Why Celtic Exploded

Article Excerpt

CELTIC MINERALS $1.13 (Toronto symbol CME; SI Rating: Start-up) (403-261-2890; www.celticminerals.com; Shares outstanding: 60.0 million; Market cap: $67.7 million) jumped from $0.40 to as high as $1.24 recently after it made a promising discovery at its 100%-owned Kingurutik property in Labrador, 85 kilometers northeast of Inco- CVRD’s big Voisey’s Bay mine. The results came from two grab samples (rocks lying on the surface of the ground) broken off from a frost-heaved outcrop. Grab samples are about the earliest stage of any exploration effort. However, one sample yielded a high 1.09% nickel and 0.2% copper, the other an equally impressive 0.91% nickel and 0.59% copper. As a result of this new discovery, Celtic increased its Kingurutik claims from 90 to 2,056 claims totalling 514 square kilometers. It’s now bringing in two drill rigs for a 5,000- meter drill program. It’s a long way between the phase Celtic is now in, and the commercial production phase when cash flow begins. While mineral formations like Inco-CVRD’s…