Since the end of last week, Northern Superior Resources Inc. (CVE:SUP), (PINK:NSUPF) stock is constantly flying up to explode on the recent news from the company.
Yesterday, SUP announced the discovery of significant gold bearing mineralization intersected during the initial diamond drilling program on Target 3 of the TPK Joint Venture project.
On the TSX Venture Exchange, the trading of the company’s shares was temporarily halted by the Investment Industry Regulatory Organization of Canada in connection with the above mentioned news.
Though the temporary halt of the trades, the shares of Northern Superior Resources Inc. flew up 39.06% from the previous closing on a volume of 6.4 million shares changing hands. Furthermore, on the news the share price jumped in the trading session in the overbought area.
Despite the huge spike and the fact that the price of SUP stock noted a new 52-week high at $1.14, the stock closed 25 cents below that value in expression of investor uncertainty towards the new higher trading range.
On the American OTC Grey market, the company’s shares also showed superior performance. NSUPF added 50% to its value on a relatively high volume.[BANNER]
Earlier this year, the company completed an agreement with Lake Shore Gold Corp. to acquire Lake Shore’s 50% interest in the TPK property in exchange for 25,000,000 shares and 12,500,000 warrants of the company. Some additional conditions were included in the agreement for the property that made possible the stock’s best performance for this year.
This June, SUP entered into an agreement with Rainy River. According to it, Rainy River was granted an option to earn a 51% joint venture interest in the eastern half of the above mentioned TPK project.
