Why Orla Mining Stock Crushed the Market on Monday
Key Points
It discovered something valuable near its Musselwhite mine.
What it found might not be hard to extract.
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Precious metals extractor Orla Mining (NYSEMKT: ORLA) struck a nugget of gold on Monday, as it reported an encouraging news items about one of its mines. Investors rewarded this by bidding the Canadian company's U.S.-listed shares up by more than 12%, easily beating the S&P 500's (SNPINDEX: ^GSPC) 0.4% gain.
Worth its weight in gold
Before the opening of the U.S. and Toronto stock markets, Orla announced that it had found gold deposits 1.6 kilometers stretching (1 mile) away from its Musselwhite mine in the northwest of Ontario (Canada's most populous province).
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The company added that this implies there might be deposits of the valuable yellow metal as much as 2 kilometers (1.2 miles) further from existing resources. These likely won't be challenging to extract, either, as the miner wrote in a press release that surface drilling in the area has identified multiple potential sites for unearthing gold.
Orla quoted its senior vice president of exploration Sylvain Guerard as saying, "These results validate our investment thesis for Musselwhite -- this is a rare, high-quality asset with the geological continuity to support decades of additional production."
Bottom-line boost?
Happily for its shareholders, Orla has every intention of taking advantage of this discovery, which could have a dramatic effect on the fundamentals. Guerard added that the finding "extends far beyond current resources, positioning us for significant resource growth."
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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