Gold Springs Resource Corp (OTCMKTS:GRCAF) Stock In Focus After Recent Updates

Last week the Gold Springs Resource Corp (OTCMKTS:GRCAF) went through a pretty strong selloff and ended up with a decline of as much as 6% as a consequence. Many of the investors are going to be hoping for a quick turnaround in fortunes for the stock and hence, it might be useful to perhaps take a look at the developments from last Friday.

Trading Data

On Friday, GRCAF stock ended flat at $0.1570 with 1K shares, compared to its average volume of 9.3K shares. The stock moved within a range of $0.1570 – 0.1570 after opening trade at $0.1570.   

Gold Springs Resource Corp. 2022 Drilling Objective for the “White Point” Target

On that day, the company made a presentation with regards to its plans for the drilling activities at the ‘White Point’ target for 2022. It was a major new announcement from the company but clearly it could not revive the fortunes of the stock, which ended the week in the red.

The executive vice president of the company Randall Moore spoke about it as well. He noted that the White Point discovery remains one of the major opportunities for the company at this point in time. To this end, the company is aiming to get a new resource at the property and preferably a resource that is located not too far away from Grey Eagle resource one. It now remains to be seen if the stock continued to sink this week or if recovers.

Key Quote

Randall Moore, Executive Vice President of Exploration, stated: “The White Point discovery is a great opportunity for our Company and one of our objectives is to be able to develop a new resource area near the Grey Eagle resource one. These two systems are close to each other and to “Homestake”, our 2019 discovery, where the hole HS-19-007 intercepted 6.1 meters of 22.88 g/t gold. Within these three zones, we believe GRC has identified a significant area for gold discovery and resource development, which will be one of our focuses for our drilling programs. These are the highlights of the 9 holes completed at “White Point” in 2021:

Technical Data

GRCAF stock is below the 20-Day and 50-Day Moving averages of $0.16 and $0.17 respectively. The stock is trading in the oversold zone with the RSI at 44.