Legacy Iron Ore (ASX: LCY) has received an ASX price and volume query after the company’s shares jumped 22% to an intra-day high of $0.12 on Monday 16 May, up from $0.098 on Friday 13 May.
The company said it is not aware of any material information that has not been announced to the market that may explain the sudden investor interest.
However, Legacy in the company’s reply to the ASX did refer to an announcement on 2 May regarding the anticipated release of further assays from the Mt Bevan Iron Ore Project later in the month.
Legacy is aiming for a JORC Resource at Mt Bevan, and earlier in the month completed a 5,000 metre reverse circulation drilling campaign.
An exploration target has already been established of 500 million tonnes of magnetite mineralisation grading between 30% and 40%.
Mt Bevan is a joint venture between Legacy and Hawthorn Resources (ASX: HAW) whereby Legacy will earn a 60% interest in the project by expending a minimum of $3.5 million to develop the project to a Pre-Feasibility status.