Argonaut Resources NL (ASX:ARE) has attracted a speed and volume ticket from the ASX following an increase in its share price from a low of 1.7 cents on November 13, 2018 to an intra-day high of 2.4 cents today.
Responding to the price and volume query, the company mentioned BHP Billiton’s (ASX:BHP) announcement today revealing the potential identification of a new iron oxide, copper gold mineralised system in the Olympic IOCG Province.
Argonaut’s Lake Torrens tenements are in same Olympic IOCG Province, nearby to this discovery.
READ: Argonaut Resources green lights major drilling program at Torrens
The company previously reported that a major program of drilling at the Torrens anomaly to similar depths as BHP’s discovery drilling is imminent.
Argonaut believes that the announcement of BHP’s discovery in combination with near-term commencement of Argonaut’s drilling is likely to have influenced the prices and trading volumes of its shares.
READ: Argonaut Resources has market's attention with Olympic Dam style target
The Torrens Copper Project hosts a very large iron-oxide, copper, gold (IOCG).
The sheer size of the anomaly is impressive given it is larger than the nearby multi-billion-dollar Olympic Dam mine, one of the largest copper deposits in the world.
In the event of discovery, there is scope for a very large tonnage deposit and successive discoveries.