Alix Resources Corp. (CVE:AIX) (PINK:ARXRF) stock struggles to sustain the premium it secured upon the announcement of drilling results on Wednesday.
AIX stock price still retains a roughly 28% premium since Tuesday. For the past two days the stock was shaken by heavy buying and selling as a reaction to the news announcement. The premium is holding despite the strong gradual decline when traders took their profits from the earlier price spike.
The trading activity went over the top during the last two sessions. Wednesday packed a trading volume of over 6 million, as compared to a 90 day average of just 264 thousand. Thursday held modestly in comparison but showed there’s still a substantial interest in AIX as the volume was more than three times the average.
Early on Wednesday the company announced drilling results for the Golden Zone Breccia Pipe deposit at their gold-silver-copper property in Alaska. The most notable results included 256 meters grading 1.5 g/t gold, 12.15 g/t silver, and 0.11% copper from the first of two holes and 92.9 meters grading 1.39 g/t Au, 6.15 g/t Ag and 0.06% Cu from the second.
After the initial commotion the stock price might start heading down again in attempt to fill the gap it just formed. Of course there were fundamentally important news, but for an explorations stage business that is still far from real gains.
