Oar Resources shares were off to a flyer before being halted ahead of an announcement
Oar Resources placed its shares in a trading halt ahead of an announcement, but not before the stock jumped 54 per cent.
Shares in junior minerals explorer Oar Resources were off to a flyer on Thursday, up more than 50 per cent, before the stock was placed in a trading halt ahead of an announcement.
The company requested its shares be halted from trade “pending an announcement in relation to the company’s graphite project in South Australia’’.
That was after a huge spike in trade in the company’s shares, with 85.5 million changing hands before the halt was put in place, with the stock up 54.5 per cent to 0.8c.
The company’s average daily trading volume is 4.4 million shares.
At Wednesday’s closing price the company was valued at just $11.9m.
Oar Resources’ most recent announcements regarding its SA graphite project indicate the company’s management was scheduled to conduct a site visit last month, to assess previous drilling from the project.
READ MORE:Renascor Resources raising $60m for graphite project
“The company is currently reviewing a previously-completed scoping study at the Oakdale Project with a view to reassessing treatment options and mining scenarios for the project,’’ the company said in its most recent exploration update.
“As part of an ongoing strategic asset review, the company is currently reviewing several investment and divestment opportunities for its portfolio of exploration assets on the Eyre Peninsula in South Australia,’’ the company said on March 21.
“These projects comprise six contiguous exploration licences covering approximately 1520sq km of the Gawler Craton on the western flank of the Eyre Peninsula.
“As part of this review, Oar is currently assessing historic resource estimates and a scoping study for the Oakdale Graphite Project, where the drilling has defined a JORC resource of 6.22 million tonnes at 4.8 per cent total graphite content.
“The aim of the review is to investigate the potential to grow the currently-defined JORC resources base at Oakdale and assess potential ore processing opportunities.’’
The company also has a gold project in Nevada and a nickel/copper project in Western Australia.
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