Description
The securities of Nordic Nickel Limited (‘NNL’) will be placed in trading halt at the request of NNL, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 25 September 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
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Jindalee Lithium Limited (Jindalee, the Company) advised that it had lodged applications for non-dilutive grant funding with both the Department of Defense (DoD) and the Department of Energy (DoE) (Battery Manufacturing and Recycling Grant)1.
Application for near-term grant funding from Department of Defense progressing, initial application for longer-term grant funding from Department of Energy unsuccessful
The DoD grant application is designed to provide near-term funding for an accelerated Feasibility Study and associated drilling and testwork at the Company’s McDermitt Lithium Project (currently the largest lithium deposit in the US2), whilst the DoE grant application was for longer-term funding for engineering, procurement, construction and development of a lithium processing facility at McDermitt following completion of the Feasibility Study.
Jindalee has been advised that the current DoE grant application was not successful; however, the DoD grant application remains on foot and the Company is currently preparing additional information to support the application, with any potential award decision expected in the December quarter 2024.
Importantly, the Company continues to remain eligible for funding support from a range of US Government agencies, including the DoE, as the US looks to incentivise domestic production of critical minerals essential for electrifying the nation’s economy.
Authorised for release by the Jindalee Board of Directors.
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Brightstar Resources Limited (ASX: BTR) (Brightstar) is pleased to announce initial results from the Reverse Circulation (RC) drilling at the Fish deposit, part of the 293koz Au Jasper Hills Gold Project; with additional results from geotechnical diamond core drilling at the 303koz Au Cork Tree Well deposit also received.
HIGHLIGHTS
Further drill assays have been received from the Jasper Hills Gold Project, with numerous +20g/t Au intercepts returned from Reverse Circulation drilling at the Fish deposit, including:FHRCD2403:7m @ 9.50 g/t Au from 176m, including 1m @ 45.3 g/t Au from 177m, and2m @ 6.74 g/t Au from 195mFHRCD2420:8m @ 8.01 g/t Au from 180m, including 1m @ 36.4g/t Au from 186m, and4m @ 11.9 g/t Au from 259m, including 1m @ 37.4 g/t Au from 260mFHRCD2426:7m @ 5.80 g/t Au from 174m, including 1m @ 14.5 g/t Au from 175mFHRCD2404:4m @ 9.70 g/t Au from 274m, including 1m @ 30.2 g/t Au from 274mFHRCD2430:5m @ 6.54 g/t Au from 148m, including 1m @ 21.0g/t Au from 148mFHRCD2428:4m @ 3.14 g/t Au from 121mThese holes were targeting infill and extensional areas within and adjacent to the high- grade Fish orebody, with a Stage 1 Underground mine design1 generating high grade material from a simple operation <150m from the surfaceFish is expected to be a key contributor to early cash flows from development of the Jasper Hills Gold Project, with Brightstar’s scoping study1 outlining Stage 1 production of ~200kt @ 4.4g/t Au for +26koz within 14 months (all contained within M+I classification)Within the broader Laverton Gold Project, further assays from two geotechnical diamond holes from Cork Tree Well have been received with individual results to 5.59 g/t Au, including:CTWGT015:3.95m @ 1.25 g/t Au from 50.0m – 55.6m (incl. 1.65m of core loss), and2.0m @ 1.21 g/t Au from 100.0mCTWGT016:9.0m @ 0.77g/t Au from 93m, and 2.0m @ 0.94g/t Au from 69m.
Brightstar’s Managing Director, Alex Rovira, commented“The assays returned from Fish confirm the high-grade nature of the resource, with consistent mineralisation over several metres providing support for conventional underground mine designs and stoping widths at shallow depths. With the current Jasper Hills drilling program ending within a week2, on-going geological interpretations are being completed ahead of resource upgrades across the Brightstar portfolio, with our field team mobilising to conduct a RC program at the Montague East Gold Project in Sandstone in a months’ time.
While drilling at Jasper Hills, we also took the opportunity to process two Cork Tree Well geotechnical holes for gold assays, with pleasing results being returned given the focus of these holes were for gaining geotechnical data for open pit mining. CTWGT015 and CTWGT016 were drilled at the northernmost (Delta) deposit at Cork Tree Well in January 2023, within an optimised $2,750/oz pit shell generated during our 2023 Scoping Study3 for the broader Laverton Gold Project. The geotechnical information is being utilised by our mining consultants ahead of re- optimisations and the associated new pit designs for our Definitive Feasibility Study presently underway.
