Uragold Bay Resources Inc. (CVE:UBR) (PINK:URAGF) share price jumped when the company published an update on their drilling program.
UBR gained another 25% following the lazy uptrend from early February. The accompanying trading volume was 4.3 million, more than ten times heavier than the 90-day average and the heaviest recorded over the past year. Strong end of day price action combined with a news release promise a bullish session ahead.
Last Friday, March 30, the company announced they have completed a four hole diamond drill program on Beauce Placer property in Quebec. The drilling revealed a hard rock gold anomaly but further testing will be required. The company only revealed that findings currently confirm their hypothesis about the underlying structure of the property. Sampling and splitting are continued to better define the anomaly.
Uragold also got city council approval to conduct a bulk sampling program. Bulk sampling will allow taking large samples and help to define the ore structure more accurately during metallurgical testing.
Traders thus have a reason to speculate on the would be findings, but the extend of possible price increases should be limited as nothing new of significant value was found by the company.
