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Elemental Minerals Shares Spike 50% So Far In May

Elemental Minerals (ASX:ELM) surged to an intraday high of $0.245 yesterday, from $0.165 on the 1st of May.

On Tuesday, almost 4 million shares changed hands, the highest volume on the stock since 2012.

And on Wednesday, the company released an exploration target for the Hangingwall Seam at its Dougou Prospect, part of the Sintoukola Potash Project in the Republic of Congo.

Impressive numbers came in at1 to 1.4 billion tonnes grading between 23% and 25% potassium chloride, with an average thickness of 9.3 metres.

Hong Kong Exchange listed Dingyi Group Investment recently launched takeover offer at $0.66 cash per Elemental share, however this was unable to be completed due to regulatory difficulties.

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