VR Resources Ltd (OTCMKTS:VRRCF) Stock Moves Lower After The Drilling News

In the past few days, the VR Resources Ltd (OTCMKTS:VRRCF) stock has performed poorly and the situation remained the same as the stock tanked by as much as 7% after an update from the company to its investors. In this context, it is also necessary to keep in mind that in the past week the stock has decline by as much as 15%.

Market Action

On Tuesday, VRRCF stock fell 7.30% to close at $0.2185 with more than 24k shares, compared to its average volume of 19k shares. The stock has moved within a range of $0.2185 – 0.2456 after opening the trade at $0.24.

Set To Start Drilling At Amsel Target In Nevada After Positive Permit Decision

Yesterday the company informed its investors that it was making plans for a first pass drilling program at its Amsel gold and silver project. The project in question is situated in the state of Nevada. It should be noted that VR Resources is on the verge of getting final permission for drilling at the project as well.

While the announcement from the company may have been a significant one, it did not result in a lot of optimism among investors and the VR Resources stock suffered from a selloff nonetheless. It is important to point out that the drill permit application submitted by VR Resources has been reviewed by the United States Forest Service and been given the green signal. The company will have to post an environmental bond before it can go ahead and get the final permit.

Key Quote

“We have 4 years of exploration under our belt on our 20 km long Big Ten mineral trend since first acquiring the Danbo property and its high-grade gold veins in 2016, but it is Amsel which has produced by far the most compelling target for a large-scale epithermal gold-silver system,” said VR’s CEO Dr Michael Gunning in a statement.

Related Posts

About The Author