April 14, 2011 / 6:03 PM / 6 years ago

UPDATE 1-Sniper fails to find gold in two Nevada holes; shrs fall

April 14 (Reuters) - Gold explorer Sniper Resources Ltd said it did not find significant gold in the two holes drilled in the northwestern edge of its Guild property in Nevada.

Shares of the company slipped as much as 18 percent to 23 Canadian cents on Thursday on the Toronto Stock Exchange. They were later trading at 24 Canadian cents.

The British Columbia-based company said the nearby surface samples had returned 0.018 ounce of gold per ton, but no significant gold intercepts were encountered in the two holes.

The project has shown potential earlier and three holes drilled in the Trench Zone at Guild were “very encouraging.” (Reporting by Aftab Ahmed in Bangalore;Editing by Vyas Mohan)

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