What happened to the Adriatic Metals share price?
At the time of writing, shares of Adriatic Metals PLC [ASX:ADT] are up by 18.75%, to 38 cents, in today’s trading.
Why did Adriatic Metals’ shares do this?
The market seems to be catching onto the company’s exceptional drill hit on Tuesday. Adriatic hit 64 metres of mineralisation, grading 4.6 grams per tonne of gold, 537 grams per tonne of silver, 0.9% copper, 7.7% lead, and 10.8% zinc.
What now for Adriatic Metals?
There’s no other way to say it: this week’s drill result was simply world-class. Adriatic’s Chief Executive Officer, Geraint Harris, commented at the time:
‘“The results from BR-2-18 are exciting in a number of respects: firstly we have revealed the continuation of thick mineralisation on a 80m step out hole, which has the potential to add significant tonnes to any future resource; secondly we have assays confirming that this extension has grade continuity in excess of the exceptionally high grade precious and base metals content of BR-1-17, which make these some of the highest grade polymetallic results on the ASX.”’
Indeed, we can’t argue with his comment. That said, will it be a one-hit wonder? Many resource companies announce excellent results, but can’t follow them up. If the company can hit similar results in the nearby future the share price could skyrocket…
Resources Analyst, Markets & Money
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