Black Mountain Gold USA Corp (OTCMKTS:BMGCF) Stock Falls 11% In a Week

If you have been looking into mining stocks in recent days then you might have noticed that the Black Mountain Gold USA Corp (OTCMKTS:BMGCF) stock has performed poorly.

Trading Data

On Tuesday, BMGCF stock ended flat at $0.2817 with more than 100 shares traded, compared to its average volume of 5.4k shares. The stock has moved within a range of $0.2817 – 0.2817 after opening trading at $0.2817.

Reports Results of Induced Polarization Survey at its Mohave Gold Project, Arizona

Over the course of the period, the stock has declined sharply and gone down by as much as 11%. However, at this point, it is also necessary to note that Black Mountain Gold made a key announcement yesterday and it may be a good idea to take a look into it a bit more closely. The company announced yesterday that it had got the results related to the Induced Polarization (IP) survey that had been conducted at the Mohave Gold Project by Geofisica TMC S.A. de C.V.

The initial reading of the results suggests that the historic projects located in the area are in the outer area of a moderate chargeability anomaly. The Chief Executive Officer of the company Graham Harris spoke about the results as well. He stated that Black Mountain Gold was happy with the results and went on to state that the range anomalies that had been detected is an indication that it might be possible to further expand the mineralised zones at the property.

Key Quote

Graham Harris, CEO and Director, commented, “BMG is encouraged by the results from the IP survey over the northern prospects on the property. The various anomalies suggest potential to expand mineralized zones at depth into the sulphide domain as well as identifying various buried targets. Detailed interpretation of the IP results and optimization for drill targeting are underway in preparation for the drill program planned for 2022.”