The ASX is set for a softer open on Wednesday, with futures pointing lower as global markets tread water ahead of the Fed’s rate call. Commodities remain in the spotlight — gold notched another record, oil firmed on supply risks, and uranium eased after Tuesday’s surge. Against that backdrop, two juniors have reported field progress in an overall relatively quiet morning for news.
St George Mining — Major high-grade REE/niobium discovery at Araxá
St George Mining Ltd (ASX:SGQ) has confirmed a new discovery 1 kilometre east of the existing resource at its Araxá Project in Brazil. Reverse-circulation (RC) assays returned thick, shallow mineralisation, including 48 metres at 5.71% total rare earth oxides (TREO) from 2 metres and 40 metres at 2.62% TREO and 1.05% Nb₂O₅ from surface, with peak grades up to 16.87% TREO and 4.06% Nb₂O₅.
The zone shows elevated magnet and heavy rare earth content, pointing to strong potential to expand the project’s JORC resource of 40.6 million tonnes at 4.13% TREO. RC drilling continues at East Araxá, with diamond rigs testing strike extensions and first assays due in coming weeks.
Yandal Resources — Arrakis drilling defines large mineralised structure
Yandal Resources Ltd (ASX:YRL) has completed RC drilling at its Arrakis prospect, part of the Ironstone Well-Barwidgee Project in WA. The seven-hole program followed a 136-hole air-core campaign that outlined a 2.2-kilometre mineralised structure within a broader 3.2-kilometre anomaly. Highlights included 11 metres at 2.1 g/t gold from 90 metres and 12 metres at 1.1 g/t from 45 metres.
RC samples are now at the lab, with results due through October, while heritage surveys are clearing the way for further work along strike.