It has been a pretty tough period for investors in the company Madoro Metals Corp (OTCMKTS:MSTXF) over the course of the past week and has gone down by as much as 20%. In light of such a drop, it might be a good time for investors to figure out if the drop in the stock price could in fact prove to be an opportunity or not.
Trading Data
On Thursday, MSTXF stock ended flat at $0.0540 with more than 56 shares, compared to its average volume of 5.3k shares. The stock has moved within a range of $0.0540 – 0.0540 after opening trade at $0.0550.
Madoro Samples up to 1.2 kg/t Silver and 3.97 wt% Copper in Newly Discovered Polymetallic Skarn at Yautepec Project
In this context, it is important to point out that there has been no news about the company in the past few months and in fact, the last time it was in the news was back on August 3 this year.
At the time the company provided an update in relation to the exploration results from the southern part of the Yautepec project. The company announced at the time that it had managed to discover a trend of unrecognised epithermal alteration stretching across 7 kilometres.
While it is true that it was a major announcement, there has not been any further updates from the company. The latest selloff in the stock may not be related to the announcement made by the company at the time but it is something that investors ought to keep in mind.
Key Quote
“The discovery of well-mineralized polymetallic skarn along the western Yautepec caldera margin was realized through the disciplined application of Madoro’s exploration model which, to date, has yielded remarkable success throughout the Yautepec project,” said David Jones, Exploration Manager and Director of Madoro Metals.
Technical Data
MSTXF stock is below the 10-Day and 20-Day Moving averages of $0.0638 and $0.0644 respectively. Moreover, the stock is below the 200-Day moving average of $0.0780.
