Alkane Resources (ASX: ALK) shares jumped an impressive 29% to an intraday high of $1.415 today, from Thursday’s closing price of $1.10, earning the company a speeding ticket from the ASX.
The price jump was accompanied by an increase in volume, with more than 3.4 million shares traded today, compared to 225,000 shares traded on Thursday.
In response to the ASX, Alkane said the movement could be attributed to investor relations activities conducted in recent weeks in London, New York, Toronto and Australia which have garnered the company positive feedback.
Activities have included speeches at the REE World’s Technology Metals Summit 2012 in Toronto and the Rare Earths and Strategic Metals conference in Sydney.
Other potential influencers on Alkane’s share price were a brief feature in an item about mining in New South Wales on ABC’s Lateline on February 23, and an article in the Wall Street Journal relating to Newmont Mining’s plans for the McPhillamys gold deposit, quoted in The Australian today.
The McPhillamys deposit is held in joint venture with Alkane.
Alkane confirmed that it remains in compliance with ASX listing rule 3.1.