Traders didn’t manage to push Uranium North Resources Corp. (CVE:UNR) (PINK:URNMF) above the resistance areas over the past two days, despite heavy trading activity and comparatively strong news.
UNR had jumped up 25% on Wednesday, but the momentum didn’t stay in game for long. The price stopped right below the resistance at 18 cents, despite the strong trading volume of 3.18 million, which was far above the average of 385 thousand.
The trading activity was heavy on Thursday as well, but the price bounced lower, thus showing the news wasn’t enough of a catalyst for explosive gains.
Uranium North said on Wednesday they identified high grade gold and silver zones on the Nowyak property in Nunavut, Canada. Some samples from new zones returned up to 50.3 g/t gold and 44.8 g/t silver. The big deal is that these zones are not related to the known mineralization areas.
The grab samples from the current program confirmed drilling results from 2004, however, it should be mentioned that only 10 out of 43 samples yielded more than 1 g/t gold back then. The company will be retesting the newly identified areas, but there’s still a lot of work to be done – geophysical surveys and more drilling are planned for the 2011 drill program.
