Shares in NuCoal jumped 85% from 13c on December 19 to an intra-day high of 24c yesterday.
NuCoal told the market it was not aware of any information that could explain the recent trading and that it was in full compliance with ASX rules.
Last month, NuCoal lodged a renewal application for its Doyles Creek exploration licence with the New South Wales Department of Mining.
After holding its annual general meeting in Sydney on November 27, NuCoal received shareholder approval to issue shares to raise capital to further develop Doyles Creek, despite the forthcoming inquiry by the Independent Commission Against Corruption and a share price that had plunged to an all-time low of 10c.
Doyles Creek has an initial probable coal reserve of 51 million tonnes across two of five identified target seams.
The reserve comprises premium quality semi-soft coking coal and thermal coal products. In particular, the Whynot seam is a low-ash semi-soft coking coal that can be sold without being washed.
