what the market has been up to this morning.
ASX freefalls in first hour
The market has reversed course this morning, undoing much of the gains from yesterday and trending sharply down from our new closing high reached on Tuesday afternoon.
The ASX plunged almost 1% in opening trade, falling 0.92% by about 10:30 AEST with every single sector flashing red across the board.
There's no relief to be found in the indices either – the All Tech index is performing best a present, down only 0.35%.
While the market may be having a terrible day, some of our small cap miners are presenting a silver lining, offering up some impressive results with the drill bit.
WINNERS
Code Name Last % Change Volume Market Cap
SFG Seafarms Group Ltd 0.002 100% 2080905 $4,836,599
CTN Catalina Resources 0.005 67% 34826265 $7,278,057
SKN Skin Elements Ltd 0.003 50% 230300 $2,150,428
UBI Universal Biosensors 0.03 43% 632511 $6,259,416
BMO Bastion Minerals 0.002 33% 250000 $2,372,022
WCE Westcoast Silver Ltd 0.12 25% 3833709 $24,971,614
JAV Javelin Minerals Ltd 0.0025 25% 39383 $12,504,450
SPQ Superior Resources 0.005 25% 229524 $9,483,931
ARV Artemis Resources 0.006 20% 520000 $12,678,361
AUK Aumake Limited 0.003 20% 3293399 $7,558,397
In the news...
Catalina Resources (ASX:CTN) is chasing up a stellar rare earth drill hit at the Laverton project that closely mirrors mineralisation found at the nearby Mt Weld mine (ASX:LYC), one of the most valuable rare earth deposits in the world.
On top of following up on the 9m at 7565 parts per million total rare earth oxide result, CTN is also exploring for gold in the Barnicoat Shear Zone at Laverton, host to several existing gold deposits.
West Coast Silver (ASX:WCE) hit 21m at 1047 g/t silver from just 10 metres of depth at the Elizabeth Hill project in WA's Pilbara region, with a second diamond hole hitting 15 metres at 729 g/t silver from 1m below surface.
WCE's results peaked at 1m at 15,071 g/t silver from 27 metres, an exceptionally high-grade result.
Javelin Minerals (ASX:JAV) has lifted the grade and confidence levels of its Eureka gold project resource estimate, lifting the overall resource grade 16% to 1.69 g/t gold for 110,687 ounces.
The update also added more tonnes to the indicated category, lifting it to 1.36Mt at 1.8 g/t gold for 78,678 ounces, a 27% increase.
LAGGARDS
Code Name Last % Change Volume Market Cap
MOM Moab Minerals Ltd 0.001 -33% 1100000 $2,811,999
SHP South Harz Potash 0.003 -25% 110045 $5,132,248
PIL Peppermint Inv Ltd 0.002 -20% 120000 $5,752,724
FBR FBR Ltd 0.005 -17% 733725 $34,136,713
IPB IPB Petroleum Ltd 0.005 -17% 5000 $4,238,418
LML Lincoln Minerals 0.006 -14% 19269 $14,717,988
RKT Rocketdna Ltd. 0.012 -14% 385994 $12,817,325
DGR DGR Global Ltd 0.007 -13% 500020 $8,349,568
LU7 Lithium Universe Ltd 0.007 -13% 10314308 $7,487,837
AQC Auspaccoal Ltd 0.015 -12% 1385621 $11,907,949
At Stockhead, we tell it like it is. While Javelin Minerals and West Coast Silver are Stockhead advertisers, they did not sponsor this article.
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