The market exuberance for GTA Resource and Mining (GTA-V) cooled off a day after the company announced drill results from its first phase of drilling at its Northshore property.
The company shares ran from an opening price of 41¢ all the way up to an all-time high of $2.00 before closing the day at $1.54 on 7.7 million shares traded. That represented a single day 528% gain for investors.
But the next day, on Feb. 15, the bears held sway, determining that the market got just a tad too worked up over the results and their selling pressure sent GTA shares down 30% or 46¢ to $1.08 on a still high volume of 5.5 million shares.
To give some scale to those volumes over the previous three days prior to the announcement the company’s shares only traded a combined volume of 105,000 shares. Over the last year the company’s shares have generally traded in a range of 11¢ and 25¢, so even with today’s sell-off, early investors have much to gloat about.
The initial run-up came on the back of a 12 hole, 1,038 metre drill program targeting what are known as the Audney and Caly Veins.
Highlights from the assays included 149.5 metres Grading 3.21 grams gold; 33.80 metres grading 12.49 grams gold and 6.50 metres grading 13.23 grams gold
GTA has an option agreement with Balmoral Resources (BAR-V) that can see it take a 70% skate in Northshore.
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