We look forward to sharing ongoing results as they are received, with assays still pending from Second Fortune (surface and underground DD drilling), Lady Shenton RC (Menzies), Cork Tree Well DD (Laverton), and both RC and diamond programs at Jasper Hills generating valuable information for Mineral Resource Estimate updates and various technical aspects of the DFS”.
TECHNICAL DISCUSSION
The Fish deposit ceased open-pit mining operations in 2012, with Crescent Gold Ltd mining 350kt at 3.83g/t Au from a single open pit and processed through the Granny Smith Processing Plant. Geological units observed in the Fish pit have been identified as amphibolite and intermediate intrusives, with felsic dykes, BIF interflow units and quartz veins also present within the pit.
Mineralisation in mined-out material was mainly hosted in BIF, which generally strikes and dips at 030/80E in what was a largely a linear and predictable fashion. This unit is described regionally as an interflow sediment with siliceous and magnetite banding. The hydrothermal deposit is somewhat polymetallic with trace to minor sulphides including pyrite, pyrrhotite, arsenopyrite, chalcopyrite, pentlandite, galena, sphalerite and bornite.
Beyond the RC holes identified within this release, Brightstar completed an additional diamond program totalling seven diamond tails drilled from RC drillhole pre-collars, and one diamond hole drilled from surface. Assays remain outstanding for these diamond holes, with core currently being processed for geotechnical and metallurgical purposes in conjunction with geological logging and analysis to provide valuable information for Definitive Feasibility Study and mine planning purposes.
The goals of the combined RC/DD program were to infill and confirm the resource within and adjacent to the Stage 1 underground mine design, to generate sufficient mass for metallurgical testwork, and to test for depth extensions to mineralised lodes.
Gold jewelry sales in China are slumping on the back of record prices and weakness in the country’s economy.
Bloomberg reported on Thursday (September 19) that Chinese demand is traditionally high at this time of year due to September’s mid-autumn festival and the week-long National Day holiday in early October.
However, gold’s ongoing upsurge has dampened purchases — the yellow metal rose past US$2,600 per ounce this week, reaching an all-time high following the US Federal Reserve’s decision to cut interest rates by 50 basis points.
While global investors remain engaged with gold as a hedge against economic uncertainty, China’s retail market for gold jewelry has seen a significant drop in demand. The China Gold Council reported a 27 percent decline in gold jewelry purchases in the first half of 2024, although the overall drop in gold demand was much smaller at just 6 percent.
The decline in consumer interest comes as Chinese households face a slowing economy and shrinking disposable income, leading to a significant reduction in retail activity.
Shop owners in key markets such as Shenzhen’s Shuibei International Jewelry Trade Center have reported weaker-than-expected sales during the wedding season and pre-holiday period.
Retailers in China, traditionally one of the world’s largest consumers of gold, are reporting steep drops in sales volumes. Consumers are also considering selling their current pieces to take advantage of the high gold price.
Bloomberg notes that China’s gold premium — a measure of domestic demand relative to international prices — has also been in negative territory for most of the last two months. Official data shows that imports of gold reached their lowest level since 2021 in August, highlighting the impact of weak retail and wholesale demand.
According to the World Gold Council, withdrawals from the Shanghai Gold Exchange, a key indicator of wholesale gold demand, dropped by 37 percent in August compared to the same period last year. This decline is significant given that August and September are typically strong months for gold sales as retailers stock up in anticipation of holiday shopping.
While retail demand for gold jewelry is slumping, investment in physical gold, such as bars and coins, remains relatively steady. Investors, facing uncertainty in other asset classes like real estate, are continuing to turn to gold as a safe haven.
As China approaches the holiday season, the outlook for its gold jewelry market remains uncertain. Retailers are hoping for a turnaround, but many acknowledge that sentiment may take time to recover, especially if prices remain high.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Ioneer (ASX:INR,NASDAQ:IONR) has take a step forward at its Rhyolite Ridge lithium-boron project with the release of a final environmental impact statement from the US Bureau of Land Management.
