Stocks of the Hour: Dreadnought Resources, Resolute Mining, Hawsons Iron

The Australian sharemarket has advanced from its two-day slump and is up 0.4 per cent to 6,624 this afternoon. The SPI futures are pointing to a rise of 17 points.

Six sectors are rallying led by property by 2.1 per cent while utilities are leading the declines by 0.9 per cent.

Company news

Dreadnought Resources (ASX:DRE) has started drilling its rare earth ironstones within its Mangaroon project in Western Australia. The timeframe for completion of drilling is expected to be three months. The samples have been analysed using a handheld portable x-ray device which has indicated significant thicknesses of mineralised ironstone. They have been sent for a rush analysis. Investors have also been informed that regular updates from now till October are on the horizon. Shares are trading 13.5 per cent higher at 4 cents.

Resolute Mining (ASX:RSG) has announced that its recent gold intersections are slated to contribute to an upgrade of its existing estimated one million ounces in sulphide. The gold miner believes that the results represent some of the best gold intersections recorded from the Syama North project. The drilling results have indicated the potential for a new open pit operation close to this project. Shares are trading 8.3 per cent higher at 26 cents.

Meanwhile, Hawsons Iron’s (ASX:HIO) board has endorsed the bankable feasibility study for the company’s high-grade iron project focused solely on the development of 20 million tonne per annum project due to its expected superior economic, ESG outcomes and investment appeal relative to a 10 million tonne per annum project. Also, a memorandum of understanding has also been signed with Flinders Ports – two sets of good news. Managing director Bryan Granzien says that the news is “closer toward(s) achieving our goal of meeting demand for high-grade products so essential for decarbonising steel making”. Shares are trading 22.1 per cent higher at 47 cents.