Stocks of the Hour: Red Sky Energy, Desert Metals, Mamba Exploration
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Australian Oil and Gas explorer and developer, Red Sky Energy (ASX:ROG) today provided notification on the current progress with their Yarrow well at the Innamincka Projects. Commenting on the progress, Red Sky Managing Director, Andrew Knox, said: “Red Sky is pleased that the Yarrow 3 gas well has commenced drilling last night. The activity aims to test the extent of the gas accumulation at the Yarrow gas field, and we look forward to providing the results once received. Shares are trading 16.7 per cent higher at 1 cent.
Desert Metals (ASX:DM1) today announced the confirmation of a significant rare earth discovery at the Innounendy Project located in the Narryer Terrane in WA. First assay results from the initial aircore and RC drilling program have been received and confirm the presence of thick – and continuous rare earths mineralisation lying close to surface and indicating a potentially significant mineralised system. Managing Director Rob Stuart commented “This is a great result for the Company to confirm a significant rare earth discovery at an early stage in the exploration programs at the Innouendy Project. The mineralisation assayed to date is showing encouraging grades over significant widths from close to surface. The drill program extends over a 20km area, so we look forward to seeing just how large this system becomes as the remaining 11,000m of assays are returned over the coming weeks. Once all assays are compiled we intend to return to the field as soon as possible to execute a more expansive drill program to test the extent of this exciting discovery.” Shares are trading 44.6 per cent higher at 60 cents.
Mamba Exploration (ASX:M24) today provided an update on the results of the reprocessing of the Ashburton / Gascoyne regional radiometric data. The reprocessing and rebalancing of the thorium radiometric data have highlighted at least eight distinct anomalies within the Company’s Ashburton / Gascoyne Project tenements located in the upper Gascoyne region of Western Australia. Commenting on the data reprocessing, Managing Director, Mike Dunbar said: “The Gascoyne has long been the “forgotten” part of the mineral endowment of Western Australia. Thanks to the recent discoveries in the region made by Dreadnought and Kingfisher, this has finally changed, and we are pleased that the potential is starting to be recognised. Shares are trading 36 per cent higher at 17 cents.
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Source: Finance News Network
