Why Is Medaro Mining Corp (OTCMKTS:MEDAF) Stock Up 10% In a Week?

One of the companies which may be worth tracking this morning could be Medaro Mining Corp (OTCMKTS:MEDAF), which was in fact in the news yesterday after it made a major new announcement. The company announced yesterday that it had been successful in completing the first phase of the exploration fieldwork program at its Darlin Lithium Property. The property in question is situated in Quebec, Canada.

Market Action

On Wednesday, MEDAF stock fell 0.95% to $0.2723 with more than 18.96K shares, compared to its average volume of 81.21K shares. The stock moved within a range of $0.2430 – 0.3000 after opening trade at $0.2430.

Medaro Mining Continues Progress in Quebec with the Completion of Work Program on its Darlin Lithium Property

The work that had been accomplished during the phase included diamond drilling, rock sampling, soil sampling and ground geophysical surveys. The entire purpose of the program was to map and identify a cluster of pegmatites which could have the potential of hosting lithium mineralization.

The company announced that it had drilled a total of eight diamond drill holes at the site and the cumulative drilling had come to 1286 meters. However, it ought to be noted that out of those eight holes, two holes had been abandoned after having drilled to shallow depths of 33 meters and 27 meters. The latest development was a significant one for Medaro Mining Corp and it is going to be interesting to see how the market reacts to the events in the coming days.

Key Quote

Michael Mulberry, CEO of Medaro stated that, “The recent, successful option of the Superb Lake property in Ontario enables Medaro to focus its exploration efforts solely in the province of Quebec and streamlines the company’s efforts. Being able to easily move from property to property and use centralized equipment makes Medaro more efficient and assists with timely mobilization and completion of exploration work in the future. I commend efforts of our exploration team to successfully complete the work program on Darlin in a timely manner. The results will help the Company to plan 2023 work program for moving the project forward”.

Technical Data

MEDAF stock is trading below the 20-Day and 50-Day Moving averages of $0.28 and $0.23 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.33.

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