The Scotch Creek Ventures (OTCMKTS:SCVFF) stock has continued to be in the good books of investors and the trend continued on Wednesday as the stock managed to record gains of as much as 16% for the day. The gains made by the stock yesterday took its cumulative gains for the past week to as much as 63%.
Trading Data
On Wednesday, SCVFF stock moved up 16.34% to $0.6694 with more than 327k shares, compared to its average volume of 8k shares. The stock has moved within a range of $0.6293 – 0.7700 after opening trade at $0.6293.
Receives Drill Permit for Macallan East Lithium Project
As it happens, the rally in the stock on Wednesday came about after Scotch Creek made a key announcement with regards to one of its projects. The company announced that it had received the much anticipated drilling permit for its Macallan East Lithium project situated in Clayton Valley in Nevada from the Bureau of Land Management.
At this point in time, there is considerable excitement regarding lithium projects since the element is used in a wide variety of industries and that may have led to the rally in the stock yesterday. Matt Vitale, who is the Chief Technical Expert of the company, spoke about the development as well. He stated that the company was excited at the prospect of commencing drilling activities at the site and is hopeful that it could prove to be the next major lithium resource in the United States.
Key Quote
Matt Vitale, Scotch Creek’s Technical Expert, commented “Clayton Valley’s basin has collected, retained, and concentrated lithium into both mineral brines and claystone. The Macallan East Lithium Project is located along a key portion of the eastern margin of the basin. This eastern margin seems to be preferential for lithium concentrations in the Clayton Valley, based on adjacent projects. We are excited to begin our drill campaign in hopes of discovering America’s next considerable lithium resource.”
