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Horseshoe Metals receives ASX speeding ticket after 58% share spike

Horseshoe Metals (ASX: HOR) received an ASX speeding ticket yesterday in the form of a price and volume query, after the company's shares spiked 58% to close at $0.30 - compared to $0.19 one trading day earlier.

The company said it is not aware of any material information that has not been disclosed to the market which may explain the sudden investor interest.

It's worth noting that Horseshoe Metals' tenements are near Sandfire Resources (ASX: SFR) DeGrussa Project.

The company did state in response to the ASX:

'However recent market activity in copper focused companies operating in the Horseshoe Lights region is possibly generating market interest in the company and its copper projects, particularly the Horseshoe Lights Project which has a JORC compliant copper mineral resource and where high grade copper intersections from drilling have been previously reported to the market.

'The company recently announced that drilling at the Horseshoe Lights and Kumarina projects is being planned for later this year, which may also be generating market interest.'