Although gold stocks have managed to come into considerable focus among investors in recent times, Joshua Gold Resources Inc (OTCMKTS:JSHG) did not have a particularly great time in the past week. During the period, the company saw its stock suffer from a steep selloff and ended up shedding as much as 18% of its value.
Trading Data
On Friday, JSHG stock gained 0.76% to $0.0132 with more than 35K shares, compared to its average volume of 123K shares. The stock moved within a range of $0.0131 – 0.0132 after opening trading at $0.0131.
JSHG Acquires The Champion Gold Mine
That being said, it is also necessary to note that back on August 18 Joshua Gold had actually made a fairly positive announcement. The company announced on that day that it had been successful in completing the acquisition of the Champion Mine. The mine in question is situated in the Kenora area in the Northwestern region of Ontario.
Joshua Gold decided to acquire the aforementioned silver and gold mine since it already owns the contiguous mineral claims. On top of that, the owner of the patent had defaulted in paying taxes, and hence, the entirety of the mine was passed on to Joshua Gold.
In this regard, it ought to be mentioned that the mine had been discovered way back in 1898. While the records from the past are not entirely reliable, it was noted that back in 1926, the mine produced as much as 231 tons of ore.
Key Quote
Fred Sharpley, P.Geo, QP (Qualified Person) describes the Champion Mine’s geology:
“The Haycock Gold Property consists of northeast trending Island Lake Quartz Diorite and mafic volcanics to the south.
Technical Data
JSHG stock is trading below the 20-Day and 50-Day Moving averages of $0.0142 and $0.0132 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0212. The company has a total market capitalization of $2.04 million. The stock is down 5% over the past month.
