New Nadina Explorations Ltd. (
TSX: V.NNA,
Stock Forum) was among the volume leaders on the TSX Venture Thursday following a favourable appeal court ruling over a dispute with a land owner the Silver Queen property near Houston, British Columbia.
The stock was up 150% to 2.5 cents on volume of 4.9 million, leaving a market cap of $2.1 million, based on 84.5 million shares outstanding. The 52-week range is $0.025 and $0.005.
New Nadina issued a press release on June 3, 2015, stating that a petition brought forward by Donald Christmann and a B.C. numbered company has been dismissed by the Court of Appeal in Vancouver.
As a result of this decision, New Nadina can now continue its exploration work, the company said. “Any remaining issues surrounding conditions of entry or compensation to be paid to the landowner can be dealt with by the Surface Rights Board of B.C., the company added.
The Silver Queen property covers over 7,155 hectares and has undergone many phases of exploration and development over its nearly 100-year history, according to a 2011 technical report that was designed to guide future exploration.
The project is located about 30 kilometres southwest of the former Equity Silver Mine. It is also located on an all season maintained road designed to service the Huckleberry mine at Owen Lake, which is operated by
Imperial Metals Corp. (
TSX: T.III,
Stock Forum).
However, work on the ground has been relatively dormant since the publication of a non NI 43-101 compliant resource in 1988.
In September 2011, drilling tested a geophysical anomaly and discovered a copper-moybdenum-gold porphyry on private land, the company said. New Nadina went on to say that up to this discovery, landowner consent had been freely given.