On Friday, Atocha Resources Inc (CVE:ATT) stock closed the week on the gold euphoria resulting from the last press release of the company that presented the potential of its neighbors’ gold properties.
As it usually is during such gold euphoria, ATT stock got traded with a heavy volume, getting an almost euphoric price increase of 36% between the sessions.
Last Tuesday, Atocha Resources Inc demonstrated strong willingness to continue its drilling work, referring to its competitors’ announcement that “Detour Lake Deposit is now Canada’s largest undeveloped gold reserve and ranks sixth among the top ten largest gold reserves in North America.”
Looks like the fact that the company’s Atkinson Gold Project is located within the above mentioned gold area was strong enough to power the rush for ATT gold worth stock.
In less than a week, the shares of Atocha Resources Inc added 88% in gold value, just because of the company’s property location and plans to test new areas. After that huge ATT stock stir from last week, it is difficult to predict how the share price would move on the first drilling results.[BANNER]
Atocha Resources Inc is incorporated four years ago. Since this April, the company is considered an exploration stage company.
Last summer, the company entered into an option agreement to acquire a 100% interest in the Atkinson (Detour Lake) Property, which is located in Northern Ontario. As released last week, up to now Atocha Resources Inc completed a 1,207 m diamond drill program on the Atkinson Property in 2010, to the northwest of the two known mineralized zones.
