Gediminas Jasionis
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Unexpectedly Marvelous Drilling Results Send ICN Resources Ltd. (CVE:ICN) (PINK:ICNRF) Stock Flying

by Gediminas Jasionis May 18, 2011
icn_chart.pngICN Resources Ltd. (CVE:ICN) (PINK:ICNRF) spiked up after the company announced significant gold mineralization findings. The reaction on the market however seemed to be rushed as the stock continued on a more settled note today.

ICN gapped up on Tuesday and the price seems to be holding. The stock gained 1.5% early into trading today despite the gradual intraday decline throughout Tuesday. The trading volume was nearly 6 million yesterday and topped the average of 315 thousand today as well.

The stock gapped up after the company published drilling results from Goldfield Project in Nevada. The core hole drilled on the project intersected 45.6 meters of 96.3 g/t gold mineralization.

Results from other areas were significant as well - ICN intersected 42.7 meters of 4.2 g/t gold and some very short length segments returned as high as 2,710 g/t.

icn_logo.jpgThe high mineralization intercept was better than anticipated as admitted by the management. Despite drilling on the historically successful district the company still has to do a lot of additional work to fully evaluate the results.

ICN Resources still has numerous exploration targets, thus the rush on the stock market caused by these initial results is likely to naturally fade off if no new progress updates come out shortly.

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