Horseshoe Metals (ASX: HOR) shares spiked 53% to $0.275 on high volume in intra-day trading yesterday, Wednesday 6 July, from $0.18 on Monday 4 July, with the ASX issuing a price and volume speeding ticket to the company.
Horseshoe said the company is not aware of any information that has not been released to the market, which may have sparked the sudden investor interest.
The company has some very interesting projects, which could be the reason for the recent re-rating of the stock - due to the near term mining potential.
Horseshoe wholly owns the Horseshoe Lights and Kumarina projects which are located in the highly prospective region between Meekatharra and Newman in Western Australia, targeting copper.
The tenements cover 300 square kilometres in the resource rich Peak Hill Mineral Field, with the Horseshoe Lights project 75 kilometres from the Sandfire Minerals (ASX: SFR) massive Doolgunna copper gold discovery.
Horseshoe Lights has an Inferred JORC Resource of; 4.9 million tonnes at 1.0% copper, containing 48,000 tonnes of copper.
Interestingly for the company - the Kumarina project represents a potential satellite operation to feed into future Horseshoe Lights production, with historical workings extending over nearly 3 kilometres, including a 50 metre deep shaft and drives.
Historical recorded production was; 481 tonnes of copper ore at 37% copper, and 2,340 tonnes at a grade of 17.51% copper.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17699/horseshoe-metals-53-share-spike-prompts-asx-price-and-volume-speeding-ticket-17699.html
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