The past week has not been particularly great for the company Anacortes Mining Corp (OTCMKTS:XYZFF) and during the course of that period, it has seen its stock fell by as much as 6%.
On Monday, XYZFF stock ended flat at $1.17 with 484 shares, compared to its average volume of 593 shares. The stock has moved within a range of $1.1708 – 1.1708 after opening trade at $1.1708.
Anacortes Mining to Aggressively Advance Tres Cruces High-Grade Gold Deposit in 2022
In light of that decline, it may be a good time for investors to consider the fact that the decline could also be an opportunity and hence, one could look into the corporate update provided by Anacortes on Monday. In the update, the company also provided a lowdown of its targets for 2022 as it tries to hit its goal of becoming a middling low cost gold producing company.
It should be noted that the company had been formed following a complicated merger in 2021 and as a result the Tres Cortes gold deposit located in Northern Peru came under its control. It is one of the major highest grade gold deposits in the world and is all set to be a major project for Anacortes.
From 2003 up until 2020, the Test Cortes project had been under the control of the gold producing behemoth Barrick Gold. Despite the fall in the stock price in the past week, it is going to be interesting to see if the stock can bounce back today.