Search Minerals Inc (OTCMKTS:SHCMF) Stock On Radar After 2022 Exploration Update

Anyone who is looking into mineral exploration companies this morning may consider taking a look at Search Minerals Inc (OTCMKTS:SHCMF), which was, in fact, in the news this past Friday. On September 16 the company provided an update with regards to its exploration programs for 2022 in Labrador, Canada.

Trading Data

On Friday, SHCMF stock gained 0.88% to $0.0807 with more than 6.50K shares, compared to volume of 12.35K shares. The stock moved within a range of $0.0774 – 0.0807 after opening trade at $0.0774.

Search Minerals Provides 2022 Exploration Update

The President and Chief Executive Officer of Search Minerals Grew Andrews spoke about the situation as well. He noted that the company was very busy during the exploration season in 2022. On the other hand, he went on to add that the company not only managed its exploration program but went on to expand it through the expansion of the exploration team.

Andrews also stated that the company had actively worked on further expending the infrastructure and facilities in Labrador. The CEO also added that the company was steadily working towards completing its feasibility study at some point towards the end of 2023. These were all important updates from the company’s CEO and provided investors with a fair idea about the sort of progress that had been made. It now remains to be seen if the stock can manage to come into the radars of investors this week or not.

Key Quote

Greg Andrews, President/CEO, comments: ”We have had a very busy exploration season so far this year. In addition to managing the exploration program, we expanded our exploration team and expanded our facilities and infrastructure in St. Lewis, Labrador. Search renovated its modern office and core shed facilities and built an additional storage shed to manage the increased drill core. We also purchased property in St. Lewis for our 2 – six-person trailers which are being utilized for our increased need for local accommodations.”

Technical Data

SHCMF stock is trading above the 50-Day and 200-Day Moving averages of $0.0867 and $0.0877 respectively. However, the stock is trading below the 20-Day moving average of $0.1341. The company has a total market capitalization of $33 million.