Nikos Resources shares are going for a nice ride this week. 

Nikos - which has claims contiguous to Goldcorp's Borden Lake property - reported gold in till sampling yesterday. The exploration results set off a flurry of trading in Nikos shares, which since a recent rollback, is very tightly held with about 12 million shares outstanding. 

At the time of writing its marketcap was sub-$1 million, just, with bidding around C$0.12 on strong volume. But then that's four or five times Nikos' market value a couple days back. In a matter of half an hour, the stock had surged to .17.

The excitement comes over gold grain counts in glacial till that is reminiscent of the early days on the Borden Lake gold project next door, a multimillion-ounce gold deposit. That was Probe's key project and discovery until Goldcorp bought it for about $526 million last year.

Nikos is exploring the idea that the structures hosting the Borden Lake gold deposit next door - about 10 kilometres northwest - extend to its claims, which it calls the Borden Lake Extension. As a name, it may be a little presumptuous, but then it may also prove apt.

At the very least, the latest gold grain sampling adds a compelling layer to the overall picture. Gold in till with similar values spoke to underlying gold-bearing structures at Borden Lake, which strike northwest-southeast.

Might they point to the same on its property?

Nikos has done some VLF geophysics (very low frequency) which draws some nice northwest-southeast trending lines. While it's not clear what the VLF speaks to under cover, the hypothesis is that the gold in till may have been pushed down-ice to the south from northwest-southeast trending bedrock structures, as at Borden. Nikos mapping suggests as much.

Nikos overview of geophysics and gold grains. Source: Nikos presentation

So what's next?

Nikos President and CEO Roger Moss - who also runs CKR Carbon, focused on Namibia graphite - ran through Nikos plans on a phone call Wednesday.

Moss wants to do IP geophysics to light up potential structures under extensive cover on the property. "We know it worked really well on Probe's ground," Moss says. That, in turn, could help lead to drill targets.

Moss says Nikos could get started on the work, but will need to raise more money to finish the IP survey and further additional exploration. Like other juniors, he notes, Nikos has been running on fumes.

But then, the sudden investor interest could help Nikos fill up the tank for its next round of exploration.