In a Friday (September 20) press release, the company said Nevada-based Rhyolite Ridge is the first lithium project to reach this stage of the environmental permitting review process under the Biden administration.
According to Ioneer, the asset will increase the nation’s lithium supply by four times, reducing reliance on foreign sources, and will create hundreds of jobs with good compensation in the state’s Esmeralda County.
“Since Ioneer’s work at Rhyolite Ridge began in 2016, we have listened to members of the community and adapted our plans to maximize the project’s many economic benefits while minimizing indirect impacts to the community and environment,” said Managing Director Bernard Rowe. He added that this collaboration has strengthened the project.
Ioneer notes on its website that Rhyolite Ridge is among two advanced lithium projects in the US, and is expected to be a low-cost site. Its mine life is estimated at 26 years, during which time it’s seen powering 50 million electric vehicles.
Materials won’t be shipped to a separate processing facility, which Ioneer says will make for more efficient output.
“We look forward to the conclusion of the 30-day statutory waiting period and timely issuance of the Record of Decision to advance Rhyolite Ridge into construction,” added Executive Chairman James Calaway. “We are eager to get to work in contributing to the domestic supply of critical materials essential for the transition to a clean energy future.”
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
An initial US Food and Drug Administration (FDA) study on kratom, a plant-based substance long consumed in Southeast Asia, has found that the compound appears safe when used in capsule form, even at high doses.
However, a Tuesday (September 17) Bloomberg article notes that the FDA’s research did not include kratom-infused drinks or concentrates, which are more common in the US and may carry different risks.
Kratom, a botanical product derived from the leaves of Mitragyna speciosa, has been used in Southeast Asia for centuries, with users traditionally chewing the leaves for its mind-altering effects.
The FDA study involved 40 participants divided into five groups, each receiving either a placebo or escalating doses of kratom capsules. Participants were monitored for adverse reactions over two days.
The scope also focused on kratom leaf material, which was dried, ground into powder and encapsulated. The product closely resembles the form used traditionally in Thailand and Malaysia.
As mentioned, the study did not examine the effects of more concentrated kratom products, such as beverages or extracts. These tend to have higher concentrations of the compound and have been linked to more severe side effects.
Kratom has rapidly gained popularity in the US due to its widespread availability in gas stations, bars and convenience stores. Bloomberg states that on an annual basis more than 1.7 million people in the country report using the plant or consuming kratom-infused drinks; some fatalities have been linked to its increasing consumption.
Despite its growing use, scientific understanding of its long-term effects remains limited, as kratom tends to have higher concentrations of active compounds when used in non-traditional formats like beverages.
Christopher McCurdy, a professor at the University of Florida’s College of Pharmacy and a researcher involved in the study, told Bloomberg that the results only scratch the surface of what needs to be known about kratom.
“It gives you a snapshot, at least now, of what ranges appear to be safe and not cause any toxicity in humans,” he said, adding that some people have been using it for decades or more, but the impact on them isn’t known.
Despite these unanswered questions, the researchers found no severe or life-threatening adverse effects associated with kratom capsules in the doses tested, though vomiting was a common side effect, especially at higher doses.
Kratom is largely unregulated in the US, but concerns about its safety have led at least six states to ban the substance.
The FDA has repeatedly issued warnings about kratom, citing its opioid-like properties and potential for abuse.
In 2019, the Centers for Disease Control and Prevention reported nearly 100 deaths involving kratom; however, most of those cases also involved other substances, primarily fentanyl. The FDA continues to raise concerns about kratom’s use in higher-concentration forms, particularly in beverages marketed as alcohol alternatives.
While the results of the FDA study mark a significant step toward gaining a better understanding of the substance, experts agree that more data on kratom’s effects, particularly in its more concentrated forms, is needed.
In the meantime, the agency continues to urge consumers to exercise awareness and caution regarding kratom’s use in higher-concentration forms, particularly in beverages marketed as alcohol alternatives.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Sierra Nevada Gold (ASX: SNX) is pleased to announce it has staked two additional projects prospective for high-grade silver-gold-copper near existing projects in Nevada, USA. The new projects are 10km west of SNX’s large-scale Blackhawk Porphyry and Epithermal Projects in Mineral County, SW Nevada (see figure 1).
