Investor interest piqued on Traka’s move to pick up new nickel-cobalt play
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Junior explorer Traka Resources has received a speeding fine from the ASX after its shares soared nearly 50 per cent in one day without an announcement.
Traka’s (ASX:TKL) shares climbed to an intra-day high of 7.3 cents on Friday from a close of 4.9 cents the previous day after 11.7 million shares changed hands.
The base metals explorer said it was not aware of unannounced information, but noted its application for two exploration licences near Golden Mile Resources’ (ASX:G88) Quicksilver nickel-cobalt discovery.
Golden Mile’s share price has rocketed in the past couple of weeks on the back of “outstanding nickel and cobalt results” from drilling at the Quicksilver project in Western Australia.
Traka said it plans to evaluate the new areas, which lie to the north and south of Golden Mile’s tenements, for possible continuation of nickel and cobalt mineralisation.
However, it also noted the licence applications were being contested by other parties.
Traka is also in talks regarding the potential acquisition of other early stage projects.
Shares were down 6.35 per cent at 5.9c in Monday afternoon trade.