Protean Energy Ltd (ASX:POW) shares spiked almost than 40% higher to $0.044 on strong volume of more than 28 million, prompting the ASX to issue a speeding ticket.
After closing at $0.032 on 9 February, the ASX today asked Protean to explain the price hike along with a significant increase in the volume of securities traded.
In its response, the company said that there was no information that had not been announced to the market.
Program to assay core for vanadium
On 30 January 2018 Protean advised of the start of a pXRF program to assay core from its Daejon project in South Korea for the presence of vanadium.
Protean has 50% of Stonehenge Korea Limited which has projects in South Korea.
Non-destructive assay testing is being utilised with the aim to update the vanadium and uranium JORC-compliant resources.
Protean expects the pXRF program to be completed during the second quarter of 2018 along with an increased vanadium resource.
Ferrovanadium prices are high
The company also explained to the ASX that the price of ferrovanadium, a hardener, strengthener and anti-corrosive additive for steels, is at 52-week highs.
This has translated into positive market sentiment towards vanadium and vanadium explorers as a whole.
Protean Energy is developing a multi‐mineral project in South Korea through its 50% holding in Stonehenge Korea Limited.