Highlights
In conjunction with ongoing work at its nearby Blackhawk Project, Nevada USA, SNX stakes two additional areas prospective for high-grade silver-gold-copper-antimony (see figure 1).Initial sampling returns 1,880g/t Ag from a quartz stockwork zone at Crystal Peak and 31.2g/t Au from G Mine area associated with copper up to 4.94% (see figure 2).Outcropping quartz stockwork zone at Crystal Peak returned high-grade silver results of 1,880 g/t Ag, 752g/t Ag, 485g/t Ag, 427g/t Ag, 142g/t Ag & 141g/t Ag within a 60m x 30m densely quartz veined (stockwork) area (see figure 3).Elevated copper and antimony at Crystal Peak stockwork, up to 0.64% Cu and 0.38% Sb.No drilling or modern exploration at either Crystal Peak or G Mine; last recorded activity in early 1980s.SNX has completed a soil sampling program covering extensions to the Crystal Peak and G Mine areas, with assays due in early October 2024.Building on existing reconnaissance mapping and sampling, SNX will aim to deliver drill targets for the 2025 field season.
SNX Executive Chairman Peter Moore said: “These new prospects near the Blackhawk Project in Nevada, have returned exciting high-grade results from the initial mapping and sampling work. Results demonstrate potential for high-grade silver, gold, copper and antimony mineralisation with results up to 1,880g/t silver with associated copper and antimony at Crystal Peak and up to 31.2g/t gold at G Mine. We are excited to be the first explorer to implement modern exploration techniques across this ground, and we are planning additional exploration to follow up these initial results. Preparations for the upcoming RC drilling program at the Endowment high-grade silver mine located 10kms east of Crystal Peak continue with drilling expected to commence in early October”.
At Crystal Peak, SNX identified a high-grade silver-copper-antimony quartz stockwork zone outcropping over an area of 60m x 30m. The stockwork zone forms a prominent ridge with outbound dispersed quartz float zones suggesting potential for extensions to currently mapped zone.
SNX’s initial mapping and sampling at Crystal Peak returned peak silver assays of up to 1,880g/t Ag, 752g/t Ag, 485g/t Ag and 427g/t Ag, all with strong copper and antimony association.
Crystal Peak
The Crystal Peak stockwork zone is hosted within a coarse-grained quartz monzonite which in turn forms part of a larger composite intrusion complex ranging in composition of granodiorite to quartz monzonite. Locally, minor diorite intrusions are observed although account for only a small portion of the composite intrusion.
Alteration about the stockwork zone and along through-going structures is characterised as proximal quartz- sericite-pyrite within a larger argillic alteration halo (see figure 2). Typically, the quartz stockwork is made up of continuous to semi-continuous linear veins up to 10cm wide at various attitudes to each other (see photo 1). While there are some prominent low angle veins many of the veins are sub-vertical, suggesting good potential at depth. Within the stockwork, vein density ranges from 3 veins per meter up to 15 veins per meter where veins account for up to 85% of the rock by volume. Within the larger stockwork area some consistently more sheeted quartz vein zones are observed.
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All eyes were on interest rates this week as the US Federal Reserve’s two day meeting took place.
Meanwhile, Bitcoin and Ether rallied later in the week, but analysts are uncertain about the sustainability of their gains.
Elsewhere, Apple’s (NASDAQ:AAPL) iOS 18 update has already encountered problems, while Microsoft (NASDAQ:MSFT) and Intel (NASDAQ:INTC) announced major strategic moves.
With the Fed’s meeting in focus, investors in the US adopted a cautious stance to start the week.
Tech stocks lost ground on Monday (September 16), weighing on the Nasdaq Composite (INDEXNASDAQ:.IXIC) and Nasdaq 100 (INDEXNASDAQ:NDX), but still finished slightly ahead.
Canada’s latest consumer price index report, released on Tuesday (September 17), shows inflation cooled to the central bank’s 2 percent target in August, its lowest level since February 2021.
Wall Street indexes opened higher as the Fed meeting commenced, boosted by strong retail sales data that showed a spending increase of 0.1 percent in August. Industrial production also exceeded expectations in August, climbing 0.8 percent. The Russell 2000 Index (INDEXRUSSELL:RUT) led gains midday, advancing by 1.29 percent.
Stocks were slightly elevated on Wednesday (September 18) morning. The S&P 500 saw the most significant gains early on, while the Nasdaq Composite opened a modest 0.2 percent higher than Tuesday’s close.
