Paul GarveyWednesday, 18 October 2006IT WAS a case of commodity...

Paul Garvey
Wednesday, 18 October 2006

IT WAS a case of commodity prices sneezing and resource equities catching a cold on the market today, with only a late turnaround restoring some respectability to mining stocks. There will be, however, at least one junior that will be feeling pretty chuffed with itself after appreciating in excess of 90% in trade today.




Jackson Gold has been kicking around the outback of Western Australia for some time now, but if the announcement released by the junior explorer today is anything to go by, the company may well have stumbled upon that rarest of exploratory beasts – a virgin outcropping discovery in WA.

Jackson says it has identified two outcropping structures – dubbed K16 and K15 – extending at least 900m and 250m, respectively.

Rock chip sample grades at K16 average 4% copper and 1.01 grams per tonne gold, while K15 returned averages of 7.8% copper and 2.35gpt gold.

The market obviously liked the sound of the story, catapulting Jackson's share price from 11.5c at opening to an intraday high of 22.5c, before closing back at 22c a share – a single-day gain of 91.3%.

It represents the first time Jackson has ended the day above 20c since February last year.