The new week did not start off any differently for shareholders in ALX Resources Corp (OTCMKTS:ALXEF) as the stock continued to be under selling pressure and tanked by as much as 10%. That took its decline over the course of the past week to as much as 22%.
On Monday, ALXEF stock slid 9.74% at $0.0876 with more than 248.72K shares, compared to its average volume of 129.90K shares. The stock has moved within a range of $0.0809 – 0.0940 after opening the trade at $0.0924.
Receives Geochemical Results from Drilling at the Firebird Nickel Project
As it happens, the company was in the news yesterday as well after it made an announcement with regards to the receipt of the geochemical results from a diamond drilling initiative. The diamond drilling initiative had been undertaken at the Firebrand Nickel Project that is situated in Stony Rapids in Saskatchewan.
This particular drilling programme had actually been wholly financed by Rio Tinto Exploration Canada, which is ALX’s exploration partner. The exploration programme had commenced earlier on this year in June and as much as 739.5 metres worth of drilling had been done at the site.
As many as four helicopter supported diamond holes had been the subject of this particular programme. However, the latest announcement from the company did not seem to come as a source of optimism for investors and that was apparent from the price action in the ALX stock yesterday.