The Fed’s decision to implement a 50 basis point cut sparked an immediate market rally. The Nasdaq Composite surged 0.98 percent, the S&P 500 jumped 0.78 percent and the Nasdaq 100 (INDEXNASDAQ:NDX) climbed 0.82 percent. The Russell 2000 and NYSE Composite (INDEXNYSEGIS:NYA), already trending higher, saw further gains.
However, the market pulled back in late afternoon trading as Fed Chair Jerome Powell cautioned that future cuts will hinge on positive economic data. Indexes ultimately closed lower on Wednesday.
While equities historically have not performed well in September, with the S&P 500 averaging a 1.2 percent loss for the month since 1928, Thursday’s (September 19) performance defied expectations. The index spent the day on the rise, closing at its 39th record of the year. The S&P/TSX Composite Index (INDEXTSI:OSPTX) also closed at a new high.
On Friday (September 20), indexes opened slightly lower in both Canada and the US. Market watchers pointed to the potential impact of “triple witching,” which could increase trading volume and volatility, as well as the fact that the Fed’s rate cut was already priced in. By midday, equities were trading lower, prompting some analysts, like Allen Smal of iA Private Wealth, to characterize the day as a “breather” rather than a sign of significant concern.
The price of Bitcoin ultimately trended up this week despite some volatility.
The cryptocurrency traded between US$59,770 and US$60,220 over the weekend, but started falling around noon on Sunday (September 15). As of 11:10 a.m. EDT on Monday, it was at US$57,673, down 4.2 percent in 24 hours.
Bitcoin and Ether saw modest gains of 3.5 percent and 2.96 percent, respectively, as the Fed meeting kicked off on Tuesday. Bitcoin was priced above US$61,000 briefly just before midday, while Ether saw gains of nearly 3 percent, allowing it to rise above US$2,300 for the first time since September 10.
After the Fed’s rate cut, Bitcoin trended upward, eventually rising above US$62,000 for the first time since August 27. Ether also rallied, pulling above US$2,400 for the first time all week. Unlike previous spikes seen in recent weeks, both cryptocurrencies have managed to hang onto their gains and continue to climb.
However, the historical correlation between Bitcoin and the S&P 500 suggests a potential Bitcoin price drop following the Fed’s rate cut. This correlation has been particularly strong during times of economic stress or uncertainty.
As Cointelegraph notes, ‘Considering that a Bitcoin correction might follow the cut in interest rates, the immediate target range is $54,000, where a Chicago Mercantile Exchange futures gap was formed at the beginning of September.’
Bitcoin’s recent price action further supports the possibility of a correction. It broke above US$61,000 ahead of the market open, accompanied by a surge in trading volume on Binance, which often signals a market top. Binance saw US$85 million in spot volume in one hour, the highest in over three months, although the peak wasn’t sustained.
The crypto market showed strong signs on Thursday, with Bitcoin rising 5.1 percent to US$63,550, its first break above US$63,00 since August 26. Ether also saw substantial gains, climbing 6 percent to US$2,471.97 at 3:00 pm PST.
While some analysts have expressed caution about the sustainability of this rally, others see echoes of Bitcoin’s past breakouts fueling predictions of new record highs by year end.
Meanwhile, Ether’s technical indicators suggest a more robust price foundation, as it holds above its 200 day simple moving average, avoiding the dreaded “death cross” pattern that Bitcoin saw in August.
Bitcoin briefly touched US$64,000 for the first time this month overnight, potentially buoyed by the Bank of Japan’s decision to maintain interest rates at the current level.
A report from Steno Research predicts increased on-chain activity following the Fed’s rate cut, similar to patterns observed in the last bull market. This development could particularly benefit Ethereum, potentially ending its recent streak of underperformance. The report also highlights the correlation between gold and Bitcoin’s recent rallies, along with increased global liquidity due to central bank easing policies.
Microsoft made strides this week, reporting a dividend increase, a major share buyback program and new partnerships focused on artificial intelligence (AI) infrastructure and responsible AI development.
Microsoft’s board declared a quarterly dividend of US$0.83 per share on Monday, a 10 percent increase over the last quarter. The dividend will be payable on December 12, 2024.
