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Flashpoint - Edition #17

Updated: 3 days ago

One WA mineral exploration company created a share price wave that also allowed a neighbour to join in on the ride, while there was no stalemate for a gold explorer’s board when faced with a juicy takeover bid.


Geof - Here's Matt Birney with the ASX Runners of the Week.

Geof - Thanks to Argonaut.

Matt Birney - Voltaic Strategic Resources tripled this week after hitting pegmatites in the Gascoyne region. We don’t yet know if any have lithium in them but that didn’t stop its stock from touching 8.1 cents after closing out last week at just 2.7.

Matt Birney - And in a case of a rising tide lifting all boats, Voltaic’s results also lifted neighbouring explorer Zeus Resources by 77 per cent, even though Zeus had no news out, they still touched 2.3c – up from 1.3 last week.

Matt Birney - Magnum Mining and Exploration surged 84 per cent after global industrial heavyweight Mitsubishi puts its hand up to buy the offtake from its iron ore project in Nevada. Magnum’s share price cranked from 1.9 to 3.5 cents.

Matt Birney - And gold explorer Chesser Resources put on 67 per cent to hit 13c up from last weeks close of 7.8 after Canadian listed Fortuna Silver made an $89m play to swallow Chesser whole at 14c a share.

Matt Birney - And with a premium like that, there was no playing hard to get on the part of the Chesser Board, who simply said yes.


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