This past Friday, Majestic Gold Corp (OTCMKTS:MJGCF) was in the news after it made a key announcement with regards to the review of its lithium projects. However, the announcement did not lead to any major move in the stock and it traded within a range.
Trading Data
On Friday, MJGCF stock ended flat at $0.0419 with more than 80 shares, compared to its average volume of 4.2k shares. The stock has moved within a range of $0.0419 – 0.0419 after opening trade at $0.0419.
Majestic Reports on Lithium Projects in Western Australia
However, ahead of the beginning of another trading week, it may be a good move to take a closer look at the development from Friday. The company released the initial review that it had conducted in the four lithium tenements that are located not too far away from Kalgoorlie in the state of Western Australia in Australia.
The completion of the initial review is an important milestone and it remains to be seen how Majestic Gold proceeds with the project in the coming months. Beijing based SRK Consulting China Ltd had been contracted for the purpose of conducting the initial review on the tenements.
The initial survey had a major focus on the Leonora and Sir Samuel lithium tenements. Lithium is now a highly sought after commodity in many industries and it now remains to be seen if the news leads to any bullish tendency in the Majestic Gold stock over the coming days.
Technical Data
MJGCF stock is trading below the 20-Day and 50-Day Moving averages of $0.0446 and $0.0467 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0464. The stock is down 16% in the past month.
