ASX penny stocks delivering high returns today

Summary

  • The VAR share price has been trending since 25 May, when the company announced a major zinc-lead discovery at Novales Project.
  • Red Sky Energy’s Managing director has provided an update for the progress throughout 2020.
  • The release of 60 million shares from voluntary escrow by Riedel Resources has uplifted investors’ sentiments.

After Wednesday’s fall of 0.31% or 22.4 points, the benchmark index pared all its losses today. As of 11:30 AM AEST, the ASX 200 is trading near the highest of the day, at 7,300.5, up by 0.42%. A total of 9 out of the 11 sectors are trading in the positive territory, depicting a very strong market breadth.

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Coming to the stocks that are leading at the forefront, a few penny stocks cannot go unnoticed with their double-digit gains in today’s session. Let’s have a look at a few such stocks.

Read More: Three ASX shares having high-growth prospects

  1. Variscan Mines Limited (ASX:VAR)

The VAR share price has been trending since 25 May when the company announced a major zinc-lead discovery at Novales Project. Since then, the stock has rallied over a massive 270%, including today’s gain of 30% to AU$0.13.

The stock has been rallying on high volumes which has also caught ASX’s attention, leading to a price query notice being sent on Monday to the company seeking a valid explanation of this unusual trading activity.

                     

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  1. Black Canyon Limited (ASX:BCA)

Black Canyon is a new miner on the ASX, making its debut on 5 May. Today, the company said that a field assessment of its Flanagan Bore manganese prospect in the Pilbara had confirmed the presence of extensive mineralisation at surface and highlighted significant potential to grow the known mineralisation in several areas.

Leading to this development, the BCA share price has surged 18.5% to AU$0.32.

  1. Prairie Mining Limited (ASX:PDZ)

Another miner on the list, Prairie Mining had announced on Wednesday, that the Claim for compensation against Poland had been filed with the Tribunal in the BIT arbitration in the amount of £806 million (AU$1.5 billion), which includes an assessment of the extent of Prairie’s lost profits and damages related to both the JKM and Debiensko mines, and accrued interest related to any damages.

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Following this, the PDZ share price had surged 18.1% on Wednesday and 15.3% today to AU$0.3.

  1. Red Sky Energy Limited (ASX:ROG)

Red Sky Energy’s Managing director has provided an update for the progress throughout 2020. He said that the impact of the pandemic was severe on the oil and gas sector, as demand came to a brutal halt. However, through a stringent commitment to cost discipline and the acquisition of an exciting new cornerstone asset at Killanoola, the company was  able to weather the storm. For 2021, the management hopes to build on the momentum it has already achieved.

Following the progress update, the ROG share price shot up by 14.2% to AU$0.008.

  1. Riedel Resources Limited (ASX:RIE)

Today, Riedel Resources has announced that that a total of 60 million fully paid ordinary shares issued as vendor securities to Flagstsaff Minerals Limited pursuant to the Kingman Gold Silver Project Agreement will be released on 11 June 2021. These shares are currently held under voluntary escrow.

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The release of 60 million shares from voluntary escrow has uplifted investors’ sentiments, leading to a rise of 13.3 in the RIE share price to AU$0.017.

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