Northern Lion Gold Corp (CVE:NL) (PINK:NLGCF) hit the stock screeners as an attractive buying opportunity after the company published the first drilling results on its St. Nikolas project.The stock price shot up 34.29% in half a day after the results announcement, generating a trading volume 15 times the 90-days average. Although most of the action took place right after the news publication, the distortion in the price action might result in interesting large scale moves.
The commotion was caused by Nothern Lion’s announcement of the preliminary gold assays results from the first hole (11SN02) that was drilled on the St. Nikolas project in the Republic of Cyprus. The property is part of the company’s portfolio of 19 drilling permits in Cyprus, Portugal and Sweden.
Gold grades averaging 4.5 grams were detected over the whole core length. Results show that mineralization zone of 4.5 g/t over 28.6 metres lies as low as t 10 meters below the surface, followed by 6.1 g/t mineralization over 12.1 meters.
Base metal and silver assays have been requested by the company and are being processed. The historical data, though incomplete, suggests presence of high grade copper and silver mineralization zones in the property.
