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Papillon Resources Receives ASX Price And Volume Query After 12% Share Spike

Papillon Resources (ASX: PIR) has been issued with a speeding ticket from the ASX after its shares jumped to an intraday high of $1.40 today (Thursday 15 March), a 12% increase over the company's closing price on Tuesday.

The spike in the company's share price was accompanied by a corresponding increase in volume, with 2.87 million shares changing hands today, compared with 573,358 on Tuesday.

Papillon responded to the query, saying it was not aware of any reason for the change in price or volume.

Earlier this month, Papillon was one of a number of companies added to the S&P/ASX Indices' 300 Index.

The company is targeting a maiden gold Resource at its Fekola gold project in West Africa by mid-2012.

In January, Papillon returned the results from the first 1,000 metres of a 15,000 metre diamond drilling campaign at Fekola, with results including:

- 86 metres at 6.17 grams per tonne (g/t) gold from 181.2 metres, including 51 metres at 9.17g/t gold;
- 94 metres at 4.63g/t gold from 178.7 metres; and
- 41.9 metres at 3.21g/t gold from 229.2 metres.