RJK Explorations Ltd. (CVE:RJX.A
) (PINK:RJKAF) stock price rolled down after the company failed to find any substantial gold or silver mineralization zones during the most recent drilling program.
RJK had the share price collapse more than 45.7% on Wednesday forming a second large scale red candle in two days. The trading volume has increased dramatically as well, reaching 3.2 million while the average is only around 247 thousand.
On June 13 the company issued drilling results from the phase one diamond drilling program carried out on Blackwater East and Northeast properties in the Blackwater Gold Camp. The results were fairly disappointing.
The company drilled a total of 2.37 thousand meters but had it done with substantial delays. This allowed to test 5 target areas identified by the previous surveys. The company also lost 3 holes in overburden and another 3 didn't reach the planned targets all due to poor weather conditions.
From all the areas tested none returned proof of significant gold of silver mineralization.
RJK has no other projects in British Columbia.
The stock price currently dwells near its 52-week low and with the news suggesting the company might have nothing substantial on the property at all the further bearish price action is a very likely option.