Industrial minerals player Heavy Minerals (ASX:HVY) has received a ‘please explain’ from the ASX over a nearly 52% spike in its share price.
The Australian bourse queried the jump in price from a low of $0.056 on 28 June to a high of $0.085 on 1 July, with around 1.2 million shares changing hands over the course of the two days.
Shares closed at $0.073 yesterday.
Heavy Minerals says it is not aware of any information concerning the company that has not been announced to market.
Though, Heavy Minerals did add that it was mentioned by Next Investor in its portfolio update over the weekend, which is “likely to have positively impacted the share price”.
Earlier in June, Heavy Minerals CEO Andrew Taplin gave Mining.com.au an insight into just how sand from the company’s Port Gregory Garnet Project in Western Australia gets turned into alluvial garnet.
The Port Gregory Project has a JORC-compliant resource of 166 million tonnes @ 4.0% total heavy minerals with 5.9 million tonnes of contained garnet.
For a recap watch the video below.
Images: Heavy Minerals
