Five penny stocks that are making a splash on ASX today

Summary

  • Variscan Mines is the star performer of the day. The stock has more than doubled in today’s session.
  • Devine is another company that has delivered a triple-digit return in today’s session.
  • Caspin Resources is again up by 20.2%, after Monday’s 112.7% rally.

Today, the Australian markets have been performing quite well. Since the morning, the benchmark index has been trending towards north without any major halt or correction. As of 12:50 P AEST, the ASX 200 is trading 0.68% up, at 7093.8, the highest level since 13 May.

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In intraday, the ASX 200 had also crossed 7,100-point mark for a short time, but it is still trading close to it. The global cues coming from the US have supported today’s rally. With the broader market trending up for the day, let’s have a look at a few penny stocks that are delivering high intra-day returns.

Read More: Three ASX shares with strong fundamentals

  1. Variscan Mines Limited (ASX:VAR)

Variscan Mines is the star performer of the day. The stock has more than doubled in today’s session, delivering a massive 113.5% return to AU$0.079.

The rally has been supported by the company’s discovery of mineralised lenses below areas of known mining activity in two separate north-south trends of the Central Zone. Drilling has discovered new zinc-rich mineralised lenses, and further core samples from 20 drillholes have been submitted to ALS for assay testing, of which the results are pending.

Read More: Variscan Mines Strikes High-Grade Zinc Mineralisation in Continuing Drilling Programme

                         

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  1. Devine Limited (ASX:DVN)

Devine is another company that has delivered a triple-digit return in today’s session. As the high of the day, DVN’s share price was up by 108%. Currently, the stock is trading up by 95.8% at AU$0.235.

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The rally was attributed to CIMIC’s offer to acquire all of shares in Devine, which it does not already own, pursuant to an off-market takeover at a price of AU$0.24 cash per share. The offer price represents a 100.0% premium to the last close price, hence the stock rallied by 100%.

  1. 3D Resources Limited (ASX:DDD)

DDD share price is trading up by 25%, at AU$0.005, on the back of a high volume of over 38 million shares.

Today, the company announced that it would be commencing 2000m RC drill program at the Challenger Gold Project in early June 2021. It has also received approvals for additional drilling to start on prime targets at Donkey Hill, Lady Clare, Gibraltar, and Sawpit Projects. Appointment of Mr Ashley Bennett as the Exploration Manager to expedite exploration activity was another update from the company.

  1. Caspin Resources Limited (ASX:CPN)

It is the second consecutive day for CPN to appear on our list of the trending penny stocks. On Monday, CPN’s share price was up by a massive 112.7%, and today it is up by another 20.2% to AU$2.2. In just two days, the stock has jumped from below-a-dollar mark to above AU$2.

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The catalyst behind the rally is the intersection of multiple sulphide zones from two holes after a diamond drill program was initiated at the Yarawindah Brook Ni-Cu-PGE Project. The management believes as the two holes are 1.25km apart, the scale of the opportunity is significant.

  1. Invion Limited (ASX:IVX)

Invion is a life science company, which said today that promising preliminary results of tests showed that INV043 (the latest Active Pharmaceutical Ingredient using the PhotosoftTM technology) has ~50 times greater phototoxicity than Invion’s previous API (IVX-P03). These results provide direct proof of principle for the use of INV043 as a cancer therapy.

Investors seems to be happy with the preliminary results of the tests of INV043, leading to a surge of 20% in the IVX share price to AU$0.012.

Read More: Invion’s Shares Up on ASX After Completing the Spin-Out of Its Respiratory Assets

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