Territory Resources (TTY) rose by as much as 24% today after the Australian resource company said it had discovered further high grade iron ore at its Frances Creek project in the Northern Territory.
Territory changed hands in high volumes, with 5 million shares changing hands, five times its average daily volume.
The company said it had achieved outstanding drilling and assay results at the Jasmine Central and Helen 11 project areas at Frances Creek, where it has undertaken about 3,000 metres of drilling at priority iron ore targets.
"These results confirm the continuing high grade iron ore potential of our Northern Territory tenements, and we are now working toward a redefinition of our resource base during the next quarter," said Territory Operations Director, Bruce McFadzean.
"As part of our drive for exploration excellence we are continuing to aggressively explore our near mine targets to extend known ore bodies and our northern tenements for new ore discoveries."
Territory said that result from 14 holes drilled at Jasmine Central confirm significant iron mineralisation over about a 200m strike extent, and to a vertical depth of about 50m below the pit floor.
At its Helene 11 deposit Territory has also drill defined mineralisation over a 100m strike length.
Drilling is continuing with a resource estimate anticipated by the end of next quarter for both project areas.
Through continued significant exploration, Territory is aiming to double the current five year mine life at Frances Creek.
Territory rose by 18.5 cents to close up at $1.34.
