Mirasol Resources Ltd (OTCMKTS:MRZLF) Stock Gains 10% in a Week: Here is Why

In the past week, the Mirasol Resources Ltd (OTCMKTS:MRZLF) stock has been in the middle of a strong rally and has managed to deliver gains of as much as 10%. In light of such strong gains, it may be a good time for investors to take a closer look at Mirasol and figure out if the stock is going to make further gains or not.

Mirasol Reports Shallow Gold Mineralization from Santa Rita Prospect at Virginia Project, Argentina

As it happens, the company was actually in the news on Thursday after it reported the final results in relation to the 3rd Phase of the diamond drilling initiative at the company’s Virginia Silver Project. The project in question is located in Santa Cruz in Argentina and while it is operated by Mirasol, the financing for the same has been done by Silver Sands Resources Corp.

In this regard it should be noted that Silver Sands has an option to purchase agreement in place with Mirasol as well. If Silver Sands decides to exercise the option, then Mirasol will have a 19.95 equity stake in the former. On top of that, it will also have NSR royalty to the tune of as much as 3%. It now remains to be seen if the stock add to its gains today.

Key Quote

Mirasol’s President Tim Heenan commented: “The principal objective of the 2021 drill program was to test new prospective structures at Santa Rita Central and East at shallow (20-30m) depths below the surface exposures and to get reliable structural orientation data to aid in the planning of deeper holes. This limited program represents the first drilling at in these two zones and confirms their prospectivity with encouraging results confirming that gold and silver values are increasing with depth. Follow up drilling is planned to further define the vertical and lateral extent and continuity of this vein-hosted mineralization.”

Traders Note

MRZLF stock is trading above the 50-Day and 100-Day Moving averages of $0.3894 and $0.3522. Moreover, the stock is trading is the neutral zone with RSI stands at 46.

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