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Artemis Resources rockets, Graphex Mining in demand, Global Petroleum - markets update

Proactive Investors Thursday, 13 July 2017
The day’s pocket rocket stock was Artemis Resources Ltd (ASX:ARV), which shot up  60% following the discovery of gold nuggets up to four centimetres long in the bulk sample from the Purdy’s Reward property in the West Pilbara, Western Australia. The finds were made by partner Novo Resources Corp (CVE:NVO), a Canadian digger. Artemis, which is chaired by serial entrepreneur David Lenigas, is earning into the exciting gold play. Partnership re-jigged Shares in Graphex Mining Ltd (ASX:GPX) advanced 35% by midday. The reason? Well, its Chinese joint-venture partners said it remains committed to the Chilalo Graphite Project. Both sides have agreed to rejig the initial agreement a little to accommodate the Tanzanian government, which will receive a free-carried 16% interest in the asset. Reflecting this, CN Docking is investing slightly less into the deal - US$15-17 million compared with US$18-20 million originally. Global Petroleum Ltd (ASX:GBP) was one of the market’s main casualties as the shares succumbed to a round of profit-taking following the completion of a 2D seismic survey on of its offshore Namibia licence. Initial examination of the raw data confirmed the significant potential of the Gemsbok prospect in the south-east of the block. The shares, off around 20% on Thursday, have advanced 60% in the year to date. Market update The ASX 200 continued to make headway, and was up 52.3 points to 5,725.9 at midday. The Small Ordinaries index advanced 14.5 points to 2,362.3. Among the large-caps, Whitehaven Coal Ltd (ASX:WHC) was held firm after a production update that undershot market expectations – though only slightly.
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