Elysium Resources Ltd's (ASX:EYM) shares have rocketed 113% higher to $0.017 in morning trade, with 78 million changing hands.
The company has entered into a binding agreement to make acquire Hardey Resources Pty Ltd, a company which holds gold and base metals projects in the Pilbara and Paterson regions of Western Australia.
By way of background, in November last year, Hardey applied for an exploration licence covering 163 square kilometres of ground prospective for Witwatersrand-style conglomerate-hosted gold and high grade orogenic gold in the Paraburdoo region.
The Novo / Artemis Resources Ltd (ASX:ARV) and, most recently De Grey Mining Ltd (ASX:DEG) discoveries, including a significant quantity of gold nuggets found at surface, are associated with a regionally extensive geological formation known as the Fortescue Group of rocks which includes the lower Hardey Formation and the Mount Roe Basalt.
The first exploration steps by Elysium will be highly anticipated.
Company Name · Code · Last · Change · Volume
Elysium Resources Ltd · EYM · 0.017 · 112.50% · 77,659,116
Range Resources Ltd · RRS · 0.003 · 50% · 101,134
Mithril Resources Ltd · MTH · 0.004 · 33.33% · 899,999
Stone Resources Australia Ltd · SHK · 0.004 · 33.33% · 1,550,074
Medadvisor Ltd · MDR · 0.047 · 30.56% · 13,310,482
Bass Oil Ltd · BAS · 0.005 · 25% · 120,012
Zinc of Ireland NL · ZMI · 0.005 · 25% · 1,500,000
Volt Power Group Ltd · VPR · 0.005 · 25% · 10,438,784