* Results from 16-hole drill program at a Nevada project
* Shares down as much as 27 pct
Dec 10 (Reuters) - Shares of Nevada Sunrise Gold Corp NEV.V fell as much as 27 percent on Friday, a day after the gold explorer said no areas with significant deposits were found from a drill program at its Golden Arrow gold-silver project in Nevada.
The project has measured and indicated resources of 12.2 million tons and the objective of the new drill program was to add to the defined resource through discovery of new centers of mineralization, Nevada Sunrise had said in a statement.
The company, which has a portfolio of four exploration projects in Nevada, said the results from the 16-hole drill program completed at the Golden Arrow showed no broad intervals of significant gold mineralization.
Shares of Nevada Sunrise, which have gained 46 percent in the past year, were trading down 25 percent at 16.5 Canadian cents on Friday morning on the Toronto Venture Exchange after touching a low of 16 Canadian cents earlier in the session.
Reporting by Arnika Thakur in Bangalore