On Thursday, ATEX Resources Inc (OTCMKTS:ECRTF) may have been in the news cycle following a key announcement but it did not lead to any kind of strong move in its stock, which remained within a range. In this context, it may be a good move to take a look at the announcement.
Trading Data
On Thursday, ECRTF stock ended flat at $0.29 with more than 2k shares traded, compared to its average volume of 2.6k shares. The stock has moved within a range of $0.2900 – 0.2900 after opening trading at $0.29.
Update on Valeriano Copper Gold Project with Drilling Planned to Commence in January 2022
The company noted yesterday that it had signed the necessary contract with the company Atacama Drilling for the purpose of a pair of diamond drill rigs at the Valeriano Copper Gold Project. The drilling activity is going to begin at the site at some point in the middle of this month.
However, that is not all. The company also noted that the plans for a third rig is also in the works so that ATEX can further expand its exploration programme. The announcement from the company was a significant one and it is likely that it might have brought the ATEX Resources stock to the attention of investors.
It now remains to be seen if there is any action in the stock over the course of the coming days as ATEX Resources gets ready to start the exploration programme.
Key Quote
“With the 2022 exploration season ramping up quickly, the following few months should be exciting times for ATEX,” said Raymond Jannas, CEO of ATEX. “The majority of the necessary exploration infrastructure is in place, with construction of the exploration camp in the final stages, and all necessary permits are in hand. Upon completion of the geophysical survey, drill plans will be finalized and drilling is scheduled to begin in mid-January. We anticipate that the drilling program will be finished in March.”
Technical Data
ECRTF stock is trading above the 20-Day and 50-Day Moving averages of $0.2898 and $0.2403 respectively. However, the stock is trading above the 200-Day moving average of $0.1507.
