Rover Metals Corp (OTCMKTS:ROVMF) Stock Jumps 9% In a Week: Here is Why

Rover Metals Corp (OTCMKTS:ROVMF) stock was in the news on Thursday after it made an announcement with regards to the Phase 2 exploration initiative that it had undertaken at the Cabin Gold Project.

Market Action

On Thursday, ROVMF stock ended flat at $0.0490 with 241 shares, compared to its average volume of 32k shares. The stock has moved within a range of $0.0490 – 0.0490 after opening trade at $0.0490.

Rover Metals Announces Infill and Delineation of the New Andrew Zone at Cabin Gold, NT, Canada

The project is located in Canada and is owned in its entirety by Rover Metals. That was certainly an important announcement from the company and on top of that, it should be noted that the company’s stock has also performed strongly in recent days. In the past week, it has managed to clock gains of as much as 9% amidst strong interest.

In this situation, it may be a good move to take a look at the update provided by Rover Metals Corp yesterday. The company noted that the objective of the exploration initiative was to delineate and discover new gold mineralised zones at the property.

Rover Metals was successful on that front since it had been able to confirm the presence of historic gold grades at as many as three targets at the property. It goes without saying that it was a major development and it is now going to be interesting to see if it can lead to further gains for the stock.

Key Quote

Judson Culter, CEO at Rover Metals, states “We are very pleased to have made the discovery of a third significant zone at the Cabin Gold project. In total, there is over 1,000 meters of surface strike length, that is open along strike (Beaver) and at depth (Arrow, Beaver and Andrew), across all defined zones on the project (Arrow, Beaver and Andrew). We expect the 2022 Phase 3 Exploration Program at the Cabin Gold project to focus on the highest grade gold areas of these zones.”

Traders Note

ROVMF stock is trading below the 20-Day and 50-Day Moving averages of $0.0437 and $0.0477. Moreover, the stock is trading is the neutral zone with RSI stands at 55.

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