(MENAFN- ProactiveInvestors - Australia) Argonaut Resources' (ASX: ARE) shares have soared 58% to $0.084 intra-day today, compared to the closing price a fortnight ago - with the ASX issuing the company with a price query speeding ticket.
Argonaut said that it is not aware of any material information that has not been disclosed to the market which may explain the sudden investor interest, but did add in a response back to the exchange:
'The company is currently in negotiations with Nsansala Resources to acquire its effective 20% interest in Lumwana West Resources.
'Lumwana West is currently earning an interest in Mwombehzi Resources Limited and that Company's copper project in Zambia. Lumwana West's interest in Mwombehzi Resources Limited has previously been disclosed by the company.'
Argonaut is currently earning up to 85% in Lumwana West, where the primary target is shear hosted copper mineralisation associated with cobalt and gold.
Drilling this year tested Induced Polarisation chargeability anomalies associated with a demagnetised, north-south shear-zone. The Nyungu shear-zone is offset by faulting in several places and extends over a strike length of around 13 kilometres.
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