Dentonia Resources Ltd. (CVE:DTA) spurted up on Friday after the company announced assay results from their latest drill campaign.
DTA added 20% as the stock price went up on one of the heaviest trading volumes of the year. The daily turnover reached nearly 780 thousand shares, or 7 times the 90 day average of 116 thousand.
The stock carries extensive volatility thus it wouldn’t be surprising to see the price going up another 20% once the trading session begins. Technically with the recent move the price returned to it established trading range of 2.5 to 4 cents. There is a vague possibility it could go up all the way to the top of the range providing a swing trading opportunity, yet the current news might not be enough.
The company announced on September 1, 2011 they have received assay results for the drill program carried out on Stafford Tungsten-Copper Prospect. 4 short drill holes returned 2 to 5 intersections each with top results showing 3 meters of 0.22% WO3 and 4 meters of 0.3% Cu. The company also noted there are more similar anomalies in the Stafford River Valley which should be prospected and mapped.
Currently Dentonia lacks the capital to do more. The current $2.6 million market cap doesn’t even suit the company with a negative book value of 21 thousand and no revenues.
Considering the current situation traders should expect to see another fundraising in a short run.
