big landholdings, $5 million m/c, page-13

Traka soars on Musgrave interest

Nick Sas, The West AustralianApril 12, 2013, 7:35 am

Market speculation surrounding potentially big stretches of mineralisation in WA's remote West Musgrave region has created a domino effect for junior explorers in the area, with shares in micro-cap Traka Resources jumping 160 per cent yesterday.

The company, headed Joshua Pitt, who owns 9.4 million shares, describes itself as the dominant tenement holder in the Musgrave region, around the WA-South Australian-Northern Territory border.

The company is exploring for copper and nickel on five tenements, with 11 other tenements, covering 5100sqkm, managed by Anglo American in a joint venture. The area is significantly underexplored and piqued investor interest yesterday after it was reported BHP Billiton had made a big copper discovery in the region.

Perth-based Traka jumped 5.6� to 8.6� a share yesterday. It is now valued at $7.9 million.

The rise also provided a $500,000 paper windfall for Mr Pitt, who owns just under 10 per cent of the company.

Other small-cap companies exploring in the region also reaped the benefits of the nearology market speculation yesterday. Cassini Resources, which on Tuesday revealed it had found a new nickel-copper sulphide target in the Musgrave region, jumped 4¢, or 35 per cent, to 15.5¢.

Adelaide-based Pepinnini Minerals, which owns ground on the South Australian side of the border, jumped 22 per cent to 4.3¢.