Veteran Perth resource analyst James Wilson from Argonaut Securities has taken a liking to emerging gold company Genesis Minerals (ASX: GMD), issuing a Spec Buy recommendation and 10c price target for the stock on the back of latest drilling results from its Ulysses project in WA.
Shares in Todd River spiked 35% as the company reported drilling had hit a 24m interval of copper-zinc-lead massive sulphides at its Mount Hardy copper-zinc project in Northern Territory (reports MiningNews).
Copper has one of the best longer-term fundamentals among commodity markets, according to BMO Capital Markets, prompting the global broker to lift its long-term copper price forecast by 7% to US$3.25/lb.
Shares in Sandfire Resources hit an all-time high as it benefited from a surging copper price and positive assay results from drilling at its recently signed exploration joint venture with Auris Minerals.
Strong profitability and low debt across the big end of the mining sector has not translated into increased capital spending on new mines, suggesting commodity prices could remain elevated for some time (reports The Australian Financial Review).