Last Friday, the Altamira Gold Corp (OTCMKTS:EQTRF) stock made a bit of a recovery after having gone through a slump and managed to deliver gains of 5% to its investors.
Market Action
On Friday, EQTRF stock ended higher by 5.53% at $0.1884 with more than 46k shares, compared to its average volume of 76k shares. The stock has moved within a range of $0.1700 – 0.1924 after opening trade at $0.17.
Major News
However, at the same time, it is also necessary to keep in mind that over the course of the past week the stock is still down by as much as 16%. At this point in time, it might be a good move from investors to take a look at the announcement from Altamira last Thursday. At the time, the company made an announcement with regards to the results from the pair of diamond drill holes at the target at Mutum.
In addition to that, the company also provided an update with regards to the exploration at its Santa Helena project. Altamira Gold announced that the results from the two drill holes at Mutum displayed a broad zone of gold in the intrusive rocks at the property.
It goes without saying that it was a major announcement from Altamira and that may have led to significant optimism among investors. Hence, the recovery in the stock on Friday was perhaps not a total surprise. It remains to be seen if the Altamira stock can add to its gains this week.
Key Quote
Michael Bennett, President and CEO of Altamira Gold commented “The results of the first drill holes at Mutum are encouraging and demonstrate that primary gold mineralization is disseminated over wide intervals within altered intrusive rocks. Although the average grade encountered in the first drill hole is subeconomic, permitting considerations meant that we were only able to commence drilling on the periphery of the target area at Mutum.”
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