After a run of more than 50% in the prior couple weeks to a high of 17 cents, shares of Rainy Mountain Royalty Corp. (TSX-Venture:RMO) consolidated early this week, but are taking a crack at retaking that ground on Thursday.
The driver today is the Vancouver-based explorer saying it has completed 14 drill holes totaling about 2,121 metres on its Brunswick gold property located about 140 kilometers south of the prolific gold town of Timmins, Ontario.
Cores from eight holes have been logged, split and either already submitted for assay or will be submitted by the end of the week.
Logging and splitting of the remaining cores will take about another week to complete for submission for analysis.
Expectations are high considering the intersections all contained quartz-ankerite veins with sulphides and minor sphalerites and the fact that there is "intense shearing and deformation" in the drilled structures. In layman's terms - and as described by Rainy Mountain - "numerous gold settings" have been exposed.
Previously conducted surveys have identified promising structures across 2.4 kilometres of the 9.6-kilometre-long property, with more exploration needed to confirm management's contention that gold-bearing structures occur across another 3.2-kilometers of the project.
The company plans to use the data from the Phase 1 drilling to identify targets for another drill program and infill drilling to better define the resources at Brunswick.
Shares of RMO have bounced around today, dropping from Wednesday's closing price of 14.5 cents to an intraday low of 13 cents and as high as 16.5 cents. With about 30 minutes left in the trading session, shares are even at 14.5 cents.
