Outback Metals (ASX:OUM) shares have jumped 200% today from...

Outback Metals (ASX:OUM) shares have jumped 200% today from $0.001 to $0.003, and the company is still valued at only $1.5 million.

The company is currently completing a placement of 219,491,748 shortfall shares to underwriter South Cove Limited at $0.001.

Interestingly, South Cove is an entity controlled by Outback founder and Executive Chairman Graham Chrisp, who already holds in excess of 150 million shares in the company.

Outback's flagship asset is the Mt Wells tin-copper project in the Northern Territory, which holds existing resources of 971,000 tonnes of copper at 1.5%, and 737,000 tonnes of tin at 1.38% in an underground zone, with another 400,000 tonnes at 0.4% tin close to surface.

Surface exploration and data modelling indicates potentially substantial extensions of tin and copper mineralisation along strike in both directions, and possibly a larger porphyry body beneath the known deposit.

Outback's Maranboy tin project holds a resource of 725,000 tonnes at 2% tin, and its Yeuralba tungsten-gold project has rock chips grading up to 4.9% tungsten and gold-in-soil grading over 2 grams per tonne.

In the most recent quarterly report, Outback stated that it is negotiating with a number of parties interested in investing in or acquiring some or all of the company’s assets or similar.

Further site visits are planned by interested parties shortly.