The Australian All Ordinaries closed 1.7% lower at 5.180 points today despite Wall Street offering a positive lead at the end of last week with strong U.S. employment data.
The index tracked a consistent downward trend until mid-afternoon. Miners were especially hard hit, with the materials sector losing 3.7% on the session.
This explorer, however, added 60% to its silver lining….
MARKET ACTION
Investigator Resources (ASX:IVR) shares spiked as much as 20% today after the company achieved a massive improvement in the intrinsic value of its Paris project in South Australia by increasing resources 60% to 33 million ounces of silver.
The stock closed 10% up at A$0.011.
The inventory hike represents both a major increase over the tonnages of the maiden resource (20 million ounces of silver) and a slight improvement in the robust maiden grade estimate of 110 g/t silver.
It also reinforces confidence in the project’s potential to support a large, open pit mine by highlighting the shallowness and high-grade nature of the deposit.
The size of Paris could more generally be an indication that the surrounding region is significantly mineralised with economically viable silver. This view is further supported by the fact that recent exploration of Paris-style lead systems in the area has delivered intersections grading up to 91.9 g/t silver.
The larger silver resource also provides a stronger platform for leading a varied output of precious and base metals at the site. Paris has production potential in copper, gold, nickel, zinc and lead as well.
BLUE CHIPS
Major miners
BHP Billiton (ASX:BHP) down 5.6% to $21.42
Fortescue Metals Group (ASX:FMG) down 1.3% to $2.20
Newcrest (ASX:NCM) down 5.5% to $11.29
Rio Tinto (ASX:RIO) down 3.5% to $49.00
Energy or Oil and Gas
Oil Search (ASX:OSH) down 1.1% to $7.82
Santos (ASX:STO) flat at $5.91
Woodside Petroleum (ASX:WPL) down 2.5% to $29.23
Big 4 banks
ANZ Bank (ASX:ANZ) down 2.3% to $25.36
Commonwealth Bank (ASX:CBA) down 1.3% to $75.58
National Australia Bank (ASX:NAB) down 2.0% to $28.08
Westpac (ASX:WBC) down 1.1% to $31.29
Other banks, financials and industrials
AMP (ASX:AMP) down 0.8% to $5.84
Bank of Queensland (ASX:BOQ) down 0.9% to $13.01
Bendigo and Adelaide Bank (ASX:BEN) down 1.8% to $10.56
Macquarie Group (ASX:MQG) down 2.6% to $80.30
Suncorp (ASX:SUN) down 1.0% to $12.87
Telstra (ASX:TLS) down 1.7% to $5.22
Retailers
JB Hi-FI (ASX:JBH) up 0.2% to $17.84
Wesfarmers (ASX:WES) down 1.0% to $38.72
Woolworths (ASX:WOW) down 2.4% to $23.50
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