* Results from 16-hole drill program at a Nevada project
* Shares down as much as 27 pct
Dec 10 Shares of Nevada Sunrise Gold Corp
(NEV.V) fell as much as 27 percent on Friday, a day after the
gold explorer said no areas with significant deposits were
found from a drill program at its Golden Arrow gold-silver
project in Nevada.
The project has measured and indicated resources of 12.2
million tons and the objective of the new drill program was to
add to the defined resource through discovery of new centers of
mineralization, Nevada Sunrise had said in a statement.
The company, which has a portfolio of four exploration
projects in Nevada, said the results from the 16-hole drill
program completed at the Golden Arrow showed no broad intervals
of significant gold mineralization.
Shares of Nevada Sunrise, which have gained 46 percent in
the past year, were trading down 25 percent at 16.5 Canadian
cents on Friday morning on the Toronto Venture Exchange after
touching a low of 16 Canadian cents earlier in the session.
(Reporting by Arnika Thakur in Bangalore)