GoldQuest Mining Corp (CVE:GQC) (PINK:GDQMF) stock price sky-rocketed after the company announced to have encountered significant gold and copper baring zone during their drilling in Dominican Republic.
GQC stock value hit a new 52-week high as share price jumped up 313.3% under a heavy buying pressures. The trading volume was 16.3 million, more than 35 times heavier than the average turnover of 461 thousand.
Bulls jumped in after GoldQuest announced results of 15 hole drilling program done on for the Las Tres Palmas project.
A Romero gold and copper sulphide mineralization was discovered in one of the holes. It important because the zone is open in all directions and start as shallow as 33 meters below the surface. It is 231 meters in length and grades 2.4 g/t on average. There are two distinct copper baring zones – one 70 meters long containing 0.04% copper; another one 160 meters holding grades of 0.62%.
It can be assumed that the mineralized zone carries on into a greater depth, but the company had to terminate the hole at a depth of 264 meters because of technical reasons.
Intraday price action formed in reaction to the news showed that the stock held its gains firmly, which suggest no larger threat of a pullback. It is very likely that the bullish mood will persist for several days, considering the impact of the news.
