The sheer dumb luck of mineral exploration was recently crystallized by Goldsource Mines (TSX.V:GXS) on April 22nd, 2008. While the company was drilling its Border property in Saskatchewan for diamondiferous kimberlites, coal was intercepted in two holes 1.64 kilometres apart.

None too choosy about what it is they actually end up mining, the management team, led by 35 year mining veteran Scott Drever, quickly retooled the exploration program to expand on the serendipitous discovery.

That day also saw Goldsource's stock take off on a meteoric trajectory that has since seen as high as $19 a share, before plummeting back to $4, and as of today, back up to $14.60. All this in the space of three short months.

Its difficult to keep up without having a heart attack.

Today's news, however, has given participants across the board reassurance. The fifth drill hole is in, and confirms the existence of two continuous coal seems of 12 and 8 metres in thickness across 3 kilometres. The width of the strike is yet to be determined by more drilling.

However, given the consistent thicknesses of the seams across 3 kilometres and better, it would appear that the company is correct in its assessment that its property straddles a major coal basin with numerous sub basins.

Management are clearly big believers in the greater potential of the project.

Since the discovery hole was announced on April 22nd, there have been no shares reported sold by any insiders, and in fact, insiders have been accumulating shares paying as much as $2.14 a share. The exception is Don Berkey, a director, who sold 5,000 shares at $6.90 the day before the news was announced.

Drilling continues on the property. Meanwhile, shares have lost nearly 13% of their value since the start of trading today, demonstrating how volatile the share price will remain until a more comprehensive evaluation of the scope of the project is complete.