Among the many stocks that managed to go on a strong rally on Tuesday, the rally in the Gungnir Resources Inc (OTCMKTS:ASWRF) stock was perhaps particularly notable.
After the company reported the high grade nickel assays from Swedish nickel deposit property, Lappvattnet, investors piled on to the stock in a big way. As investors flocked to the stock on Tuesday, the Gungnir stock soared and ended the day with gains of a much as 47%. Positive results from the assays on a property are always a positive for any mining company and that can often lead to a spike in the stock price as well.
Hence, it was not really a surprise that the Gungnir Resources stock ended up with such gains. However, it is also going to be interesting to see if the stock can continue to hold on to its momentum and add to its gains through the rest of the week.
In this regard, it is perhaps also necessary to point out that the property had last been drilled back in 2007 and the initial batch of assays that the company reported yesterday was from its first drill programme at the property.