Hopes were dashed for mining companies and shareholders when a massive nickel deposit at Lac Rocher north of Waswanipi turned out possibly to be a dud.

Share prices crashed 24 per cent for Nuinsco Resorces Ltd., the Toronto mining outfit that was conducting the exporation.

Months of hype about the discovery had seen Nuinsco shares climb to $3.26 in February. The company’s find was touted as the finest nickel discovery since the Voisey’s Bay deposit uncovered in 1994. But news came in March that the deposit may not be as rich as first thought.

The company says it will continue its $3.2-million drilling program.