Almaden Minerals Ltd (NYSEAMERICAN:AAU) jumped 2%. The company recently announced that considering the increasing COVID-19 cases number in the Ixtacamaxtitlan municipality, it has decided to halt drilling for 14 days, but that is just a precautionary measure.
However, none of the core logging/drilling and processing teams have been infected, but several cases have been reported among the company’s local staff members. The individuals are in quarantine, and Almaden is working with local authorities to establish how it can help in the area.
So far, the company has completed only one hole to a depth of around 785 meters at the Southeastern Alteration Zone. Already core is split and sent for evaluation. The company will share the results of the assay once it receives and validates them. Almaden owns 100% of the Ixtacamaxtitlan project, which hosts probable and proven reserves of 1.38 million gold ounces and 85.1 million silver ounces. So in the coming weeks, investors should keep an eye on AAU.
Market Reaction:
On Friday, AAU stock gained 2% at $0.4218 with more than 814k shares, compared to its average volume of 560k shares. The stock has moved within a range of $0.4100 – 0.4285 after opening the trade at $0.41
