Golden Cross Resources (ASX: GCR) has witnessed an 83% increase in its share price to an intra-day high of $0.011 today, up from an open of $0.006 yesterday.
Over the past two days just under 69 million shares have changed hands.
Golden Cross told the ASX it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.
Earlier this year the company was preparing to begin a 2,500 metre drilling program at its Gawler Craton tenements in South Australia that are prospective for iron oxide-copper-gold deposits similar to those at BHP Billiton's (ASX: BHP) Olympic Dam and OZ Minerals' (ASX: OZL) Prominent Hill project.
Golden Cross has identified five high priority coincident magnetic-gravity targets following detailed geophysical analysis.
The company holds five granted tenements covering 3,150 square kilometres within the northern Gawler Craton in South Australia.
The tenements cover several structural domains lying north of the highly prospective Olympic Domain, which hosts the world class IOCG deposits of Olympic Dam and Carrapateena.
To the northwest, within the G2 structural corridor, the Mount Woods Inlier contains the Prominent Hill mine and two of Golden Cross' exploration licences, Warriner Creek and Codna Hill.
Golden Cross held around $2.3 million in cash at the end of December 2012.
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News - Golden Cross Resources’ 83% share price spike attracts ASX speeding ticket
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