Chances are the next few days the volume will dry up and the stock will sell off. Let us face it all that stock had to come from somewhere. If you know of something in the works like an upcoming drill program these are all signs to buy and hold. When the company gets closer to drilling there may be enough hype at higher prices to get out of the stock when everyone else is getting in. You may even want to keep some shares just in case they do strike it rich.
Momentum traders love resource stocks.
Timing and volume are the most important factors. Sometimes you are in and out of the stock several times. Buy cheap and wait a little while until drilling is about to begin. On hype with the volume sell it. When it pulls back sharply and the day traders take their losses, buy it again for a bounce up.