The S&P/ASX Small Ordinaries Index (ASX: XSO) slipped 43.7 points, or 1.25%, to close at 3,461.5 yesterday and has eased a further 5.1 points, or 0.15%, over the past five trading days as investors continued to weigh risk sentiment across the small-cap sector.
Despite the softer broader market performance, several junior explorers have delivered operational updates this morning, highlighting drilling progress, resource expansion potential and new exploration targets across gold, rare earths and critical minerals projects.
Drilling advances at Las Opeñas
NewPeak Metals Ltd (ASX:NPM, OTC:NPMFF, FRA:NPM) has completed 1,834 metres of drilling across five holes at its Las Opeñas Gold Project in Argentina's San Juan Province.
The current program is targeting extensions to mineralised zones identified by historical drilling, with the first hole positioned near historic hole 12-LODH-03, which returned 115 metres at 0.58 g/t gold, 3.5 g/t silver, 0.24% lead and 0.65% zinc from 18 metres to the end of hole.
The company said drilling is designed to test the continuity and potential expansion of known gold and polymetallic mineralisation across the project.
AuKing identifies new targets at Tundulu
AuKing Mining Ltd (ASX:AKN) has reported results from a high-resolution drone-based LiDAR and magnetic survey at its Tundulu Rare Earth Project in southern Malawi, while also commencing a reverse circulation drilling program at the site.
Interpretation of the airborne datasets suggests historical drilling has tested only a limited portion of a substantially larger carbonatite intrusive complex.
The survey identified multiple new drill-ready targets concealed beneath shallow post-mineral sedimentary cover, supporting the potential for a significantly expanded rare earths exploration footprint at Tundulu.
American Tungsten expands high-grade antimony system
American Tungsten & Antimony Ltd (ASX:AT4, OTCQB:ATALF, FRA:4VZ) has released results from a further 17 holes completed as part of Phase 1 diamond drilling at its wholly owned Antimony Canyon Project in Utah.
The drilling has extended the known high-grade mineralised envelope at the Little Emma Prospect and reinforced the interpretation of a district-scale hydrothermal antimony system.
Management said the results confirm the presence of multiple high-grade replacement-style antimony centres within the patented claim area and continue to demonstrate the project's scale potential.
Chilwa shifts focus to Nakombe target
Chilwa Minerals Ltd (ASX:CHW) has provided an update on diamond drilling at its Lake Chilwa licence in southern Malawi, targeting rare earth elements, niobium, tantalum and gallium mineralisation.
Initial drilling focused on the northern Mpyupyu anomalies and the base of Mpyupyu Hill, a prominent syenite intrusion. However, following the release of ICP-MS results from hole MPYDD006, which returned 0.31% Nb₂O₅ over 126 metres from 125 metres downhole, the company's attention has shifted to the southern Mpyupyu anomaly and the Nakombe target.
Chilwa said the encouraging niobium results have established Nakombe as the primary focus of its ongoing diamond drilling campaign as it evaluates the broader carbonatite-hosted rare earth opportunity within the project area.