Many mining stocks have had a tough time in the past week and one of those is the Cerrado Gold Inc (OTCMKTS:CRDOF) stock. Although it is true that the company was in the news on Wednesday, it should be noted that the stock has performed poorly and declined by as much as 6% over the past week.
Trading Data
On Wednesday, CRDOF stock fell 2.52% to $1.16 with more than 7.4k shares, compared to its average volume of 11.2k shares. The stock has moved within a range of $1.1600 – 1.2720 after opening trade at $1.25.
Cerrado Gold Reports Positive Drill Results from Its Initial Satellite Exploration Program at the Monte Do Carmo Project in Brazil
Yesterday, the company was in the news cycle after it made an announcement with regards to the preliminary results from the exploration drilling initiative across a range of satellite deposits scattered across the Monte do Carmo project. The project in question is situated in Tocantins States in Brazil.
In this regard, it should be noted that the exploration programme had been kicked off by Cerrado Gold in the second quarter of 2021 and at the time it had been decided to mainly target the satellite deposits at the site.
Yesterday, the company announced the assay results that had been derived from as many as 39 drill holes spread across the satellite targets. The company noted that it found visible gold as well as mineralised alteration zones across the property. It remains to be seen if the stock can make a recovery this week.
Key Quote
Mark Brennan, CEO and Co-Chairman commented “The preliminary drill results support our hypothesis for the district potential at Monte do Carmo. We see substantial evidence of visible gold and mineralized alteration throughout the property and expect most of the satellite deposits to add material ounces to an already extremely robust resource base. We will continue extensive testing and drilling of the newly found discoveries in the new year. “
