Walkabout Resources Ltd (ASX:WKT) has increased almost 34% to 16.5 cents in the past week on strong volume prompting the ASX to issue a speeding ticket.
From 12 cents last Tuesday and 14 cents at close on Thursday, the shares continued to rise today.
Responding to the ASX price and volume query, the company said that there was no information that had not been announced to the market.
READ: Walkabout Resources continues to progress Lindi Graphite Project in Tanzania
Walkabout stated that there has been an update to the status of a mining licence application for its Lindi Jumbo Graphite Project in Tanzania from ‘application’ to ‘application recommended’.
The status has been updated on the Tanzanian Ministry of Minerals online Cadastral system.
However, the company said this was just one step in the approvals process and it did not indicate final approval of the mining licence.
Walkabout has recently been drilling several hydrological well-holes in the vicinity of the planned mine and plant-site at the project in southern Tanzania.
It has also been undertaking a modest resource upgrade drilling and trenching program over the northern portion of the existing resource to upgrade it to the indicated and/or measured status.
In Namibia, the Ministry of Mines and Energy has indicated that renewal of Walkabout’s licence is imminent and this will allow the company to progress with a detailed assessment of the target areas.
The company is also expecting results from an electromagnetic survey recently undertaken on the Tyrone JV in Northern Ireland.