Walker River Resources Corp (TSXV: WRR) shares have jumped more than 37% over the past two trading sessions to its current price of $0.48 per share. The company hasn’t released news, but a closer look at its recent activities shows a property with promise.
Walker River is developing its Lapon Gold Project, which consists of 2940 acres situated in Nevada’s Walker Lane shear zone. Walker Lane is home to some historic high-grade mines, such as the Comstock Lode silver/gold mine and Esmeralda/Aurora mine.
While Walker Lane is less well known than Nevada’s prolific Carlin trend, its discoveries have been much higher grade compared with Carlin’s operating mines that mostly produce at less than one gram per tonne gold.
Walker River Resources kicked off its current reverse circulation (RC) drill program at Lapon back in May, consisting of exploration drilling near the historical Lapon Canyon Mine, the ‘Central Zone’, and the newly discovered ‘Hot Spot Zone’. The ‘Hotspot Zone’ was the primary target for the 2025 drill program, which is the company’s high-grade, near surface discovery, and potential porphyry system, made in 2021.
The most recent drill results, released in December, included 3.05 grams per tonne (g/t) gold over 53.3 metres (m), starting at 117.4m, and 6.67 g/t gold over 18.3m. The company noted that drilling at Hotspot has significantly expanded the footprint of gold mineralization to the south and east, with consistent gold mineralization noted throughout the Zone.
Recent investor interest in Walker River Resources could be speculation that a resource estimate will be released soon. We are anticipating a nearly 2-million-ounce gold resource, but that has yet to be confirmed. Also, assays for about 15 holes are due.
Walker River Resources has just about 50 million shares outstanding, excluding the potential exercise of warrants and options, which should act as a tailwind for its stock price performance.
The company has avoided excessive dilution of its shares by entering into an exploration stream earn-in agreement with Nevada Canyon Gold Corp. Nevada Canyon can earn up to a 50% interest in the Lapon Canyon project by spending US$5 million in exploration over a three-year period.
Walker River’s market cap is a mere $25 million, give or take a couple mill.
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