Koba (ASX:KOB) shares skyrocket 136% today. Here’s why

October 27, 2022 02:01 PM AEDT | By Khushboo Joshi

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Koba (ASX:KOB) shares skyrocket 136% today. Here’s why — Image source: © Kustovalexey | Megapixl.com

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Highlights

Koba Resources has staked mining claims at the Whitlock Lithium Project, which is situated near the Tanco lithium-caesium-tantalum pegmatite mine.

Tanco lithium-caesium-tantalum is the only operating lithium mine in Canada.

The Whitlock Project is significantly unexplored, as per Koba, and only 81 holes have been drilled so far.

The shares of Materials firm Koba Resources Limited (ASX:KOB), were spotted trading at 0.260 apiece, up 136.363% on the ASX today (27 October 2022) at 10:34 AM AEDT.

The company shared today that it had staked mining claims at the high-quality lithium-pegmatite project – the Whitlock Project – just next to Canada’s only operating lithium mine. The company now holds a mining claims stake on around 145 km at Whitlock in southern Manitoba.

After the announcement, the shares of the company zoomed up on the ASX by more than 136%. However, Koba shares were put on trading halt immediately thereafter. Koba shared that trading will resume on Monday, 31 October 2022, or when the company releases a new announcement to the market.

Key highlights from Koba’s announcement today:

Koba informed the market that previously, only after the limited drilling conducted at the Whitlock Project, the company met several pegmatites.

Koba also stated that Whitlock has been explored for gold, copper, nickel, platinum group elements, chrome, uranium, and lithium-caesium-tantalum (LCT)-type pegmatites. Only 81 holes have been drilled so far on the 145 km² project area for approximately 8,000 m. This suggests that the project is significantly underexplored.

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