Diversified mining and exploration company Independence Group NL (ASX: IGO) surged 4.1% today to $4.72, after exploration company ABM Resources NL (ASX: ABU) updated the market on its ongoing exploration activities at Lake Mackay in the Northern Territory. ABM Resources is partner to Independence Group on the Lake Mackay Joint Venture.
Although still in the early stages of exploration, results look promising with soil sampling showing high concentrations of precious and base metals, including gold. An extensive survey of the whole 12,833 square kilometres project will be carried out later this year, unveiling the site’s full potential for development into a multi-metal mine.
Following today’s surge, Independence Group is trading close to 160x earnings, although the share price remains well below the $5.23 high recorded on January 29. Microcap stock ABM Resources is up 21.43% at $0.085.
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Motley Fool contributor Tommaso Autorino has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.