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Cove Resources rides high on acquisition expectation

Cove Resources rides high on acquisition expectation

Shares in Cove Resources (ASX:CVE) were trading 33.3% higher than their opening price today as the company requested a trading halt regarding an acquisition.

Cove stock was last trading at A$0.012, which represents a level 300% higher than at the beginning of September.

The request today to suspend trading was announced pending details expected by Wednesday on an acquisition.

The company confirmed in late October that it had begun a program to seek new complementary projects or other value-accretive assets.

The strategy has been touted as a means of meaningfully building value as exploration programs continue on existing resource projects.

Cove’s Goongarrie project 90 kilometres north of Kalgoorlie in Western Australia is considered prospective for gold, while the Quartz Circle project in WA’ Pilbara region is targeting economic concentrations of VMS mineralisation.

The company held cash at the end of the September quarter totalling A$1.1 million.  

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