Quick take: MUI Properties jumped 14% on discovery of high-grade gold ore

  • Stock on the Move
  • Wednesday, 05 Feb 2020

KUALA LUMPUR: Shares in MUI Properties Bhd jumped over 14% in early trade Wednesday after its associate discovered high-grade gold ore in Australia.

The counter, one of the most actively trade on Bursa Malaysia, rose 14.29%, or 2.5 sen to 20 sen, with 4.95 million shares gtraded.

MUI Properties’ 40.7% associate Nex Metals Exploration Ltd, which is listed on the Australian Stock Exchange (ASX), has found high-grade gold mineralisation in its Kookynie mining site located in the northeastern goldfields of Western Australia.

MUI Properties said the 10-reversed-circulation drill holes achieved high-grade gold intercepts of up to 80.17 grams per tonne (g/t).

The drilling was carried out by another ASX-listed company, Metalicity Ltd, which entered into a farm-in agreement with Nex Metals last year.

The previous nine holes drilled six months earlier by Metalicity had also encountered significant gold intercepts of up to 31.2 g/t.

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