Buru Energy Ltd was dealt a blow in this week’s Federal Budget.
In April 2022, Buru was awarded a $7M Commonwealth Government Grant for Geovault, their offshore geological storage of greenhouse gas in the Carnarvon Basin.
The program that the grant was offered by has been cancelled in this new budget.
A revised grant will be offered which Buru says they will aggressively pursue.
Summit Minerals Ltd will start its maiden drilling campaign at the Stallion REE Project, east of Kalgoorlie.
Summit received approval from the Department of Mines, Industry Regulation and Safety for a 16-hole RC drill program and is expected to begin as early as next week.
Riversgold Ltd also announced its maiden 2,500M RC drilling program, which has commenced at their Tambourah Lithium Project in the Pilbara Region.
The project is Riversgold most advanced lithium project and will include up to 21 holes.
Koba Resources Ltd.’s share price has soared by 136% to $0.260 this week after it staked mining claims covering 145km2 at its Whitlock Lithium Project in Canada.
WA1 Resources’ saw a significant jump in its share price this week after announcing the first results of its maiden West Arunta Project drilling program.
The share price rose by a whopping 542% to $0.94 after the revealing the drilling found the first Niobium deposits in the area.
The S&P/ASX Markets closed the day lower than yesterday, which saw the end of a 4-day streak. The markets fell by 58.60 points to 6,786.50 after setting a new 20-day high yesterday at 6,870 points.
The All Ordinaries also finished off the week on a lower note, dropping 0.98% to 6,973.40, but also saw a 20-day high yesterday.
Gold also finished lower at $2,566.62oz t, after peaking at $2,620.42 at the start of the week.
Silver has remained steady after the fall it had last week, finishing at $30.52oz t compared to the low of $30.02 last week.