Those who are currently looking for options in the precious metals space may consider taking a look at the Sidney Resources Corporation (OTCMKTS:SDRC) stock which managed to make a recovery on Monday and ended the day with gains. However, at the same time, it is also important to note that despite the recovery made by the stock, it is still down by as much as 11% over the past week.
Trading Data
On Monday, SDRC stock moved up 4.26% to $0.1479 with more than 987K shares, compared to its average volume of 289K shares. The stock moved within a range of $0.1390 – 0.1501 after opening trading at $0.1450.
About Sidney Resources Corporation
The company is primarily involved in the acquisition, development, and ultimately production of silver and gold properties. At this point, Sidney Resources holds interest in Lucky Ben Mine Properties, which is made up of 3 patented claims which encompass a total area of 52 acres. In addition to that, the company also holds interest in as many as 5 unpatented claims at the Warren Mining District in Idaho which spreads across a combined landmass of 200 acres.
It is a company long-standing and had been founded as far back as 1896 and is based out of Lewiston in Idaho.
Sidney Resources Corporation Lucky Ben Project Update
The rally in the Sidney Resources stock on Monday was triggered by the announcement from the company yesterday with regards to the fact that the road leading to the Lee Ben Project site was open. In addition to that, the company also noted that the Groundhog Mining and Milling Company was already at the site and was going to carry on with its expansion and explore the tunnel that exists at the site.
However, that was not all. It was also announced that a second diamond drilling initiative was also going to be completed. The announcement from the company was a highly positive one and the optimism among investors was perhaps understandable. That being said, it is also necessary to keep an eye on the price action in the Sidney Resources stock and see if the rally persists or not over the course of the coming days. The contractor which is working at the site has also started work with regard to the opening of the historic tunnel at the site.
Technical Data
SDRC stock is trading below the 20-Day and 50-Day Moving averages of $0.16 and $0.16 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.20.
