A Toronto-based micro cap just announced that it has signed a contract for diamond drilling services for the first phase of drilling at the Nassau Gold Project, Suriname. It is anticipated that the drilling will commence in early June once access roads and drill pads have been constructed. Shares of 79North Inc. (CSE:JQ) rallied on the news.
79North is a mineral exploration company focused on the acquisition, exploration, and development of properties for the mining of gold and other minerals. It holds an indirect interest in mineral concessions in northern Suriname and aims to be the junior exploration company in this under explored district of the prolific Guiana Shield.
Its growing portfolio of high-quality targets which have not undergone modern exploration or drilling have a long history of artisanal mining and are strategically located near modern gold mines operated by mining companies.
Traders were bullish on the news as shares climbed up to a session high of $0.10/share (+11.11%). This move comes after the stock found support near the bottom of its multi-month trading range that has corralled the price since the pullback experienced from 2020.
