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Admiralty Resources raises ASX eyebrows, shares spike 36%

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Admiralty Resources (ASX: ADY) has generated some investor interest recently with its share price jumping to $0.068 on Wednesday 11 January, up from $0.05 on Tuesday 3 January, marking a 36% increase.

The increase prompted a price and volume query from the ASX, with Admiralty responding it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.

The company did, however, make mention of the recent accumulation of shares by the top 20 holders.

The top 20 holders currently own 57.769% of the issued capital as at 12 January 2012 compared with 56.893% as at 31 December 2011.

Admiralty is making strong progress towards the completion of a diamond drilling campaign at Mariposa, one of the six iron targets identified in the Harper South Project, near Vallenar, in Region III of Chile.

The program is the first significant step of a focused strategy to identify a “minable” reserve that could lead to early cashflow for the Harper South project. The program is expected to be completed in February.

Mariposa has a current JORC Resource of 168 million tonnes of iron in the Inferred and Indicated categories.

Quick facts: Admiralty Resources Ltd

Price: 0.013 AUD

ASX:ADY
Market: ASX
Market Cap: $15.07 m
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