(MENAFN - ProactiveInvestors - Australia) Tasman Resources (ASX: TAS) has told the ASX that it is unaware of any material information that could explain the investor interest that resulted in a 40.9% increase in its share price.
Shares in Tasman has increased to an intra-day high of A0.155 today from its closing price of A0.11 last night on more than 1.2 million shares exchanging hands, prompting an ASX share and volume query.
The company had last month drilled the second drill hole at the Vulcan Project that intersected over 398 metres of altered, veined and brecciated volcanic host rocks, but did not intersect significant visible IOCGU-style mineralisation.
Tasman, which is managing the 12,000 metre drilling program under the farm-in/joint venture agreement with a subsidiary of Rio Tinto (ASX: RIO), believes the targeted, more hematite-rich zone of interest may be more steeply dipping than anticipated.
This possibility may be tested with a further drill hole from the same site as the second hole following review of all data when available.