UPDATE: ASX markets are buzzing with activity as several stocks surge following major announcements and drilling results. The standout performer this week is Bass Oil Limited, whose shares skyrocketed 174% after securing a binding gas sales agreement with Origin Energy for its Vanessa gas field in the Cooper Basin.
Just announced: Bass Oil’s agreement guarantees up to 12.05 petajoules of gas—approximately 2 million barrels of oil—starting next year. This deal positions Bass Oil to tap into one of the tightest gas markets in Australia, as it prepares to reactivate its facilities. Shares jumped from 3.4c to a peak of 9.3c on Monday, marking a significant milestone for the company with a market cap still under $20 million.
The excitement doesn’t stop there. Marmota Limited has also made headlines, with its shares climbing 111% after announcing impressive gold results from its Greenewood prospect. The company reported standout hits, including a remarkable 33m intercept averaging 10 grams per tonne of gold, with a peak of 109g/t in one split. The stock soared to 15c, closing the week with a market cap around $150 million.
In Brazil, Alvo Minerals continues to impress, reporting an 81% increase in shares after revealing significant massive sulphide intercepts at its Touro prospect. The discovery now stretches 750m, with potential for more as drilling progresses. This spike pushes shares to 9.4c, up from 5.2c.
Additionally, Alchemy Resources has surged 67% following its latest drilling results from the Valley Bore project in Western Australia. The company reported a striking 20m hit running at 62.9% iron, drawing attention from investors as iron ore prices remain above US$100 per tonne.
This week’s developments underscore a robust resurgence in the ASX, driven by resource sectors like oil, gas, and precious metals. With major projects and discoveries unfolding, investors are keenly watching which companies will capitalize on the current market dynamics.
What’s next? Investors should keep an eye on upcoming drilling results and market conditions, particularly as demand for energy and metals remains strong heading into the new year. The ASX is expected to remain a focal point for traders looking for lucrative opportunities amidst these unfolding stories.
Stay tuned for more updates as the situation develops and stocks continue to fluctuate in response to market conditions and corporate announcements.
