Solis Minerals (ASX:SLM) has jumped 7.69% in intraday pricing today (20 October) on the Australian Securities Exchange (ASX), despite a falling bourse.
Slumming ASX
The S&P/ASX 200 has dropped 0.52% today, falling 45.80 points to 8,799.90 shortly after noon AEDT, after yesterday’s heights.
As reported by Mining.com.au, the index gained 0.21% in early afternoon trading yesterday, setting a new 20-day high. It was up 0.48% over the previous five trading sessions and 1.28% year to date.
Today’s drop brings the index back to being virtually unchanged over the past five trading sessions and the year to date.
Materials is the worst-performing sector today, down 1.88%, alongside five other lower-performing sectors.
This is apparent in the top five declines list for the index, with Minerals 260 (ASX:MI6) and Kingsgate Consolidated (ASX:KCN) losing 6.77% and 6.05%, respectively, at the time of writing.
Juniors breaking through
This ASX slump isn’t stopping some junior explorers from breaking through, including Solis.
Solis is now trading at $0.042 per share, up $0.003 in today’s session following a drilling announcement earlier today.
The company announced that it would begin drilling at the Cucho Copper Project in Peru this month. The 5,000m diamond drilling campaign will target a potential porphyry system located around 40km from the Peruvian coastline.
This new campaign comprises around 10 holes across three target zones, with results expected over the coming months.
Solis Minerals has 332.32 million shares on issue and a market capitalisation of $12.96 million. The company has been listed on the ASX since December 2021.
Meanwhile, Western Mines Group (ASX:WMG) continues to climb after yesterday’s 4% jump.
The company’s share price has risen another 3.84% today, with shares trading at $0.135 each.
Western Mines has 130.37 million shares on issue and a market capitalisation of $16.94 million.
Write to Maddison Elliott at Mining.com.au
Main Image: ASX
