Resource and Investments NL (ASX: RNI) shares hit $0.095 yesterday, which is a 27% leap from the closing price on the 7th August, we the company receiving an ASX 'please explain' in the form of a Price Query.
The stock is now well above the $0.05 to $0.06 range where it was trading a month ago.
RNI said it was not aware of any material information that had not been released, which may explain the sudden investor interest.
The company did however point to advancing metallurgical test work on oxide and transitional mineralisation from the Yarlarweelor, Callies, Horseshoe and Peak Hill open pits - which are part of the Grosvenor project in Western Australia.
The focus on these open pits would be to use heap leach processing as a treatment option, which will help keep costs down.
Last week RNI wrapped up the Callies gold resource and reserve drilling program, which delivered the biggest mineralised widths recorded from the 53 hole, 8300 metre program.
These include: 61 metres at 0.84g/t gold from 147 metres; 60 metres at 0.62g/t gold from 150 metres; and 101 metres at 0.51g/t gold from 108 metres.
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