BOA Resources says it is unaware of undisclosed information behind a sharp increase in trading, despite further Ricci Lee assay results remaining pending through October. The company attributed the move to investor reaction to its recent high-grade copper announcement.
- Shares traded between $0.09 and $0.125 on 24 September
- BOA says no undisclosed information explains the activity
- Remaining assay results expected progressively through October
- First six Ricci Lee holes reported copper mineralisation
- Company confirms compliance with ASX Listing Rule 3.1
ASX Queries BOA After Sharp Trading Move
BOA Resources Limited (ASX:BOA) has rejected the suggestion that undisclosed information drove an abrupt burst of trading, after its securities moved between $0.09 and $0.125 on 24 September amid increased volume. The response came after ASX Listings Supervision issued a price query under Listing Rule 18.7.
BOA said it was not aware of any unannounced information that could explain the activity. Instead, it pointed to market reaction to its 21 September announcement, which reported high-grade copper at the Ricci Lee project.
Assay Pipeline Still Runs Into October
The answer is not quite as simple as “nothing pending”. BOA confirmed that exploration samples had been sent to a laboratory between 14 August and 17 September, with drill sampling completed on 16 September and the final batch dispatched the following day.
The company said the first assay results arrived on 18 September and were released on 21 September after quality assurance and quality control checks and a Competent Person review. Results from the remaining samples are expected progressively through the end of October, based on the laboratory’s current indicative turnaround times.
Six Initial Holes Reported Copper Mineralisation
BOA’s explanation rests on the information already released to the market: its 21 September announcement reported significant copper mineralisation in all six initial reverse-circulation holes at Ricci Lee, while results from a further 40 reverse-circulation holes remained pending at that time.
That creates the filing’s central tension. Pending assays are not, in themselves, evidence that the market has received new information, and BOA said its communications with media and investors were limited to material already disclosed. But the remaining laboratory results provide a clear stream of potential announcements through October, with each release likely to be assessed against the company’s continuous disclosure obligations.
BOA Confirms Confidentiality Controls
BOA said access to exploration results is restricted to authorised personnel and advisers on a need-to-know basis. It also cited confidentiality obligations for directors and relevant staff, procedures for escalating potentially market-sensitive information, and arrangements with external consultants, contractors and other third parties where appropriate.
The company confirmed that it is complying with the ASX Listing Rules, including Listing Rule 3.1, and said its response had been authorised under its continuous disclosure policy or by the board or a delegated officer. The immediate question is no longer why the query was issued, but whether the next batch of assays arrives with information capable of changing that assessment.
Bottom Line?
BOA has explained the price move as a reaction to disclosed copper results, but the remaining assays due through October will keep disclosure risk and market expectations in focus.
Questions in the middle?
- Will the remaining Ricci Lee assays confirm the pattern reported in the first six holes?
- How progressively will BOA release results as the laboratory completes its outstanding work?
- Could any future assay result become sufficiently market-sensitive to require immediate disclosure or a trading halt?