Territory Resource Wrap – April 4

by | Apr 4, 2022 | Business News Brief, News Brief | 0 comments

The NT Independent is providing you with an update of resource news from across the Northern Territory. This week, Project Sea Dragon delays sees Seafarms shares drop sharply, Core Lithium’s shar price hits record high and more.

Seafarms shares drop 48 per cent in past week

Seafarms share price has plummeted 48 per cent since the company told investors Project Sea Dragon will be set back years. Seafarms shares fell 48.3 per cent last week, closing at 1.4 cents per share after a week hi of 2.9 cents.

The Seafarms Group, the company behind the proposed $1.87 billion aquaculture project slated to have 10,000 ha of prawn ponds in the NT, made the announcement through an online meeting on Thursday, telling shareholders the project would be delayed for three years.

A funding shortage due to the failure of debt financing process was flagged as the reason for the massive delay. The Northern Territory Government has already spent $56 million on roads for the project prior to the company securing financing to complete the project.

Core hits record highs with drill results and MD Steve Biggin announces departure

Core Lithium’s share price hit record highs on Friday, closing at $1.54 following a drilling update and Managing Director Stephen Biggins departure during the week.

The update outlined the results from drill assays received for drilling completed at prospects and early-stage regional exploration targets within the southern tenements of the project area. Ten reverse circulation drill holes were completed at the Bilatos prospect.

Management described these results “excitingly”, with most holes intersecting lithium grades and consistent thicknesses of pegmatite. However, all was not positive in the update with the company outlining it didn’t have any success with its regional exploration. Seventeen holes were drilled but there were no significant lithium intercepts there.

Drilling results were not the only update the company made last week with the announcement Stephen Biggins, the foundation Managing Director of the company, has resigned and will step down from the role before the end of 2022. Mr Biggins retired from the company citing personal reasons. The company will now commence a thorough and competitive executive search for a new chief executive officer.

Tennant Minerals in trading halt prior to capital raise announcement

Tennant Minerals has placed its shares in a trading halt awaiting the release of a capital raising announcement, however is yet to disclose how much it intends to raise or what it will use the money for once received.

The company will remain in a trading halt until the earlier of the commencement of normal trading on Monday, 4 April 2022 or when the announcement is released to the market.

On March 24, Tennant Minerals announced it had fast-tracked exploration at Bluebird copper-gold discovery to follow-up on recent exceptional drilling results. Bluebird is located within Tennant’s 100 per cent owned Barkly Project, 45km east of Tennant Creek township.

 

(Visited 332 times, 1 visits today)

Ads by Google

Ads by Google

Adsense

Adsense

Adsense

Adsense

Adsense

Adsense

Adsense

Adsense

Adsense

Adsense

Adsense

Adsense