Small caps are navigating a firmer macro backdrop this morning, with ASX 200 futures pointing higher after Wall Street’s rebound and renewed strength in base metals. Against that improving risk tone, several juniors have moved on funding and project execution updates in early news flow today.
Alkane Resources
Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has reported a suite of high-grade gold-antimony intercepts from extension and infill drilling at the Kendal deposit, adjoining the Youle mine at its Costerfield operation in Victoria.
Recent results from the 501 and 520 veins include multiple metre-scale intercepts grading well into triple-digit grams per tonne gold alongside strong antimony credits. Drilling has extended the known vein system beyond historic workings, with development underway to access the newly defined zones as an additional high-grade feed source.
AuMEGA Metals
AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF, FRA:FRA: MA30) has confirmed it will proceed with its previously announced C$30.1 million financing without accepting further commitments, despite the offer being oversubscribed.
The two-tranche raising includes hard dollar and flow-through securities, with proceeds directed towards expanded drilling and exploration across its Newfoundland projects. The first tranche is expected to close in early March, with the second subject to shareholder approval.
Novo Resources
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) has launched a placement to raise up to approximately C$5.8 million (around A$6 million), issuing units and/or CDIs with attached warrants or options.
Funds will support exploration in the Pilbara and at the Belltopper gold project in Victoria, as well as working capital. The placement is being conducted within existing capacity, with Novo currently in a trading halt pending the outcome.
Lindian Resources
Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has appointed experienced commissioning specialist Cliff Webster as Technical Manager for its Kangankunde rare earths project in Malawi.
Webster, formerly involved in the Mt Weld expansion, will oversee Stage 1 commissioning and operational readiness, while contributing to Stage 2 expansion studies targeting an additional 100,000 tonnes per annum of concentrate.
Riversgold
Riversgold Ltd (ASX:RGL, FRA:RGV, OTC:RVSGF) has completed 31 shallow drill holes for 2,013 metres at its Northern Zone gold project near Kalgoorlie, with assays pending.
At the same time, work on the Mine Development and Closure Plan and environmental approvals is advancing, with the mining lease process well progressed ahead of planned development in partnership with MEGA Resources.