S&P/ASX 200 lifts strongly for a third day; market near 10-week high

S&P/ASX 200 (INDEXASX:XJO) closed 1.81% higher at 5559.5 today on hopes for a COVID-19 vaccine. The index is near a 10-week high after the experimental vaccine from Moderna Inc (NASDAQ:MRNA) showed promising early signs. Resources sector shines Improving commodity prices helped the resources sector to strong gains for a second day as iron ore hit the $US96-a-tonne mark, up 3%. Fortescue Metals Group Limited (ASX:FMG) is at an all-time high, rising 4.4% to $13.87. BHP Group Ltd (ASX:BHP) rose 5.6% to $35.05 and Rio Tinto is up 4.7% to $94.52. Australian explorers with a price increase today include Element 25 Ltd (ASX:E25) (+100%), Anson Resources Ltd (ASX:ASN) (+30%), Tempus Resources Ltd (ASX:TMR) (+7%), Legend Mining Limited (ASX:LEG) (+11%), Salt Lake Potash Ltd (ASX:SO4) (+9%) and Pensana Rare Earths Plc (ASX:PM8) (+13%). Oil continues to rise Emperor Energy Ltd (ASX:EMP) shares doubled and Carnarvon Petroleum Limited (ASX:CVN) rose 7% as energy stocks are continuing to stand out for a second day thanks to solid gains in oil prices. The price of oil surged 8.1% last night to US$31.82 per barrel on optimism that the easing of lockdown restrictions would boost oil demand. Security software solutions provider Cipherpoint Ltd’s (ASX:CPT) shares closed 23% higher and Paradigm Biopharmaceuticals Ltd (ASX:PAR) ended the day 7% higher. Proactive news headlines: PNX Metals high-grade gold results confirm potential upside at Fountain Head PNX Metals Ltd (ASX:PNX) has received additional high-grade gold hits from reverse circulation (RC) drilling which confirm further continuity of high-grade mineralised zones at Fountain Head Gold Project in the Northern Territory. All assays from the 59-hole RC program have been received with results of up to 2 metres at 4.46 g/t gold from 114 metres, 2 metres at 6.62 g/t from 144 metres and 1-metre at 12.54 g/t from 64 metres. Archer Materials will begin US pilot plant tests next month on bulk halloysite-kaolin sample Archer Materials Ltd (ASX:AXE) has taken another step towards commercialising the Franklyn Halloysite-Kaolin Project in South Australia with a bulk sample arriving in the US for tests by a leading kaolin minerals industry laboratory. This sample collected from drilling at the Franklin project has been received and prepared with pilot plant processing trials due to start in mid-June and results expected by June 30. Resulting halloysite and kaolin samples will then be sent to potential downstream customers for product testing and verification purposes. PolarX plans follow‐up drilling for gold-copper at Zackly East in Alaska Polarx Ltd (ASX:PXX) intends to start a substantial drilling program in July to follow-up previous high‐grade gold and copper intersections at Zackly East prospect within its Alaska Range Project. A small, initial drilling program returned hits grading up to 3.1 g/t gold and 0.6% copper. PolarX managing director Frazer Tabeart said there was immense potential to grow the overall Zackly resource. Admedus begins anti-calcification comparison study for ADAPT® Admedus Ltd (ASX:AHZ) has begun a preclinical study which will compare anti-calcification properties of its proprietary ADAPT® treated tissue with other bovine and porcine tissues used in commercially available SAVR and TAVR valves. Calcification plays a significant role in the failure of bioprosthetic and other tissue heart valve substitutes. Element 25 shares jump 95% after Butcherbird PFS highlights robust, short lead time opportunity Element 25 Ltd released a pre-feasibility (PFS) for its Butcherbird Manganese Project in Pilbara, WA which highlights a robust, short lead time start-up opportunity. The PFS contemplates the export and sale of manganese concentrate from the project over a long mine life and delivers outstanding economic metrics further confirming the potential for the project to be Australia’s next significant manganese mine. Emperor Energy skyrockets on signing gas pre-FEED agreement with APA Emperor Energy Ltd surged to a new 12-month high after signing an agreement with APA Group (ASX:APA) to progress a pre-FEED study for the Judith Gas Field in the offshore Gippsland Basin, Victoria. The binding agreement with APA, which has a market cap of approximately $13.262 billion, is for the provision of midstream infrastructure and services related to gas that will potentially be produced from the field.    Alkane Resources broad gold-copper hits provide further evidence of Boda porphyry potential Alkane Resources Limited’s (ASX:ALK) (OTCMKTS:ALKEF) results provide further evidence of the world-class nature of the Boda gold-copper discovery within the Northern Molong Porphyry Project (NMPP) in Central West NSW. The final diamond core hole of the current drill program, KSDD009, intersected multiple broad zones of gold-copper mineralisation including 40 metres at 0.28 g/t gold and 0.18% copper from 94 metres and 152.1 metres at 0.18 g/t gold and 0.12% copper from 692 metres. Highfield Resources set to lift potash bounty with strong results from Spanish project Highfield Resources Ltd (ASX:HFR) intersected potash at encouraging grades and mineable depths in exploration drilling at permit areas around the Muga project in Spain. The results from Sierra del Perdón (SdP) and Vipasca permit areas have strengthened the potential of the Vipasca deposit to contribute to the broader Muga project. Galileo Mining expands Fraser Range exploration after identifying new nickel targets Galileo Mining Ltd’s (ASX:GAL) petrography results from reconnaissance drilling have identified nickel prospective rocks beneath shallow cover in the highly prospective Fraser Range region of WA. The drilling results, combined with magnetic data, show three intrusions which have been named Think Big, Backwood and Green Moon. These intrusions have the potential to host magmatic nickel mineralisation under shallow cover rock ranging from 17 metres to 92 metres below surface.