There was no second chance for Eagle Plains Resources Ltd. (CVE:EPL), (PINK:EGPLF) stock to sharply fly up on the follow-up news related to the drill program of the company at its Iron Range Project.
Yesterday was the next day in the bearish for the company week when the share price plunged down on two markets, despite the released by EPL this Tuesday “presence of gold mineralization over significant widths” at the Iron Range Project.
Further more, the company’s President and CEO statement about massive sulphides containing lead, zinc and silver with key accessory minerals was not able to give a secondary impulse to investors to bid on a higher share price.
The initial one was given already at the beginning of the month, when Eagle Plains Resources Ltd. made its update on the drill program at the above mentioned project.
Looks like the released these days information that the drilling was suspended due to the pending receipt of the analytical results made investors inpatient, which reflected on the shares’ performance this week as well.
On the TSX Venture Exchange, EPL landed down again by the next 12.12% between the sessions on a heavy volume yesterday. Even the trading halt on the pending news this Tuesday seemed useless in changing the strong downward direction of the shares. On the American OTC market, the price drop down was also appreciated by investors. EGPLF pulled back 6% to close at $0.5875 per share.[BANNER]
Investors maybe actually had a reason to be in a hurry and to temporarily push up the stock price at the beginning of the month. Back in 2008, the drilling of Eagle Plains on the Iron Range property intersected gold mineralization in drill hole IR08006.
Years later, gold mineralization was detected for the next drill holes. Maybe this meant at that time too much time for a proper return for some investors and for all types of holders of mining stocks.
Eagle Plains Resources Ltd. was incorporated in 1994 and as of today it is still a junior resource company. The company holds properties in British Columbia, Yukon, the Northwest Territories and Saskatchewan for the purpose of exploring and the development of mineral resources.
