Monday morning, as mining executives and retail investors shuffled through the halls of PDAC, Tinka Resources put out news that shocked the market.
The subtitle of the junior zinc explorer’s news release read:
“400 metre step-out hole hits 17.9 metres at 11.6 % Zn within a wider zone of 62.4 metres at 5.6 % Zn”
The junior traded 3.94 million shares to a high of $0.43 before closing at $0.42. The company’s market cap is now hovering near $80 million.
The company announced partial results from drill hole A17-56, the first hole of the 10,000 metre 2017 drill program at Ayawilca, Peru. Below is a short excerpt:
“Drill hole A17-56 is located approximately 400 metres south of the existing Zinc Zone Inferred Mineral Resource, and over 250 metres from any previous drill hole at Ayawilca. Mineralization in the hole is associated with massive to semi-massive sulphide replacements of carbonate and clastic sediments which also host the known mineralization elsewhere. These results report down to a depth of 238 metres only; hole A17-56 will continue to the base of the favourable limestone unit, with further high-grade zinc intersections expected. Tinka is mobilizing a second drill rig to site immediately.”
Click here to read the entire press release.
Retail and institutional investors continue are crowding into zinc stocks. Junior gold stocks, represented by the ETF GDXJ, fell 6% Monday after falling more than 22% in the past few weeks.
March Stock Challenge still a landslide
Long-time member and sometimes competitive ‘minerjoe‘ had the best return on the day after his selections combined for 19.89%. He is currently in second place overall with a 33.59%. An advantageous and impressive return just four trading days into the month.
All members are watching ‘screefer’ and his 176.91% combined average return.
His top selection of VentriPoint Diagnostics (VPT: CA) – that rallied 590% on a single day earlier this month – has continued its decline, falling 20.37% Monday. If VentriPoint continues to decline it may become possible for other members to catch screefer.
We wrote about VentriPoint in Oncolytics Biotech rises after Canadian Cancer Trial Presentation Scheduled.