The board also approved a new share buyback program of up to US$60 billion, the third largest in 2024 after Apple’s US$100 billion buyback and Alphabet’s (NASDAQ:GOOGL) US$70 billion buyback.
On Tuesday, the company entered into a partnership with BlackRock (NYSE:BLK), Global Infrastructure Partners and MGX, an investment vehicle out of the United Arab Emirates. The initiative, called the Global AI Infrastructure Investment Partnership (GAIIP), will support data center construction to meet growing demand for computing power.
“These infrastructure investments will be chiefly in the United States fueling AI innovation and economic growth, and the remainder will be invested in U.S. partner countries,” the companies said in a joint statement.
NVIDIA (NASDAQ:NVDA) will support the initiative by providing expertise in AI data center development
GAIIP plans to attract additional investors, with an initial target of US$30 billion in private equity capital, potentially leveraging this into a total investment pool of up to US$100 billion.
Also on Tuesday, Microsoft extended its partnership with G42, a technology holding group based in the United Arab Emirates, by announcing plans to establish two new data centers in the country with the support of the Artificial Intelligence and Advanced Technology Council.
The data centers will focus on establishing “tesponsible AI,” with the first working on developing best practices and standards for ethical AI use in the Middle East and Global South. The second will be an expansion of Microsoft’s AI for Good Research Lab, supporting AI projects targeting important social challenges.
The move follows Microsoft’s US$1.5 billion investment in G42 in April to accelerate AI development in the United Arab Emirates. The company’s collaboration with G42, which is part of Sheikh Tahnoon bin Zayed Al Nahyan’s US$1.5 trillion empire, aims to establish G42 as a major AI player in the Middle East.
Microsoft ended the week with the announcement that it will buy power from the Three Mile Island nuclear power plant as part of a 20 year agreement that will fuel its data centers with carbon-free nuclear energy.
The Pennsylvania plant, located on an island in the Susquehanna River just outside Harrisburg, is owned by Constellation Energy (NASDAQ:CEG), a subsidiary of Exelon (NASDAQ:EXC), which shut down the plant in 2019 after it failed to become profitable and lawmakers refused to provide financial relief. In 1979, the plant was the site of one of the most dangerous nuclear power accidents in the US after a combination of equipment malfunctions and operator error led to a partial meltdown of the Unit 2 reactor, releasing radioactive gas and iodine into the environment.
“To prepare for the restart, significant investments will be made to restore the plant, including the turbine, generator, main power transformer and cooling and control systems,” Constellation Energy said in a press release.
The company will also need approval from the US Nuclear Regulatory Commission and various state and local agencies. Constellation plans to pursue a license renewal to extend operations until 2054.
The grid is expected to be operational by 2028.
Intel reported positive news on Monday, with CEO Pat Gelsinger issuing a statement just after the market closed to outline the “next phase of Intel’s transformation” following a board meeting last week.
The company said its chip-making division, Intel Foundry, will supply Amazon Web Services with two custom-made chips: AI fabric chips that use Intel’s advanced manufacturing technology, 18A, and a custom Xeon 6 chip using older technology, Intel 3. The companies will co-invest in custom chip designs in the future.
Intel also announced plans to establish Intel Foundry as an independent subsidiary, which will allow it to source external funding sources. The company has reportedly spent US$25 billion on Intel Foundry each year for the last two years. A source for CNBC shared that Intel is considering spinning the business off into a separate traded company.
In a separate press release, Intel confirmed it is eligible to receive up to US$3 billion in government funding under the CHIPS and Science Act for the Secure Enclave program to manufacture AI chips for the US military.
“Intel is proud of our ongoing collaboration with the U.S. Department of Defense to help strengthen America’s defense and national security systems,” said Chris George, president and general manager of Intel Federal.
Intel’s share price rose 2.37 percent to close at US$20.91 on Monday. It rose in after-hours trading and opened on Tuesday morning at US$21.73, 3.9 percent higher than Monday’s close.
Intel shares spiked by 11.71 percent in late afternoon trading on Friday after the Wall Street Journal reported insider knowledge of a recent takeover deal offered to Intel by Qualcomm (NASDAQ:QCOM). The surge was short-lived, and Intel ended the week near Thursday’s closing price, US$21.15.
Over the past five days, Intel’s shares have shown a positive trend, increasing by 9.04 percent. However, the stock is down 54.31 percent year-to-date, highlighting a challenging period for the company.
