This week was a big week for North American Nickel NAN and it's 100-per-cent-owned Maniitsoq nickel-copper-cobalt-platinum-group-metal project in southwest Greenland. Not just the Greenland project but also the company. Earlier the company announced that Rick Mark the CEO was stepping down. At first the the stock took a wee bit of a hit but bounced back rather quick. Then later in the week came the next announcement that the drill crews had arrived and the first drill was putting a bit to the ground on the first of many holes planned through out the summer.
This morning however things started to go a bit strange. Not your regular blah blah trading with the ho hum volumes. Today the stock took off like a rocket and blew past it's 52 week high. Shot all the way up to 57 cents before settling back at 53 cents on the day. Volume was over 700,000 which is the highest this year.
It's great to see this happening because this is one of those plays that could very well hit the big times. Some say that this could very well be the next Voisey's Bay or Raglan. For those of you who remember Voisey's Bay back in the early 1990's, it was Diamond Fields that did that discovery and shares went from a few bucks to over 120 bucks in a matter of a year and a half. I am not saying that NAN is going to do the same but the proof is in the pudding. One only has to look at last years drill assays and seeing cores as high as 7% nickel will tell you that this area HAS high grade potential. Greenland being the last frontier and North American Nickel being in on the ground floor could very well spell a lot of Ka Ching for investors this year.
The second drill is suppose to start drilling in the next few weeks so there will be two drills running all summer long. This year's drilling is to define just how huge the deposit really is. Drilling over the past 2 years has pointed to what very well could become another Sudbury Basin or Voisy's Bay, Raglan type deposit. (Added note: I am long NAN stock)
In other news this week, the president of Ecuador says they are going to revamp the mining laws in that country. Not for the worse either but for the better. They plan on cutting out a lot of red tape and make it easier for mining and resource companies to come to Ecuador to do business. This was good news for some of those who explore in Ecuador for sure. Ecuador Gold & Copper EGX did a pop and got some interested new holders in the stock as did INV Metals INV
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