Although Jaxon Mining Inc (OTCMKTS:JXMNF) made a major announcement yesterday, there was not much effect on its stock and it continued to trade in a range. However, it may be a good time to look into the announcement a bit more closely so that an investors can make up his mind one way or another.
Trading Data
On Tuesday, JXMNF stock ended flat at $0.0294 with more than 150K shares, compared to its average volume of 5.90k shares. The stock has moved within a range of $0.0294 – 0.0294 after opening trade at $0.0294.
Jaxon’s 2021 IP And MT Survey Results Vector In On Netalzul Mt Porphyry System
The company made an announcement with regards to the preliminary summary reports on the results that were obtained from the short interval magnetotelluric (MT) and the DC resistivity/3D induced polarization (IP) geophysical survey that had been conducted in the porphyrytarget area at Netalzul Mt.
The results from the survey has actually proven to be a positive since the IP survey has revealed a large annular IP chargeability anomaly in the area. While it was a significant development for Jaxon Mining, it did not lead to any major move on the stock and it is going to be interesting to see if the stock experiences any action over the course of the coming days. It may be a good idea for investors to keep an eye on the developments with regards to Jaxon Mining at this point.
Key Quote
Mr. Greg Hall, senior technical advisor to Jaxon, commented, “These geophysical results are classic expressions of a large porphyry copper system and support the geochemically defined porphyry target locations. The sulphide vein deposits are the surface expression of outflow from this porphyry. The previously reported mineralized monzonite dykes are snapshots from the underlying porphyry. I would expect the grade of the underlying porphyry to exceed the grade of the monzonite dykes. I look forward to drill testing these anomalies in 2022.”
Technical Data
JXMNF stock is trading below the 20-Day and 50-Day Moving averages of $0.0379 and $0.0452 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.705277.
