After receiving a speeding ticket earlier this week, Aurum Resources (ASX:AUE) has announced intercepting a 59m long core section at 1.42g/t gold from 68m depth.
The company also reported a 90m core grading at 1.16g/t gold from 14m depth.
Aurum identified on Friday that its exploration team “has noted visible gold in the core and is identifying the best assaying method for this.”
However, in the second hour of trades on Friday, Aurum shares were down -1.37% to 36cps – perhaps in response to the advertised depth of the 90m core.
Also of interest is that the company had to respond to the ASX compliance team on Friday in response to a please explain (read: speeding ticket) issued on 7 May.
On the 8th of May, the ASX forced Aurum’s hand and issued a pause in trading on its own behalf – that trading pause announcement was signed off by ASX compliance itself, and not the company. A trading halt shortly followed.
The ASX was asking questions about the fact Aurum shares climbed from 32.5cps on the 6th, to 40cps on the 7th of May, without any apparent catalyst.
In its response to the volume query, Aurum pointed to the announcement it was “imminently” to publish – that released this morning, covering a 90m core section.
Of course, when volumes shot up between the 6th and the 7th, that news hadn’t hit the market – leaving one to grasp at possible conclusions, among them, that the ASX was worried about insider trading.
“The company considers that, at all times during preparation of the Announcement, the information remained confidential,” Aurum wrote on Friday – pointing also to a broad-based surge in gold prices hitting smaller gold miners everywhere based on thematic investing decisions.
The company additionally pointed to Canaccord Genuity’s recent Precious Metals Junior Book, also released on the 6th.
AUE last traded at 36cps.