Proactive Investors - Run By Investors For Investors

Argonaut Resources’ leaping share price attracts ASX speeding ticket

Argonaut will soon start drilling an Olympic Dam style iron-oxide, copper, gold (IOCG) target.
shares rising chart
The company’s shares were last trading about 22% higher intra-day today.

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.

READ: Argonaut Resources green lights major drilling program at Torrens

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.

READ: Argonaut Resources has market's attention with Olympic Dam style target

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.

View full ARE profile View Profile

Argonaut Resources NL Timeline

Related Articles

Picture of drill rig
May 03 2018
The Strickland project covers over 100 strike kilometres of greenstone belts and straddles the Evanston and Yuinmery Shear Zones.
1541407798_CCZ-757.jpg
November 05 2018
Historical high-grade ore stockpiles present an early cashflow opportunity.
gold bars
August 02 2018
Arc Minerals has significant upside at kalaba in Zambia

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use