Orestone Mining Corp. (CVE:ORS) added over 66% at the end of last week when the company announced the results of an airborne geophysical survey carried out on one of their properties.Trading volume was more than a hundred times the average, yet the intraday price action was not very smooth. Choppy movements reflected the illiquidity of the stock and warned about the questionable continuation of this rally. By the end of the day the price went nearly flat – so even if it holds at the 7.5 cents level, there likely won’t be more opportunities for bulls to profit from this news.
Traders got excited after the company announced that EM/Magnetic survey was completed on Todd Creek Copper-Gold Project in British Columbia. The property is co-owned under the Todd Creek Joint Venture, under which Intuitive Exploration Inc., a subsidiary of ORS, owned a 51% interest.
The survey identified 35 target zones, ten of which should contain gold, 18 – sulfide ore, and 7 -copper. The company, under the joint venture, is currently engaged in preparations for drill testing the high priority targets.
Other companies under the joint venture include Polar Star Mining Corp with a 24.5% interest and Goldeye Exploration Ltd. with the remaining rights.
