Penny Stock on Watch: North Springs Resources Corp. (NSRS)
  • Penny-Cap Stock on Watch: North Spring Resources Corp. (NSRS)
  • Stock Alert for North Springs Resources Corp. (NSRS)
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    Penny Stock on Watch: North Springs Resources Corp. (NSRS)

    Penny Stock on Watch: North Springs Resources Corp. (NSRS)

    North Springs Resources Corp. (OTC: NSRS) plunged nearly 41% to close Thursday trade at $0.970, snapping a seven-day rally. Over 64.77 million shares exchanged hands during the session, versus the 10-day average of 34.23 million.

    North Springs yesterday announced the receipt of additional geochemical results, including silver values from the initial sampling program conducted during phase one exploration at the Imperial Gold Silver Property.

    NSRS shares saw an interesting spike in late January after the company said it has commenced phase one exploration at the said property in Esmeralda County Nevada, located about 150 miles northwest of Las Vegas in the Railroad Springs Mining District.

    Commenting on the latest news, North Springs President Harry Lappa said all of the underground samples from the initial phase one exploration program tested positive for silver, another important confirmation that the Company’s assessment of the potential at Imperial is correct.  Lappa added that the consistency, grade, and potential scale of the gold and silver mineralization encountered at the old Imperial Mine site and Resources Target area are all very bullish indicators for the project.

    As previously reported, the Imperial Property consists of 24 unpatented mineral claims covering about 480 acres and includes the historic workings of the high-grade Imperial Mine. Previous exploration has identified four high-priority target areas at the Imperial Property; Imperial Fault Target, Jasperoid Breccia Target, IP Target, and Resource Target. Geochemical and environmental studies are expected to be followed by a reverse-circulation drilling program intended to test previously identified mineralized zones and potentially increase the 50 K ounce gold resource estimate made by previous operators.

    North Springs expects phase one exploration expenditures at the Imperial Property to surpass $250 K this year.

    As stated by Lappa, the Imperial Property is a vital component in the company’s exploration portfolio because it has many of the key characteristics we look for in a potential mining project, including close proximity to historic production, clearly defined exploration targets, and a strong possibility for additional gold discoveries.

    This, along with the North Springs Property in Nevada and the Goldstar Property in Arizona, make three currently active exploration programs underway for the company,” Lappa said.

    Shares of NSRS have gained 19.2% in the last five days; 104.6% in the last month; and 9,600.0% in the six months to date.

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