Western Sierra Resource Corporation (OTCMKTS:WSRC) soared 841% after the company announced it had entered discussions to acquire 70% of Silver State Mining Group Inc.’s stake. Silver State Mining owns 49% of Sage Hen mining claims in Nevada, around 640 acres near Relief Canyon Mine in Oreana Tend.
The recovery system assays have shown palladium, platinum, and rhodium in addition to gold and silver. The companies are planning to build a 100 ton/day plan before ramping up to 1,100 tons/day. The 100 ton/day and 1,100 ton/day operations are expected to generate $269 million and $3.2 billion in yearly net income, respectively.
Utah-based Western Sierra has traditionally been a silver and gold mining company and owns several reserves in Arizona. The company broadened its vision in 2014 to include natural and renewable resources following the acquisition of water rights and assets in Colorado for industrial hemp cultivation. The acquisition of the stake in the gold mining operations is massive, and in the coming months, Western Sierra Resources is a stock to watch.
Market Reaction:
On Tuesday, WSRC stock skyrocketed 841% to $0.2495 with more than 192.66 million shares, compared to its average volume of 455K shares. The stock has moved within a range of $0.0273 – 0.2550 after opening the trade at $0.0298. Over the past 52-week, the stock has been trading within a range of $0.0040 – 0.2550.
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