I suggested on Wednesday that there was likely to be some positive news flow from analysts after Tanami Gold’s announcement of an increase in its overall resource, as well as the definition of a maiden reserve in relation to the Central Tanami project.

Analysts at Hartleys have been quick to respond to the news, increasing their valuation from $1.38 to $1.57 and lifting their price target from $1.36 to $1.67. This compares with Wednesday’s closing share price of 84 cents, representing an increase of about 6.5 per cent on its opening price of 79 cents on that day.