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Matsa Resources: investor attention propels shares 108% higher, ASX issues speeding ticket

Matsa Resources: investor attention propels shares 108% higher, ASX issues speeding ticket

Matsa Resources (ASX: MAT) appears to have drawn the interest of eager investors with a 108% share price increase that could be related to the company’s application for a tenement strategically located near to a potential major new nickel-copper discovery by Sirius Resources (ASX: SIR).

The ASX issued a price and volume query when shares hit an intra-day high of A$0.25 today, up from yesterday’s closing price of $0.12. By 2.09pm (AEST) today 3.5 million shares had changed hands.

Matsa responded saying it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.

However, Matsa did refer to the recent announcement by Sirius Resources yesterday that it may have a major new nickel-copper discovery on its hands at its 70% owned Fraser Range project in Western Australia. 

The connection is that Matsa has applied for a tenement around 2 kilometres south of the Fraser Range Project.

Patersons Stockbrokers issued a research note on Sirius yesterday including a tenement map highlighting parties who hold tenements near to Sirius’ discovery which includes and highlights the Matsa tenement application.

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