ASX Big Hits: Encounter, Nimy Resources and Hyterra
The air core rig has completed the first pass program at Joyce, with assays expected in August, and was then remobilised to Encounter's Steller prospect, 15km north along the Elephant Island Fault. The Elephant Island Fault hosts the Crean deposit, which comprises 3.5Mt of ore averaging 1.92 per cent niobium pentoxide.
Encounter's next steps at Joyce will involve mobilising a reverse circulation rig to test the depth and width of high-grade zones, alongside ground gravity and passive seismic surveys to map deeper weathering and metal enrichment, following a trial at the Green prospect.
Encounter's 40,000m drill program underscores its focus on uncovering major niobium and copper deposits in Australia's prospective mineral belts.
With niobium's critical role in advanced technologies and Joyce's high-grade results, Encounter is well-positioned to capitalise on growing global demand for critical minerals.
If successful, the exploration could potentially establish Encounter's Aileron project as a significant contributor to the niobium supply chain.
Company: Nimy Resources (ASX: NIM)
Project: Mons Project, Block 3, gallium project
Location: 370km north-east of Perth
Hit: 240m at 55g/t gallium oxide from surface to EOH, including 56m at 101g/t gallium oxide from 60m
Peak value: 1m at 285g/t gallium oxide from 115m
Nimy Resources has reported exceptional gallium oxide results from its Mons project, 140km north-northwest of Southern Cross in WA.
Gallium metal and its oxide comprise a critical yet lesser-known commodity, increasingly vital due to their roles in technology - particularly amid recent supply constraints. China controls 98 per cent of global refined gallium products but imposed export controls in August 2023, triggering price spikes and supply chain concerns.
Nimy's phase two reverse circulation drilling program at its Block 3 prospect delivered remarkable gallium oxide grades across four 240m-deep holes.
The stand-out hole averaged 55 grams per tonne (g/t) gallium oxide - equivalent to 41g/t gallium metal, using a 1.3442 conversion factor - from surface to end-of-hole. The mineralisation remains open.
The hole included 56m at 101g/t gallium oxide from 60m, a peak 1m interval of 285g/t gallium oxide from 115m, and a 4m composite of 126g/t gallium oxide from 188m. The final 20m averaged 30g/t gallium oxide across five 4m composites.
The second hole yielded two high-grade zones: 20m at 102g/t gallium oxide from 40m, peaking at 141g/t gallium oxide over 4m from 56m, and 36m at 104g/t gallium oxide from 112m, with a peak 1m interval of 376g/t gallium oxide from 117m.
The third hole intersected 28m at 59g/t gallium oxide from 216m to end-of-hole.
The fourth hole returned 8m at 108g/t gallium oxide from 144m, with a peak 1m interval of 184g/t gallium oxide from 145m, and 20m at 63g/t gallium oxide from 220m to end-of-hole.
Average grades for the three other holes were 57g/t, 37g/t, and 30g/t gallium oxide over their 240m lengths.
These results, with mineralisation open in all directions, highlight Block 3's potential to meet soaring global gallium demand.
Nimy plans to deliver an initial mineral resource estimate in the December quarter, following assays from its phase three program.
Ongoing exploration is targeting extensions of the gallium-hosting chlorite schist, with mineralisation identified beyond current limits, suggesting resource expansion potential.
Despite gallium's relative abundance in the Earth's crust, widely estimated at 19 parts per million of the elemental metal, economically viable deposits are rare, making Nimy's high-grade, coherent mineralised system a promising contributor to the West's gallium supplies.
Company: Hyterra Ltd (ASX: HYT)
Project: Nemaha project, Kansas, the United States
Hit: High helium concentrations up to 4.4% in mud gas samples at Blythe 13-20 well.
Hyterra Limited reported an exceptional helium discovery at its Nemaha project in Kansas, with mud gas samples from its Blythe 13-20 well showing helium concentrations up to 4.4 per cent.
This is a significant find, surpassing typical helium levels in the region and marking a rare occurrence for Kansas, where helium concentrations in the Hugoton gas field typically range from 0.25 per cent to 2.5 per cent.
Helium, a colourless, odourless, non-toxic and inert noble gas, is the second most abundant element in the universe, but it is rare on Earth. Formed as a by-product of radioactive decay, it is a non-renewable resource typically extracted from natural gas deposits.
