The S&P/ASX Small Ordinaries Index (XSO) gained 9.60 points, or 0.29%, to close at 3,324.60 yesterday, although the benchmark remains 60 points, or 1.77%, lower over the past five trading sessions.
The modest daily rise came as junior resource and energy companies continue to advance drilling, development and funding initiatives across projects in Australia and Canada. You can read about the following and more throughout the day.
Aruma begins second phase of Tillex drilling
Aruma Resources Ltd (ASX:AAJ) has begun the second phase of diamond drilling at the Tillex Copper-Silver Project in Ontario’s Timmins mining district.
The program represents the next stage in Aruma’s drill-out of the high-grade Tillex copper-sulphide deposit and follows multiple wide, high-grade copper-silver intersections reported from the first drilling phase last month.
Tillex has been drill-defined over about 450 metres of strike and is characterised by broad intervals of high-grade copper and silver mineralisation identified through Aruma’s drilling and historical work completed by previous owners.
The latest campaign is designed to further define the scale and continuity of the mineralised system.
Buru progresses Rafael development plans
Buru Energy Ltd (ASX:BRU, OTC:BRNGF) used its quarterly update to highlight continued progress at the 100%-owned Rafael Gas Project in Western Australia’s Canning Basin.
Project approvals, commercial negotiations and planning activities are advancing in line with the development schedule, while analysis of potential diesel and liquefied petroleum gas products has been completed to support the company’s marketing strategy.
Buru is also assessing feasibility studies for a restart of the Ungani oil field, including the potential development of an on-site micro-refinery.
Farm-out negotiations are underway for the Mars prospect, while a recommendation by the Environmental Protection Authority to approve the nearby Valhalla gas field was described as a positive development for Buru’s Yulleroo asset.
The company strengthened its balance sheet during the period through a successful A$5.3 million placement.
Executive chair David Maxwell said Rafael was well positioned to supply a significant portion of the Kimberley region’s gas, diesel and LPG demand, replacing imported fuels with competitively priced local production.
He said the project was expected to generate material long-term cash flow, with funding efforts focused on preserving as much of Buru’s equity in Rafael as possible.
Horizon outlines major Gum Creek gold development
Horizon Gold Ltd (ASX:HRN, OTC:HZGLF, FRA:HO0) has completed a definitive feasibility study for its wholly owned Gum Creek Gold Project in Western Australia, outlining a 10-year open-pit operation with strong projected returns.
The study targets average annual production of 98,000 ounces of gold during the first five years and total output of 880,000 ounces over the initial mine life, with first production scheduled for the second half of 2028.
Pre-production capital is estimated at A$350 million, including mine development, processing facilities, infrastructure, contingency and commissioning costs.
At an assumed gold price of A$5,500 per ounce, the project is forecast to generate pre-tax free cash flow of A$1.85 billion, a net present value of A$1.31 billion and an internal rate of return of 53.1%.
Payback is expected within 23 months of first production, while all-in sustaining costs are estimated at A$2,995 per ounce.
Horizon said the approvals process remained on track to support a final investment decision in the second quarter of 2027.
The study excludes potential production from underground free-milling ore and sulphide deposits, providing scope to increase output and extend the mine life.
Novo expands Pilbara exploration portfolio
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) has expanded its Pilbara exploration footprint and reported encouraging early results from the Wyloo Polymetallic Project.
Maiden reverse circulation drilling at the Wyloo Southeast prospect comprised 16 holes for 2,615 metres and confirmed a significant hydrothermal alteration system.
Results included 9 metres at 92 g/t silver and 1,280 parts per million antimony from surface, including 1 metre at 460 g/t silver and 1,425 ppm antimony from 2 metres.
Sampling at the newly identified Vera prospect outlined an antimony-arsenic anomaly measuring about 260 metres wide and 600 metres long.
Peak soil results returned 803 ppm antimony and 1,265 ppm arsenic, while rock-chip sampling produced grades of up to 3.5% antimony, 33.2 g/t silver, 1.4% zinc and 2.1% lead.
Novo is also increasing its focus on the Kavira prospect, where a 2.5-kilometre by 800-metre antimony stream anomaly has been defined.
A heritage survey is planned for the second half of 2026 ahead of priority drilling beneath transported cover.
At the Toolunga Copper-Gold Project, Novo increased its landholding from 1,520 square kilometres to 2,242 square kilometres and identified three high-priority coincident magnetic and gravity targets considered prospective for iron oxide copper-gold mineralisation.