While it cannot be denied that the Tonogold Resources Inc (OTCMKTS:TNGL) stock was trading in a range on Thursday, it is perhaps also necessary for investors to keep in mind that the company was in the news cycle as well.
Trading Data
On Thursday, TNGL stock slid 2.60% to $0.1412 with 909K shares, compared to its average volume of 228K shares. The stock moved within a range of $0.1380 – 0.1450 after opening trade at $0.1450.
Tonogold Announces Completion of Technical Report on the Comstock Project, Including Resource Estimate for Lucerne Deposit and District-Wide Exploration Potential
Hence, it may be a good idea to take a look into the news and figure out if it might have any effect on the stock or not. The company, which is currently best known for having the rights to a major portion of the Comstock Mining District, announced the results with regards to an independent resource estimate at its Lucerne Desposit.
However, that was not all. In addition to that, a summer was also provided of the gold silver project that belongs to Comstock. The summary also provided an overview about the exploration targets on the Gold Hill section at the Comstock Lode. It was an important new announcement from the company and one that could bring Tonogold into focus among many investors in the coming days. It may be a good idea at this point for investors to perhaps consider adding the stock to their watch lists and keep an eye on further developments.
Key Quote
Dr. Odin Christensen, Tonogold’s Technical Advisor (a 45-year veteran of the mineral exploration industry, including eight years as Chief Geologist for Newmont Mining) commented, “Over the past five years, Tonogold has created an extraordinary 3D virtual model of the geology and mineralization within the district-an innovative model that integrates historical maps and primary source documents with modern digital geological data. Tonogold looks forward to resuming exciting and promising exploration of the Comstock District.”
Technical Data
TNGL stock is above the 20-Day and 50-Day Moving averages of $0.14 and $0.4 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.13.
