Investors in mining company Maple Gold Mines Ltd (OTCMKTS:MGMLF) are going to be hoping for a quick rebound in the company’s stock today after it had tanked by as much as 4% on Tuesday.
Market Stats
On Tuesday, MGMLF stock slid 3.92% to $0.2550 with more than 200k shares, compared to its average volume of 246k shares. The stock has moved within a range of $0.2550 – 0.2690 after opening trading at $0.2660.
Adds a Second Drill Rig at Douay, Prepares for Phase I Drilling at Eagle, and Announces Board Changes
Yesterday, the company was actually in the news after it made an announcement with regards to its joint venture with Agnico Eagle Mines. The company announced that the joint venture, which is 50% owned by Maple Gold, added a second rig as part of the drilling initiative at the Douay Gold Project in fall of 2021. The project in question is located in Quebec in Canada.
While that was an important announcement from the company, it is also necessary to add that Maple Gold provided another important update as well. The company is also planning to start a Phase 1 drilling program at the Eagle Mine Property, in which it holds 100% ownership.
Maple Gold noted that it is going to start the Phase 1 drilling programme at the initiative at some point in January next year. Despite the fall in the stock price, Maple Gold is a company that investors could consider tracking over the course of the coming weeks.
Key Quote
“We are pleased to have secured a second rig to accelerate completion of the Fall 2021 drill program and in anticipation of ramping up our exploration activities in Q1 2022,” stated Matthew Hornor, President and CEO of Maple Gold. “It is an exciting time for Maple Gold with two rigs now available to complete up to 20,000 meters of planned drilling across our ~400 km² property package, including testing high priority targets at Eagle in a matter of weeks. I would also like to welcome Michelle Roth as the Company’s next Chairperson, while thanking Sean Charland for having served so ably in that role since 2020. Michelle’s extensive experience across both the private and public sectors strengthens our senior leadership and corporate governance at a key inflection point in the Company’s growth trajectory.”
Traders Corner
MGMLF stock is trading below the 20-Day and 50-Day Moving averages of $0.26 and $0.27 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.27.
