The start to the week did not prove to be a particularly strong one for the Infinite Ore Corp (OTCMKTS:ARXRF) stock as it ended up being one of the laggards and recorded a decline of as much as 6% amidst a selloff.
On Friday, ARXRF stock fell 6% to $0.0986 with 100 shares, compared to its average volume of 53k shares. The stock has moved within a range of $0.0986 – 0.0986 after opening trade at $0.0986.
However, at the same time, it ought to be noted that such a decline can often be an opportunity as well and hence, investors could do well to take a closer look at the announcement from the company on Friday. Infinite Ore Corp announced on that day that it was going to have a 3000 metres drilling initiative at the Jackpot Lithium Project.
Considering the importance of lithium in various industries at this point in time it could be said that the project could well prove to be a vital one for Infinite Ore Corp. In order to accomplish the drilling programme, Infinite Ore Corp has hired the services of Niigaani Drilling Incorporated in a contract and the work at the site is going to begin next month.
While the announcement did lead to a selloff in the Infinite Ore Corp stock, it may be a good idea to keep track and watch out for any recovery.
J.C. St-Amour, President of Infinite Ore commented, “We are pleased to have secured a contract with Niigaani Drilling who have experience drilling lithium pegmatite dykes such as those at Jackpot. The Jackpot property hosts a swarm of stacked granitic pegmatites rich in spodumene, the primary source of lithium. The drill program will expand on drilling conducted in 2018, test the eastern and western extensions of the dykes, as well as other zones of interest with lithium bearing showings in the area.” (See Figure 1).
ARXRF stock is trading below the 20-Day and 50-Day Moving averages of $0.1083 and $0.1165. Moreover, the stock is trading is the neutral zone with RSI stands at 40. The stock is down 2% over the past month.