Apple released iOS 18 on Monday ahead of the iPhone 16 launch. The update introduced enhanced customization options for the Home Screen and Control Center, alongside improvements to the Mail and Messages apps.
The Photos app got the biggest overhaul, with more Collections tabs for easier photo discovery, enhanced by on-device intelligence for library organization, a customizable layout and a new unified design for a scrollable view.
As early as Tuesday, complaints about the upgrade emerged, including battery drain and device overheating.
Additionally, users with M4-equipped iPad Pros reported that the upgrade “bricked” their devices, rendering them unresponsive to attempts to restart. M4 is a type of chip used by the company.
One Reddit (NYSE:RDDT) user posted that their device had been bricked after they attempted to update the operating system from iOS 17 to iOS 18. Multiple Reddit users replied, saying they had similar issues after updating to iOS 18.
In response, Apple provided a statement to MacRumors. ‘We have temporarily removed the iPadOS 18 update for M4 iPad Pro models as we work to resolve an issue that is impacting a small number of devices,’ the company said.
The market’s reaction to these issues was minimal, and Apple’s share price is up 5.37 percent for the week.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
(TheNewswire)
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC, September 2 0 2024 TheNewswire Heritage Mining Ltd. (CSE: HML FRA:Y66) (‘ Heritage ‘ or the ‘ Company ‘) is pleased to provide an update of its 2024 drilling program at the Zone 3 prospect (Figures 1 and 2; Tables 1 and 2), at its flagship Drayton-Black Lake project (‘ DBL ‘).
Highlights:
Drilling at Zone 3 has identified intrusion-related gold mineralization; a new style of gold mineralization not historically recognized at Drayton-Black Lake Project (Figures 3 and 4).
Quartz – sulphide veins are associated with the gold mineralization at Zone 3, locally multi-meter wide veins cutting both the granitoid and metavolcanic rock types
Intrusion-related gold mineralization provides potential for large-tonnage, bulk mineable gold deposits at Drayton-Black Lake.
Brett Davis, advisor to Heritage, is undertaking an in-depth review of DBL exploration results since inception including in field.
‘Diamond drill holes from the Zone 3 prospect have intersected a newly identified mineralisation style within the Drayton – Black Lake project. Historically, exploration has focused on the discovery of orogenic-style gold in the greenstone country-rocks surrounding extensive areas of granitoids. Zone 3 drilling has intersected mineralisation that is hosted dominantly in a granitoid and that has a multi-element geochemical signature, coeval intrusive sequences, and vein morphologies consistent with the intrusion-related gold model. This has been confirmed by Dr Gregg Morrison, an expert on intrusion-related mineral systems. The identification of intrusion-related gold opens additional significant discovery potential for HML in the Drayton – Black Lake project geological assemblages, which were not previously investigated for gold.’ Commented Brett Davis, Advisor to Heritage
Zone 3 Prospect Summary
Zone 3 is situated about the favorable contact zone between a granitic intrusion (Lake of the Bays Batholith) and mafic metavolcanic rocks of the Sioux Lookout Greenstone Belt. Gold mineralization occurs in both rock types but is predominantly hosted within granite (Figure 4). The granite is a quartz-feldspar-biotite body overprinted by well-developed tectonic foliation and is at least 30 km across in plan-view (Ontario Provincial geologic map).
Heritages’ recent drill program tested only a 200m strike length of the contact zone. Drilling intersected K-feldspar pegmatitic dykes cutting predominantly through the granite but are also present, albeit less prevalently, in the mafic metavolcanic host rock adjacent to the batholith. These pegmatitic dykes form a sheeted array across the batholith contact with the mafic host-rocks and are somewhat similar in appearance to the granite.
Fracturing of rheologically favourable pegmatite dykes, including along pegmatite-dyke contacts, has localised deposition of quartz-dominated vein suites in the fracture-permeability network. These quartz veins are associated with the sulphide and gold mineralization at Zone 3 and are centimeter to multi-meter in scale (Figure 5). Figure 6 shows examples of overprinting relationships, the intrusive suites and mineralized quartz veins.
