Syrah Resources (ASX: SYR) has been creating some investor interest recently, with the company's shares rallying 43% to $0.285 intra-day on Wednesday, from just two days earlier.
The company said that it not aware of any material information that has not been released to the market, which may explain the sudden investor interest, but did make the following statement in a response back to the ASX:
'Syrah’s quarterly report outlined the recently acquired Balama Project which has the potential to be a high tonnage, high grade, coarse flaked graphite project. Balama is also highly anomalous in vanadium with sample grades up to 1.25%.
'During the quarter, Syrah completed a trenching program at Balama. Samples have been collected for despatch to Amdel Laboratories in Adelaide for assaying. In addition, metallurgical testwork is ongoing at Mintek, South Africa. Preliminary results from the metallurgical program have been encouraging. Results from both the assay and metallurgical testwork should be released before the end of the March quarter.
'Syrah is currently securing drill rigs which are expected to commence after the end of the wet season in April 2012. Drilling is anticipated to continue for the entire field season which ends around November 2012.'