TORONTO - WSR Gold Inc. shares soared to their highest price in more than a three years Wednesday after the exploration company (TSXV:WSR) reported preliminary sightings of copper, zinc and lead mineralization along the Ring of Fire in northern Ontario.

WSR shares closed at 79 cents, up 13 cents or 19.7 per cent with more than 5.7 million traded, the highest volume on record for the company. The perennial penny stock had earlier touched $1 for the first time since it last spiked in early 2005.

The excitement followed WSR's announcement of preliminary findings from a hole drilled on a 160-acre property under option by WSR. It's in a joint venture project with Metalex Ventures Ltd. (TSXV:MTX) and Arctic Star Resources Inc.(TSXV:ADD).

All three companies were among the most heavily traded Wednesday at the TSX Venture Exchange. Metalex shares gained two cents or 5.5 per cent to 38.5 cents with 6.7 million traded. Arctic Star's fell one cent or 6.9 per cent to 13.5 cents with 5.4 million of its shares traded.

Wednesday's announcement was based on the observations of John Harvey, a consulting geologist to WSR. Samples are being prepared for shipping to an independent assay laboratory, it said.

"WSR believes that the recent drill hole results, with the presence of visible copper, zinc and lead sulphides being observed on site by the project's geologist are very encouraging and could be of significant importance to the Joint Venture Partners if the assay results pending are favourable. Notwithstanding the foregoing, visible observations are estimates only and pending assay results may not confirm visual observations in whole or in part," the company said.

WSR says it can acquire 50 per cent of the McFauld's Lake property under an agreement with Noront Resources Ltd. (TSXV:NOT). Its shares gained 50 cents or 14.7 per cent to $3.90 on Wednesday with 735,336 traded at the TSX Venture Exchange.

The joint venture project is 45 kilometres north of Noront's Eagle One discovery, which is also along the Ring of Fire - a relatively untapped area of heavy mineralization - in the James Bay region of northern Ontario.