Shares of Greenland explorer on a wild ride after drill results

Punters took North American Nickel (CVE:NAN) on a wild ride on Thursday after the Greenland-focused explorer announced high grade nickel-copper-cobalt mineralization at its Imiak Hill discovery, part of its 100%-owned Maniitsoq property in Greenland.

After the Vancouver-based company announced assays of up to 7.06% nickel and 6.26% nickel from two drill holes from Imiak, punters initially sent the venture exchange counter soaring more than 17%, but by lunchtime North American Nickel was more than 6% in the red.

Just under 2 million shares had changed hands by 1:00pm EDT, almost five times the usual daily volume as investors scrambled to get in on the action, whether it was on the way up or down.

North American Nickel, which also owns properties in Ontario, and the Thompson, Manitoba nickel belt, is worth $41 million. VMS Ventures (CVE: VMS), which owns approximately 27.5% of NAN, was also trading up on Thursday.

Click here for the detailed drill results.