Cazaly Resources shares gallop 33% higher on ASX

Shares in Cazaly Resources (ASX:CAZ) have rocketed 33.333% higher to $0.032 as of 1.15pm AEST today (23 May 2024) leading to Australian Securities Exchange (ASX) to issue the company a speeding ticket.

In response to an ASX query amid today’s increase in the price and volume of shares being traded, Cazaly says it “has no further updates on its project portfolio and is not aware of any information which may or may not reflect the recent trading”.

The company speculates the spike in trade could be a reflection of recent speculative niobium news in the market and the possible association with its Carb Lake Project in Canada.

“As announced in the March ’24 quarterly activities report, a drilling program for Carb Lake has been submitted, and once all approvals are in place, drilling is anticipated to commence in Q3 2024,” Cazaly has told the ASX.

“The two drilling will provide better characterisation of the distribution of REE and niobium mineralisation across the large +3km diameter carbonatite intrusive complex and will inform the next phase of drilling.”

Cazaly considers all material price sensitive information has been announced and it is in compliance with all the listing rules.

The company’s Carb Lake REE project is located in the Red Lake district and comprises 93 mineral claims covering a very large 3km-plus diameter carbonatite complex prospective for REE and Nb.

Its Sundown Lithium Project lies in the world-class James Bay Lithium Province and comprises 510 mining claims covering pegmatite outcrops spanning over 260km2.

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Written By Adam Orlando Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.