Its unique properties, including an extremely low boiling point of -268.9°C, make it irreplaceable in semiconductors, aerospace, MRI technology and quantum computing.
The global helium shortage underscores the value of this discovery. Kansas is a strategic hub for US helium production, supported by a robust regulatory environment and decades of expertise from the Hugoton field.
The first significant helium discovery in Dexter, Kansas, in 1903 with a 1.84 per cent helium concentration. Dexter lies south of Blythe 13-20 near the Nemaha Ridge. Kansas currently hosts eight helium production plants, reinforcing its dominance in domestic supply.
The Blythe 13-20 well will transition to an appraisal phase in the coming weeks, with downhole monitoring equipment installed to gather data for an initial testing program.
This discovery strengthens Hyterra's position in meeting growing helium demand, particularly for healthcare, which amounts to 32 per cent of US consumption, mainly for MRI cooling.
With no viable substitutes, helium's critical role in advanced industries highlights the significance of this high-grade find.
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Perth Now
3 hours ago
- Perth Now
ASX soars on shock jobs figures
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News.com.au
3 hours ago
- News.com.au
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News.com.au
3 hours ago
- News.com.au
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Australia's sharemarket closed at a record high for the second time in four trading days after weaker than expected jobs figures renewed hopes of an August rate cut. The benchmark ASX 200 jumped 77.20 points or 0.90 per cent to 8,639. The broader All Ordinaries also had a strong day up 74.40 points or 0.84 per cent to close Thursday's trading at 8,890.80. The Aussie dollar slumped 0.87 per cent and is now buying 64.64 US cents at the time of writing. Australia's markets immediately responded to the ABS announcement of a jump in the unemployment rate, with bond traders pricing in a 98 per cent chance of a rate cut. The unemployment rate rose to 4.3 per cent last month against expectations of holding flat at 4.1 per cent. With expectations of lower rates, the Australian dollar slumped back below 65 US cents, while Australia's sharemarket jumped on the news. AMP economist My Bui told NewsWire the fall in the Australian dollar followed the market pricing in a more definite rate cut by the RBA. It was a sea of green on the markets, with all 11 sectors finishing higher, led by industrials, financials and technology stocks. 'We continue to see the jobs market as being weaker than the (figures suggests),' Ms Bui said. 'Yes the unemployment rate seems quite low but this month we've seen weakening in multiple measures, including leading indicators in the job market which I think the RBA will pay attention to.' Betashares chief economist David Bassanese said the weaker than expected job figures were a 'slum dunk' for rate cuts in June. 'We'll need more consistent signs of weakness in both employment and hiring indicators before we can conclude the labour market is turning,' he said. 'That said, today's result clearly adds to the case for a RBA rate cut at the August policy meeting provided next week's Q2 CPI report is not a shocker.' Market heavyweight CBA jumped 1.82 per cent to $180.80, while NAB gained 1.12 per cent to $38.70, Westpac finished 1.20 per cent higher at $33.70 and ANZ climbed 1.10 per cent to $30.45. Tech stocks also rose with Xero jumping 1.71 per cent to $179.13, Life360 finished 1.10 per cent higher to $35.80 and Codan jumped 3.13 per cent to $19.75. Iron ore miners had a mixed day despite the price of the commodity rising to a two-month high, surpassing $US100 a tonne during the day's trading. BHP closed flat at $39.11, Fortescue gained 0.30 per cent to $16.91 and Rio Tinto gained 0.52 per cent to $7.48. In company news shares in Clarity Pharmaceuticals rose 2.05 per cent to $3.48 after announcing an important milestone in the Co-PSMA trials. Shares in superannuation and fund management business Australian Ethical soared 7.40 per cent to $6.68 after releasing its fourth quarter and full yearly update. The ethically based fund said there was a 34 per cent increase in funds under management to $13.94bn. The fight for ASX listed wagering business Pointsbet continued with Mixi formally lodging a second takeover bid and Betr announcing an unsolicited all-scrip takeover on Wednesday after the market closed. Shares in Pointsbet closed flat. Qantas shares also finished in the green up 0.55 per cent to $11.04 after it secured a Supreme Court injunction to stop stolen data being published by anyone, a few weeks after cybercriminals gained access to the airlines systems and stole 5.7 million customers personal details.