This recent round of drilling successfully confirmed intrusion-related style gold mineralization at the Company’s Drayton-Black Lake project, an important new discovery. The Project area has potential for large-tonnage deposit through the discovery of this previously unrecognized style of gold mineralization and importantly confirms Heritages’ exploration program and strategy are effectively executed. The Company proposes to undertake tight-spaced ground magnetic and IP surveys to define the favorable granitoid-metavolcanic contact and zones of disseminated sulphides in quartz veins. These data will be instrumental in the design and execution of further drill programs at DBL.
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Figure 1: Project Portfolio, Ontario, Canada
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Figure 2: Drayton Black Lake Project Map, Zone 3 Highlighted in Yellow.
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Figure 3: Zone 3, 2024 Drill Hole Location Map. Hole HML24-004 is featured in the next Figure.
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Figure 4: Cross-section through Zone 3 geology along HML24-004. High Au intercept featured in next Figure.
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Figure 5: Quartz-pyrite vein with albite-carbonate alteration halo associated with the mineralized vein suite, in granite.
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Figure 6: The above photo shows a good example of one of the mineralized zones comprising the intrusive suites and mineralized veins.
Table 1: 2024 drillhole design details Zone 3
Table 2: 2024 drillhole significant gold assays (≥0.10 g/t Au)
Qualified Person
Stephen Hughes P. Geo, Strategic Advisor for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
ABOUT HERITAGE MINING LTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake, Contact Bay and Scattergood projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . The projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as ‘seek’, ‘anticipate’, ‘plan’, ‘continue’, ‘estimate’, ‘expect’, ‘forecast’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘potential’, ‘targeting’, ‘intend’, ‘could’, ‘might’, ‘should’, ‘believe’, ‘outlook’ and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company’s estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company’s projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
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The US Federal Reserve reduced its benchmark interest rate for the first time in four years on Wednesday (September 18), beginning its cutting cycle with a sizeable 50 basis point reduction.
The Federal Open Market Committee has held rates steady since July 2023 after starting to hike in March 2022.
Speaking at a press conference after the decision, Fed Chair Jerome Powell said the US economy has come into balance, which means the time has come to cut rates. He added that the cut puts the central bank in a good position to respond quickly with changes should inflation begin to reverse or should the labor market deteriorate.
When asked if the Fed made a larger cut because it’s trying to catch up, Powell said the central bank hasn’t fallen behind — instead it’s taking strong measures to avoid falling behind. He suggested that the committee has been patient in making its policy decisions and said he believes that keeping rates higher for longer has benefited the US economy.
Powell added that while the upside risk to inflation has decreased, the downside risk to employment markets has increased. He also indicated that he is encouraged by inflation coming closer to the Fed’s 2 percent target, but said more data will be needed to demonstrate inflation is sustainably within the target range before declaring victory.
The 12 Federal Open Market Committee members were not unanimous in their decision, with Fed Governor Michelle Bowman casting the sole dissenting vote, indicating that she would have preferred a 25 point reduction.
It marks the first time since 2005 that a governor has voted against a policy change. Powell said there was good discussion at the meeting, suggesting that despite the difference of opinion there was also much common ground.
Dr. Stephen R. Foerster, professor of finance at the Ivey School of Business, said a 50 point cut will provide a more stimulative effect on the American economy, but highlighted the impact won’t be known immediately.
Ultimately, the cut could be a boon for commodities investors. “Rate cuts often make commodities more attractive on a relative basis. Lower rates lower the cost of carrying inventories which should increase commodity prices,” Foerster said.
In the longer term, Saidel-Baker sees up to 100 points of total cuts between now and the first half of 2025, a viewpoint that’s at odds with the broader market expectation of 200 points.
Markets saw increased volatility following the Fed’s announcement. The S&P 500 (INDEXSP:INX) was down by 0.29 percent to 5,618.25 points, while the Nasdaq-100 (INDEXNASDAQ:NDX) fell 0.45 percent to 19,344.49 points and the Dow Jones Industrial Average (INDEXDJX:.DJI) closed just 0.25 percent lower to 41,503.11 points.
Precious metals were volatile, with gold peaking during afternoon trading at US$2,599 per ounce; it ultimately retracted and at 4:00 p.m. EDT was down 0.48 percent to US$2,557.16. Likewise, silver saw a sharp gain following the announcement to trade above the US$31 per ounce mark, but ultimately shed 2.04 percent to US$30.05.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.