Small caps are heading into the end of the week with sentiment still heavily influenced by the AI-driven rally on Wall Street, even as rising bond yields and softer commodity prices create a more uneven backdrop for resources stocks.
Against that backdrop, today’s announcements span fresh drilling activity in the US, record profits from gold and antimony production, and investor updates tied to critical minerals development in Alaska.
Resolution begins major Idaho drilling campaign
Resolution Minerals Ltd (ASX:RML, OTCQB:RLMLF, FRA:NC3) has commenced diamond drilling at the Golden Gate target within its Horse Heaven antimony-tungsten-gold-silver project in Idaho.
The company plans to drill up to 13,700 metres across as many as 45 holes this year, targeting extensions to both tungsten and gold mineralisation. Resolution also reported encouraging early metallurgy results, including gold recoveries above 94% from oxide material and up to 88.7% from sulphide samples.
Alkane delivers strongest quarter on record
Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) posted record quarterly revenue, profit and cash generation as elevated gold and antimony prices boosted returns across its three-mine portfolio.
The company generated $274 million in revenue and a net profit of $93 million during the March quarter, while ending the period with $374 million in cash, bullion and listed investments. Alkane said it remains on track to meet full-year production guidance.
Astral extends Theia mineralisation well below resource
Astral Resources NL (ASX:AAR) has extended gold mineralisation roughly 210 vertical metres below the current resource at its 1.4Moz Theia deposit within the Mandilla project in WA.
The first hole from an ongoing deep diamond drilling program returned 358.23 metres at 1.03 g/t gold from 256.17 metres, including multiple higher-grade zones featuring assays as high as 121.6 g/t gold. The mineralisation remains open at depth, with drilling continuing across the broader system.
Nova to outline Alaska antimony plans in webinar
Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, FRA:QM3) will host a quarterly update webinar later this month covering progress at its Estelle gold and critical minerals project in Alaska.
Management is expected to discuss recent freight mobilisation work, antimony development plans, exploration updates and the company’s proposed redomiciliation to the United States. The webinar is scheduled for 6:15 am AEST on Friday, May 22.