Timberline Resources: Pump Up the Volume
COEUR D'ALENE, Idaho (TheStreet) -- Timberline Resources (TLR) shares rallied sharply higher Tuesday on heavy volume after the company increased its gold mineralization estimate on a joint venture project.
Timberline Resources said it has completed an updated calculation of the estimated gold mineralization at its Butte Highlands Gold Project joint venture, increasing its total anticipated mineralization to over 750,000 ounces of gold at an overall grade of 0.26 ounces per ton.
"This additional mineralization is expected to significantly increase our mine life, and there is still the possibility of increasing the mineralization and the mine life as we get into production," said Timberline's Executive Chairman and Vice-President of Exploration Paul Dircksen.
The increased calculations came on a day when gold touched a new record high of $1069.70 an ounce.Shares of the mining company were jumping by 33 cents, or 29%, to $1.47. Earlier in the session, the stock touched an intraday and new 52-week high of $1.58. More than 1.1 million shares changed hands after two hours of trading Tuesday, compared to the stock's three-month average daily volume of 289,000, according to the Yahoo! Finance. Timberline Resources has a 29 million-share float with a short interest float of 2.1% as of Sept. 10, according to Yahoo! Finance. More than 19% of the company's shares are held by insiders with only 0.7% owned by institutions. Read more about today's high-volume stocks like 21st Century Holdings in earlier "Pump Up the Volume" posts. -- Written by Robert Holmes in New York.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV