Galantas Gold Corporation (OTCMKTS:GALKF) Stock Falls 8% In a Week: But Why?

In the past week, investors in Galantas Gold Corporation (OTCMKTS:GALKF) have not had a particularly great time in the markets considering the fact that the stock has declined by as much as 8% during the period.

Market Action

On Tuesday, GALKF stock ended flat at $0.3023 with 5.12k shares, compared to its average volume of 19.52k shares. The stock has moved within a range of $0.3023 – 0.3023  after opening trade at $0.30.

Drills 26.7 g/t Gold Over 2.9 Metres on the Kearney Vein System

While there has been no news about the company this week so far the company had in fact made a key announcement last Wednesday and it may be a good time to take a closer look into it. At the time the company announced the results in relation to the second underground hole that had been drilled as part of the 4000 metre drilling initiative that had been flagged off by Galantas at the Omagh Project. 

The project in question is located in Northern Ireland and it could be a good idea to take a look into some of the highlights from the results. The company managed to uncover a total of two intersections at the property as part of the latest drilling activity.

It goes without saying that the findings were significant but it did not lead to much thrill among investors and the Galantas stock has performed poorly since then. It now remains to be seen if the stock can reverse the trend in the coming days.

Key Quote

Mario Stifano, CEO of Galantas, commented: “The additional high-grade intercept in a parallel vein with continuity demonstrates the potential to discover additional high-grade mineralization at Omagh and expand the gold resources as the Company advances its plans to commence mining early in the new year. With the deposit remaining open on strike and to depth, Galantas’ Omagh Project provides the rare opportunity to significantly grow high-grade resources while producing gold.”

Traders Note

GALKF stock is trading below the 20-Day and 50-Day Moving averages of $0.3050 and $0.3120 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 46.

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