Australasian Resources (ASX: ARH) shares are on a tear and hit $0.085 intra-day today, a 54.5% jump from the closing price last Thursday.
The company said that it was unaware of any information not released which may explain the sudden investor interest.
The latest share spike is just the beginning for the stock, which is a three-bagger in three weeks.
ARH has not made any announcements since the June 2013 quarterly at the end of July, where the company outlined results had been received from the Biogiochemical Sampling Program at the Sherlock Bay Nickel Project.
The project includes the Sherlock Bay Nickel Deposit and is located east of Karratha, in the Pilbara region of Western Australia.
The Sherlock Extended Project (70% Australasian) surrounds the main Sherlock Bay nickel deposit, with Metals Australia (ASX: MLS) holding the remaining 30% interest.
Australasian are the managers of the project, with Metals Australia being ‘free-carried’ through to the completion of a bankable feasibility study and the decision to commence commercial mining.
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