Argonaut Resources NL (ASX:ARE) has attracted a speed and volume ticket from the ASX following an increase in its share price from a low of 1.7 cents on November 13, 2018 to an intra-day high of 2.4 cents today.
Responding to the price and volume query, the company mentioned BHP Billiton’s (ASX:BHP) announcement today revealing the potential identification of a new iron oxide, copper gold mineralised system in the Olympic IOCG Province.
Argonaut’s Lake Torrens tenements are in same Olympic IOCG Province, nearby to this discovery.
The company previously reported that a major program of drilling at the Torrens anomaly to similar depths as BHP’s discovery drilling is imminent.
Argonaut believes that the announcement of BHP’s discovery in combination with near-term commencement of Argonaut’s drilling is likely to have influenced the prices and trading volumes of its shares.
The Torrens Copper Project hosts a very large iron-oxide, copper, gold (IOCG).
The sheer size of the anomaly is impressive given it is larger than the nearby multi-billion-dollar Olympic Dam mine, one of the largest copper deposits in the world.
In the event of discovery, there is scope for a very large tonnage deposit and successive discoveries.