Gediminas Jasionis
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Nevada Sunrise Gold Corp. (CVE:NEV) (PINK:NVSGF) Skyrockets After Gold Is Found on Their Property

by Gediminas Jasionis Feb 13, 2012
nev_chart.pngNevada Sunrise Gold Corp. (CVE:NEV) (PINK:NVSGF) stock price skyrocketed into new 52-week highs after the company's venture partner found high grades of gold mineralization on Kinsley Mountain.

NEV stock price spiked up 66.7% touching a new yearly high of 20 cents per share. The accompanying trading volume was nearly 14 million, far above the the daily average of 539 thousand. This neatly favored the bulls that were playing the preceding uptrend.

The buying pressure increased on Friday after Nevada announced impressive drilling results from the Kinsley Mountain property. The original report was published by Pilot Gold Inc. (TSE:PLG) (PINK:PLGTF) who was digging on Kinsley under an agreement with Nevada. It showed large intervals of gold mineralization and could be compared to a nearby found Long Canyon producing property.

The topmost results included 5.91 g/t of gold over 18.4 metres. The historical drill holes left on the property apparently were not deep enough to find the high mineralization zones, thus this is unexpected and very pleasant surprise for Pilot and Nevada.

nevada_sunrise_gold_corp.jpgPilot Gold can earn a 51% interest on the Kingsley Mountain if they incur $1.18 million in exploration expenditures by March 30, 2013. There is also an option to earn additional 14% by incurring further $3 million afterwards.

Pilot plans to drill another 12 thousand meter during 2012 and has the first resource estimate by the end of the year.

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