GBM Resources (ASX: GBZ) has come under the magnifying glass following a jump in its share price from $0.08 at close of trade yesterday to an intraday high of $0.105 on increased volume.
Shares in GBM have since eased to $0.10.
The increase in both share price and volume has earned the company a speeding ticket from the ASX.
GBM has responded to the query, saying that it is not aware of any reason to explain the recent trading, and confirmed that it is in compliance with Listing Rule 3.1.
A recent broker report placed a speculative buy rating on GBM, citing the company’s potential to discover a world class iron oxide-copper-gold resource at its 100%-owned Milo prospect.
The initial exploration target for Milo of 30-80 million tonnes grading between 0.8% and 1.2% copper equivalent is under review following the discovery of value-adding rare earth elements and yttrium mineralisation.
The Milo prospect is located near Cloncurry in Far North Queensland, where exploration and mining activity is heating up.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23879/gbm-resources-jump-in-price-and-volume-earns-speeding-ticket-23879.html
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