NunaMinerals A/S, an explorer of precious metals and diamonds in Greenland, climbed the most since selling shares in Copenhagen more than five years ago after saying it made the largest gold discovery in its history.
NunaMinerals jumped almost fourfold, the biggest intraday gain since its initial public offering in June 2008. The stock was up 91 percent at 14.30 kroner as of 11 a.m. in the Danish capital, with trading at almost 35 times the average daily volume during the last three months.
NunaMinerals, which is based in the Arctic island’s capital city, Nuuk, is developing about a dozen mining prospects on the island, including deposits containing gold, diamonds, rare earth minerals and copper. The company today said that a surface exploration at its Vagar prospect in South Greenland identified “several” new gold targets while “considerably extending” the dimensions of existing targets.
“This year’s exploration activities at Vagar have produced the best results in our company’s history,” Chief Executive Officer Ole Christiansen said in a statement. “The identification of the strongest in-sediment gold anomalies discovered in Greenland, combined with the exceptionally high grade gold mineralization identified from channel sampling at Amphibolite Ridge demonstrates the enormous potential of the Vagar gold project.”