The week did not start off on a great note for investors in Emgold Mining Corporation (OTCMKTS:EGMCF) as the company saw its stock tank by as much as 6% amidst a selloff. Despite the strong selloff in the stock on Monday, it might be a good idea to take a look at a key development from yesterday.
Trading Data
On Monday, EGMCF stock fell 6.305 to $0.0291 with more than 350 shares, compared to its average volume of 19.2k shares. The stock has moved within a range of $0.0291 – 0.0291 after opening trade at $0.0291.
Releases Positive Soil Sampling Results Defining Two New Exploration Targets At Its Golden Arrow Property, NV
The company was in the news after it announced the results from a soil sampling programme that had been undertaken at Emgold Mining’s Golden Arrow Property NV. It goes without saying that it was an important announcement from the company and investors could do well to take a closer look.
The company announced that as many as 1109 soil samples had actually been collected from the two different zones which are locate in the Southern portion of the Golden Arrow Property. It was announced that on the basis of the results soil sampling, Emgold managed to discover as many as two new exploration targets.
The discovery of two new targets is a major development for the company and it is something that investors could keep in mind when considering the Emgold stock. It remains to be seen if there is any move in the stock any time soon.
Key Quote
David Watkinson, President and CEO of Emgold stated, “Emgold is excited by the discovery of these two new target areas to the south of the Gold Coin and Hidden Hill. Golden Arrow currently has a measured and indicated mineral resource of approximately 300,000 gold equivalent ounces and the Company’s goals are twofold: the first is to expand the Gold Coin and Hidden Hill mineral resources and the second is to develop additional mineral resources from new exploration targets. The discovery of the Big Hope and Kawich prospects is a successful first step in identifying potential new mineral resources at Golden Arrow, subject to exploration success”.
Technical Data
EGMCF stock is trading below the 20-Day and 50-Day Moving averages of $0.0314 and $0.0359 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0464. The stock is down 23% in the past month.
