Oro Gold (TSX: V.OGR, Stock Forum) shares rallied more than 14% to 55 cents on Wednesday.
The exploration company reported results from a single drill hole at its wholly-owned gold and silver Trinidad property near Mazatlan, Mexico. In the press release, Oro reported: “Diamond drill hole 41 intersected 11.9 grams per tonne of gold over 40.9 metres, including 27.7 g/t of gold over 16.5 metres.”
Stockhouse columnist Danny Deadlock recently reported on Oro Gold in his Street Signal Report. He wrote that the company’s Trinidad project has reported grades as high as 8.5 grams per tonne over 61 metres. He advised investors to watch this company for news flow this summer, and when gold trades above $1140 per ounce.
The report had posters to the company Bullboard all fired up.
Govtau wondered: “Is everyone asleep on this...man. Have a second look at the grades and widths. And Taunus will more than likely have a million ounces. 60 million shares out. Either my math is off or people are asleep on this one.”
Meantime, Goldret1987 offered the following advice: “with OGR over the last 6 months and moved on to better movers. Problems drilling killed us. These latest results should help change that. Nice move today.”
In a summary post, TheRock07 hoped that results from the current drill hole 43 would push the estimated resource over one million ounces. That, he suggested, would be sufficient to resume production.