After the company published the report from two drill holes from its 2021 exploration drilling programme on Thursday, the Idaho Champion Gold Mines Canada Inc (OTCMKTS:GLDRF) stock rallied strongly and ended the day with gains of as much as 16%.
On Thursday, GLDRF stock soared 16% to close at $0.0927 with more than 487K shares, compared to its average volume of 67k shares. The stock has moved within a range of $0.0651 – 0.0971 after opening the trade at $0.0785.
Reports First 2021 Drilling Results from Champagne Project
The 2021 exploration programme had been put in place by Idaho Champion Gold Mines at its Champagne Gold Project, which is owned in its entirety by the company and it situated not too far away from Arco in Idaho. The report produced by the company with regards to the two drill holes was quite positive and hence, the rally in the Idaho Champion Gold Mines stock was perhaps not a big surprise.
It was announced that there were many prominent sections in the drill holes which contained zinc, lead and silver and that is certainly a positive development for Idaho Champion Gold Mines. The Chief Executive Officer of the company Jonathan Buick spoke about the results as well.
He stated that in the course of the past 15 months, the company had come across a significant amount of geochemical and geophysical anomalies at its Champagne property. The drilling program in the particular instance was carried out over an area measuring 2 kilometres by 2 kilometres.
Jonathan Buick, Idaho Champion’s CEO, commented: “Over the last 15 months, we have identified a huge footprint of geophysical and geochemical anomalies at Champagne. The drilling this year covered an area of 2 km by 2 km. We are encouraged that the first two drill holes from the project encountered both narrow high-grade veins and broad intervals of alteration and anomalous geochemistry. These distal indicators discovered in the first drill holes are consistent with our interpretation that a deeper porphyry copper system is driving the Champage mineral system. We look forward to more extensive drilling in other parts of the system and to depth.”