Shares in Matsa Resources have spiked by more than 20 per cent, after neighbouring junior explorer Sirius Resources called a trading halt on its stock, pending release of an announcement on Tuesday.
It is understood Sirius is poised to release further positive drilling results at its Nova deposit near Albany, which has transformed the exploration firm into one of the ASX's fastest rising stocks.
Continued exploration success at Nova has sent Sirius' stock soaring to more than $2.00, after it was trading around 5.7 cents in July.
Matsa, which has applied for exploration permits two kilometres south of the Nova discovery at Symons Hill, saw its stock jump 21.5 per cent, to finish trade today at 39.5 cents.
The company said earlier this week that its application for a tenement at Symons Hill was progressing well.