Australian stocks have hit a seven-year high with the ASX200 rising 30.1 points, or 0.5%, to 5,958.9 ahead of the Reserve Bank of Australia’s rates decision tomorrow.
Mining stocks were among the biggest gainers with BHP Billiton (ASX:BHP) rose 1.4% to $34.12 and Rio Tinto (ASX:RIO) is up 1.9% to $65.60.
Newcrest (ASX:NCM) up 0.5% to $14.46 while Fortescue Metals Group (ASX:FMG) dropped 1.6% to $2.45.
Market action here…
Red Mountain Mining (ASX:RMX) climbed 33.3% to $0.004 with 3.5 million shares traded.
New results from trenching and boulder samples taken from extensions to the South West Breccia (SWB) lode and related colluvial gold deposits have the potential to increase, and upgrade, the high grade, at surface, mineral resource in this area of its Batangas Gold Project in the Philippines.
New highlights from the South West Breccia Lode include:
- 4.5 metres at 14.8g/t gold, including 1.0 metre at 44.9g/t gold from SWB Lode, true width; and
- 6.0 metres at 13.03g/t gold from colluvium above SWB hangingwall lode.
Boulder results included 33.5g/t gold; 27.7g/t gold and 11.5g/t gold from extension of the SWB Lode.
The colluvial gravel/cobble zone is interpreted to lie above a hangingwall “wedge” of lode material that has been previously sampled to the southwest at SWB Extension.
These highlights included:
- 6 metres at 31.2g/t gold; and
- 8.35 metres at 18.3g/t gold.
These companies have also managed gains of 10% or more.
Fox Resources (ASX:FXR) jumped 50% to $0.003, Grand Gulf Energy (ASX:GGE) is up 12.5% to $0.009 and Yellow Rock Resources (ASX:YRR) rose 11.1% to $0.01.
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