GoldMining Inc (NYSEAMERICAN:GLDG) Stock Extends Rally: Soars 64% In a Week

There was no news about GoldMining Inc (NYSEAMERICAN:GLDG) on Wednesday but the rally in the company’s stock continued unabated and ended the day with gains of as much as 15%. However, perhaps more importantly, it is perhaps more important to note that over the course of the past month, the stock has performed strongly and managed to generate gains of 64%.

Trading Data

On Wednesday, GLDG stock  surged 14.65% to $1.8 with more than 2.05 million shares, compared to its average volume of 602K shares. The stock has moved within a range of $1.6000 – 1.8100 after opening trade at $1.60.

GoldMining Announces Positive Preliminary Economic Assessment for La Mina Project

The last time any news emerged about GoldMining was back on January 12. At the time, the company announced that it had got positive results from the Preliminary Economic Assessment that had been conducted on its La Mina Project, which is situated in Antioquia, Columbia.

In this regard, it is perhaps also necessary to point out that the assessment report had been prepared according to the provisions of the National Instrument 43-101. The report has inferred that there is evidence that further exploration activities can be conducted at the property. It was a major announcement from the company and hence, it is perhaps not entirely surprising that there is a fair degree of optimism about the GoldMining stock at this point. It might be a good idea to now add the stock to your watch lists.

Key Quote

Alastair Still, CEO of GoldMining commented, “We are extremely pleased with the positive economics demonstrated by this PEA on La Mina. This study represents a milestone for the Company as we have produced our first PEA and continue to advance our projects to unlock value for our shareholders and local stakeholders. With current metal prices well above the $1,600 per ounce gold and $3.39 per pound copper used in the PEA, the Project is highly leveraged to enhanced economics. We are also highly encouraged by the opportunities to build upon this PEA, including drill-ready targets at the nearby La Garrucha deposit which, on the last hole (LME–1106) drilled by the previous operator yielded 271 metres of 1.03 g/t gold and 0.13% copper1.”

Technical Data

GLDG stock is trading above the 20-Day and 50-Day Moving averages of $1.46 and $1.36 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.41.