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The ASX was tracking negatively in midday trade, down more than one per cent.
Energy stocks were the main drag on the market, slumping 3.63 per cent, with consumer staples the only sector to edge into the green.
While the materials sector shed nearly one per cent, Iceni Gold (ICL) managed to buck the trend.
The company reported the discovery of new nickel and lithium targets within its 14 Mile Well project in Western Australia. ICL’s shares rose two per cent, to 9.2 cents.
Delta Lithium (DLI) has struck its highest tenor intercept to date at its Yinnetharra lithium project in WA’s Gascoyne region.
Delta reported the results are “extremely important” for its exploration program, as they come from holes that are a “significant” step out along strike from previous results. The company’s shares climbed nearly 23 per cent, trading at 88 cents.
Remaining in the materials space, Solis Minerals (SLM) has launched a maiden drilling program at its flagship Jaguar lithium project in Brazil.
The program is designed to test the extent of Jaguar pegmatite along the known strike length of 1.4 kilometres. The company’s shares are also on the rise, trading at $1.10.
And in other news, Orbital Corporation (OEC) has signed a contract valued at roughly $1.1 million.
The contract involves the manufacturing and supply of heavy fuel engine systems, spare parts, and technical support to defence agency, Finance International. Orbital’s shares were last trading at 15 cents.
