VANCOUVER — New Nadina Explorations (TSXV: NNA) is the latest contender to join the ranks of junior explorers with surging market valuations such as Novo Resources (TSXV: NVO; USOTC: NSRPF), Metallis Resources (TSXV: MTS) and Garibaldi Resources (TSXV: GGI; US-OTC: GGIFF).
Shares of New Nadina skyrocketed 1,600% to a peak of $2.25 after the company announced a 132-metre intercept of “high grade core” containing bornite, sphalerite, galena and pyrargyrite – also known as ruby silver – while drilling at the company’s Silver Queen polymetallic property, 36 km south of Houston, in west-central British Columbia.
The announcement on Oct. 25 was corrected two days later, at the request of the self-regulatory organization IIROC, with reference of “high grade sulphides” removed from the text, as assays for the hole are still pending.
Mineralization occurs as a stockwork of sub-vertical, low silica veins up to 1.5 cm in thickness and spaced at 10 cm intervals from 663 to 795 metres depth. Based on visual observations, the company said the area of “interest” continues to the end of hole depth of 816 metres. Core photos are available on the company’s website …
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