This past Friday, the Northern Superior Resources Inc (OTCMKTS:NSUPF) stock declined by as much as 4% following a selloff after the company made a key announcement. The company announced on Friday that it had finally submitted the technical report with the title “NI 43-101 Technical Report Mineral Resource Estimation for the Chevrier Main Deposit, Chevrier Project Chibougamau, Quebec, Canada”.
On Friday, NSUPF stock moved down 4.32% to $0.2832 with more than 52.70K shares, compared to its average volume of 75.36K shares. The stock moved within a range of $0.2780 – 0.2893 after opening trading at $0.2850.
Northern Superior Files Technical Report For The Chevrier Project
The report in question had a completion date of September 23, 2022 and the effective date of October 20, 2022. The report has also been made available in the company’s profile on the website www.sedar.com. Although the announcement from the gold exploration company was a significant one it did not lead to much optimism among investors.
In this context, it may also be important for investors to take a look at a key development from back on September 6, 2022. At the time, the company announced that it had reached a definitive agreement with the company Royal Fox Gold Inc to complete the acquisition of all the outstanding and issued shares in the latter. The acquisition was supposed to be completed through a statutory plan of arrangement as per the provisions of the Business Corporation Act.
NSUPF stock is trading below the 20-Day and 50-Day Moving averages of $0.34 and $0.36 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.50. The company has a total market capitalization of $24 million.