There were many gold stocks which had become part of the news cycle on Tuesday and one of those was that Damara Gold Corp (OTCMKTS:SLMZF) stock. While it is true that the stock traded within a range yesterday, it should also be noted that the company made a significant announcement as well.
Trading Data
On Tuesday, SLMZF stock ended flat at $0.0580 with 41 shares, compared to its average volume of 12.40k shares. The stock has moved within a range of $0.0580 – 0.0580 after opening trade at $0.0600.
Discovers New Zone, Completes Trenching and Commences Core Drilling on Placer Mountain
The company announced yesterday that it had been successful in discovering a fresh zone of mineralised quartz veins, concluded mechanised trenching and also started core drilling. The project in question is the Placer Mountain Project that is situated in the Southern part of Princeton.
It goes without saying that the announcement from the company was a significant one but that did not lead to any fireworks in the Damara Gold stock. The stock continued to trade in a range on Tuesday and it is going to be interesting to see if the latest announcement leads to any rally over the course of the coming days or not.
At this point in time, it may be a good idea for investors to consider adding the Damara Gold Corp stock to their watch lists and keep an eye on the price action.
Key Quote
Larry Nagy, CEO, commented “We are very excited to be drilling again at Placer Mountain and testing the along strike extensions of the Main Vein we intersected last Winter. We eagerly await analytical results on the new Kodiak Zone, which will provide us with a second major target to test this year. The recently flooding has unfortunately had a devastating effect on the nearby town of Princeton, and we are working closely with local suppliers and contractors to ensure everyone’s well-being and safety during these difficult times.”
Technical Data
SLMZF stock is trading below the 10-Day and 20-Day Moving averages of $0.0591 and $0.0585 respectively. However, the stock is trading above the 50-Day moving average of $0.0.539.
