Discovery Minerals LTD (OTCMKTS:DSCR), which is involved in production and exploration of precious metals, saw its stock go on a highly impressive rally on Monday. The stock ended up with gains of as much as 90% owing to the rally. That being said, there was no news about the company yesterday that might have led to such a rollicking rally.
In this situation, it could be worthwhile to take a look at an announcement from the company last week. Back on June 22, Discovery Minerals announced that the geological review and the work programme in relation to its Ruby Gold Mine had been completed.
The mine is located on the ‘Mother Lode’ region in Northern California. This is a significant development for the company considering the fact that Discovery Minerals is looking to reactivate this mine. The mine had worked deep lead placer gold in the past and had been an active mine for a long time in the years from 1878 to 1965.
The findings from the review have also been largely positive and it is going to be interesting to follow how the company moves forward with this project. In the meantime, investors could consider keeping an eye on the developments.
Market Reaction:
On Monday, DSCR stock skyrocketed 89.50% to $0.0089 with more than 138.14 shares, compared to its average volume of 134.95 million shares. The stock has moved within a range of $0.0045 – 0.0092 after opening the trade at $0.0052 Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.0360.
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