Anyone who is interested in the gold sector stocks might have noticed that the Bravada Gold Corporation (OTCMKTS:BGAVF) stock had been one of the major laggards yesterday. The stock suffered from a relatively strong selloff and ended up with a decline of as much as 6% as a result.
Trading Data
On Monday, BGAVF stock ended flat at $0.0345 with more than 28 shares, compared to its average volume of 52k shares. The stock has moved within a range of $0.0345 – 0.0345 after opening trade at $0.0345.
Bravada Receives Amended BLM Permit Approval for Wind Mountain Au/Ag Project, Nevada
In this situation, it might be a good move for investors to take a look at the development from yesterday that may have triggered the selloff. The company came into focus yesterday after it announced that it had got the necessary approval with regards to an amendment to tis drilling permit.
The submission with regards to the permit had actually been made by Bravada Gold back in September last year. As one can see, the permit was amended after a considerable delay. However, there is not much to see into it since it was also announced yesterday that the delay had been caused due to staffing issues brought about by the coronavirus pandemic.
The company had to raise its bond by a negligible degree, the company will now be able to do deeper tests at as many as five new drilling sights.
Key Quote
President Joe Kizis, commented, “The banding seen in drill chips indicates that several stages of sealing and breakage occurred within the vein zone, which is important for developing high grades in low-sulfidation deposits. Silver is often enriched in the upper portions of these systems because gold typically is deposited preferentially deeper. Enriched silver to gold ratios returned from our recent drilling, along with observations of relatively low-temperature quartz vein mineralogy, indicate that our current drilling only tested shallow portions of the vein zone; therefore, we expect that major gold enrichment should lie at a deeper elevation. The upper portion of the hole planned from Site G will also test a possible shallow extension of disseminated resource.
Technical Data
BGAVF stock is trading below the 20-Day and 50-Day Moving averages of $0.0384 and $0.0388 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0567.
