Proactive: Small Cap Watch: Cyprium, Elixir and Wiluna update market

Proactive

Written by Jonathon Jackson

The S&P/ASX Small Ordinaries Index (ASX: XSO) was trading at 3,428.40, down 1.39% or 48.50 points on the previous session.

The index was also weaker over the past five days, falling 3.54% or 125.80 points, reflecting broader pressure across the small-cap segment.

Against that softer market backdrop, several ASX-listed small-cap companies have provided operational and corporate updates, with developments across copper, gas-condensate appraisal and gold exploration. You can read about the following and more throughout the day.

Cyprium Metals Ltd (ASX:CYM, OTCQB:CYPMF) has strengthened its executive team with the appointment of Christofer Catania as chief technical officer.

The company is focused on the phased restart of the Nifty Copper Complex in the Paterson region of Western Australia.

Catania is a mining engineer and executive with extensive international experience across a range of commodities, including copper.

His appointment comes as Cyprium continues to advance plans for Nifty, a historically producing copper operation.

Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) has completed the designed 12-stage fracture stimulation program at the Lorelle-3H appraisal well in ATP2056 in Queensland’s Taroom Trough.

The program targeted 1,033 metres of net gas-condensate pay within the Tinowon ‘Dunk’ Sandstone reservoir.

Elixir said the work was successfully executed by Halliburton, with 100% of the proppant pumped placed within the target formation.

The company said this achieved a permeability pathway into the reservoir, confirmed by multiple fall-off pressure tests.

Pressure responses observed from the formation were consistent along the horizontal section of the well and in line with expectations.

In parallel, Elixir and Enserve/SLB completed rig-up of flow testing equipment ahead of flowback and production testing.

The equipment includes specialised systems to measure multi-phase flow, covering fluid, gas and condensate, during the flowback period.

Wiluna Mining Corporation Ltd (Unlisted (AU):WMC) has started underground diamond drilling at the Golden Age Underground Mine in Western Australia.

The program will comprise about 5,000 metres of diamond drilling and is expected to take around 3 months to complete.

The drilling follows the earlier start of underground rehabilitation work, including the re-establishment of the Golden Age diamond drill platform required for the campaign.

Rehabilitation has also covered key capital development areas, including sections of the main decline, as the company prepares for a potential restart of underground mining operations.

Wiluna managing director Victor Rajasooriar said recommencing diamond drilling underground at Golden Age was an important milestone for the company.

“Success will allow us to increase the geological confidence and progress planning ahead of a potential restart of underground production,” he said.

“The program, which is being funded from current cash reserves, reflects the disciplined, methodical way we are rebuilding Wiluna and is an important next step in unlocking value at one of Western Australia’s premier gold endowments for the benefit of our shareholders.”

Read the full article here.