On Wednesday, Pelangio Exploration Inc (OTCMKTS:PGXPF) (TSXV:PX) was in the news after it made a major announcement with regards to its exploration activities. However, there was not much of a move in the stock, which remained within a range yesterday.
Market Action
On Wednesday, PGXPF stock ended flat at $0.0909 with 17.6K shares, compared to its average volume of 1K shares. The stock moved within a range of $0.0909 – 0.0909 after opening trade at $0.1010.
Pelangio Intersects Prospective Vipond Stratigraphy at Dome West Project, Timmins, Ontario
In this situation, it may be a good idea to take a look into the update and figure out if the stock is going to break out or not. Pelangio announced yesterday that it had been successful in completing 1446.50 metres worth of diamond drilling at a pair of holes at the Dome West Project. The project in question is situated around 800 metres to the West of the historically prolific Dome Mine at Timmins in Ontario.
The Chief Executive Officer and President of the company Ingrid Hibbard noted that the latest drilling programme from Pelangio was meant for testing for gold mineralisation. The decision had been taken after having studied hold mineralisation data from back in 2019. While the stock did not move following the announcement, it may be a good idea now for investors to consider adding the stock to their watch lists and watch for further developments in the coming weeks.
Key Quote
Ingrid Hibbard, President and CEO commented, “The Dome West property is located just 800 meters from the second largest gold mine in the Timmins Camp. The recent drill program was designed to test for gold mineralization hosted in the Vipond Formation, interpreted from historical data plus our 2019 drill hole, to enter the property from approximately 300 meters vertical depth. The program successfully intersected large widths of Vipond stratigraphy in both holes with extensive alteration and several zones of quartz veining, however the assays for gold were negligible. With 400 meters of strike of prospective geology on the Dome West property and drilling to date effectively only testing one drill section, further drilling along strike is warranted to test for potentially economic mineralization.”
Traders Note
PGXPF stock is trading below the 10-Day and 20-Day Moving averages of $0.0952 and $0.0978 respectively. Moreover, the stock is trading is the oversold zone with RSI stands at 42.
 (TSXV:PX) Stock Continues to Trade in a Narrow Range){kind=link}