Latin Resources (ASX:LRS) shares have risen 62.16% to an intra-day high of $0.06, prompting the ASX to issue a price and volume query.
The company said it is not aware of any information not already released that could explain the price increase since its close of $0.037 on Wednesday, 2 July 2014.
Almost 3.4 million shares in LRS traded hands today. Shares are currently trading at $0.051.
Latin Resources has recently raised $393,600 from its share purchase plan and is in discussions with number of parties who have indicated an intention to participate in the placement of the shortfall.
Proceeds will be used to commence drilling at the Ilo Este project in Peru, and continued testwork on the Guadalupito project.
It has identified encouraging itabiritic iron ore targets in four of the seven exploration blocks at its Borborema Iron Ore Project in Brazil while its earn-in operator and partner Compañia Minera Zahena S.A.C. has intersected high grade copper intersections including 30 metres at 0.93% copper and 0.12g/t gold at the Ilo Norte Project in Peru.
The iron targets at Borborema is a positive initial exploration result that could result in the discovery of a couple of hundred million tonnes of iron ore, enough to attract a partner looking for an entry point into the new iron ore district of Rio Grande do Norte State, Brazil.
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