With a 26% jump to $0.455 in intra-day trading, from $0.36 on 31 December, the ASX has initiated a price and volume query to Base Resources (ASX: BSE).
In a possible explanation for the price spike Base stated back to the ASX:
'The company is aware that Goldman Sachs has today initiated research coverage of the company with a "BUY" recommendation and a 12-month price target of $0.50.'
Base is currently working towards an enhanced definitive feasibility study at the Kwale Mineral Sands Project in Kenya.