One, two, three, four, five bags — but no news yet for GWR Group
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Junior explorer GWR Group jumped a hefty 530 per cent in the space of a week on no news.
The five-bagger effort — the stock (ASX:GWR) jumped from 6.5c last week as high as 41c — prompted an ASX please-explain along the way.
The shares finished at 32c on Friday — a 392 per cent gain for the seven-day period.
Trades skyrocketed too — more than 4 million shares changed hands over a few days.
“The company owns the Hatches Creek tungsten gold and copper project located in the Northern Territory where exceptional [reverse circulation] drilling results were reported late last year,” company secretary Simon Borck told the ASX by way of explanation.
“As previously announced the company is currently compiling all results and preparing a maiden mineral resource estimate.”
Tungsten, which is used to harden steel in ballistic missiles and drill bits, has witnessed supply cutback issues in China, which produces 80 per cent of the world’s tungsten.
This has driven a 55 per cent increase in the price, which is currently trading over $US300 per tonne.