Shares of Candelaria Mining Corp (OTCMKTS:CDELF) (TSX-V:CAND) have been trading within a narrow over the past few weeks.
Market Action
On Thursday, CDELF stock ended flat at $0.2233 with 2.55K shares, compared to its average volume of 654 shares. The stock has moved within a range of $0.2233 – 0.2233 after opening trade at $0.2233.
Candelaria Announces Drill Permit and Provides Corporate Update
Candelaria Mining Corp (OTCMKTS:CDELF) (TSX-V: CAND ) on February 3, 2022, announced awarding of drill permit focusing on the infill program at the firm’s 100% owned Pinos Gold Project in Zacatecas, Mexico as well as general corporate update.
A drill permit application was submitted by end of December for the firm’s flagship property in Veracruz, Mexico. The starting Phase 1 drilling initiative will comprise of about 7,000m and give first tests of every high priority target within a highly prospective gold-copper epithermal district.
On the other hand, the second phase will be building on the results including resource expansion drilling at the advanced PEA-level project within the region, La Paila. In the coming year, it is anticipated that total drill meters of 14,000-15,000 m will be finished.
Mike Struthers, CEO said that the firm is pleased on commencing the program at the Pinos project as the drilling will begin in some days. Struthers added that it is one of three parts of work currently being done at the mining location.
The CEO further stated that the drilling will look at validating updated structural interpretations of higher-grade mineralization along with extra holes in high-grade veins in different parts of the mineralized system.
This will ensure greater production flexibility as well as opportunities for grade blending even as the team will assess the highest potential resource expansion opportunities.
Traders Note
CDELF stock is trading above the 10-Day and 20-Day Moving averages of $0.2430 and $0.2375. Moreover, the stock is trading is the neutral zone with RSI stands at 40.
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