Champion Minerals Inc. (TSE:CHM) (PINK:CPMNF) stock price rallied furiously after the company announced to have found significant iron mineralization on their property. Some of the momentum could pour into Monday’s trading session as well.
Champion stock continued to gain value on Friday, ending the third consecutive day of price rally with 2.4% gain. The trading volume was not very spectacular, but still topped the average with 737 thousand shares traded during the session.
The stock rallied on a publication of drilling results on Thursday, but some rumors were clearly in play earlier, since the stock acted weird since last Tuesday.
On May 19 the company announced to have found significant new iron mineralization zone on the Lac Moire project in Quebec. High grade iron ore was discovered in three drillholes:
• LM11-04 showed 130.2 m of 30.5% grade ore;
• LM11-05 found 133.5m grading 28.9%;
• LM11-01 intersected 154.1 m grading 30.7% and confirmed results of a historical drillhole in the area.
With these very successful findings, Lac Moire decided to increase the extent of their current drilling program by 2 thousand meters, to 7 thousand in total. The company aims to validate and expand historic resource valuations on the property using their new geological model.
