Medaro Mining Corporation (OTCMKTS:MEDAF) Stock Slides After Completing Phase 1 Exploration Work

It was a tough day in the markets for investors in Medaro Mining Corporation (OTCMKTS:MEDAF) as the stock suffered from a fairly steep selloff and went down by as much as 10%. However, it should be noted that it may be a good idea to take a look at the actual announcement from the company and then make a decision on the stock.

Market Action

On Thursday, MEDAF stock lost 9.87% to $0.1912 with more than 179.14K shares, compared to its average volume of 81.99K shares. The stock moved within a range of $0.1798 – 0.2355 after opening trade at $0.1798.

Medaro Mining Completes Phase 1 Exploration Work on the Rapide Lithium Property in Quebec

The company announced yesterday that it had been successful in completing the Phase 1 exploration fieldwork initiative at its Rapide Lithium Property which is situated not too far away from Val-d’Or in Quebec, Canada. The work in this initiative consisted of ground and air geophysical surveys in addition to diamond drilling, rock and soil sampling.

The objective of the initiative was to identify a group of pegmatites at the property and figure out if those could actually have lithium mineralization. In this regard, it is also important to note that lithium is something that is currently in high demand and it is going to be interesting to see if the whole thing progresses positively for Medaro Mining or not. Although the stock fell yesterday, investors could keep an eye on it and see if there is a bounce back.

Key Quote

Michael Mulberry, CEO of Medaro states, “The Company had a promising year in 2022 and is proud of its achievements in terms of lithium and uranium property acquisitions and development. All of Medaro’s lithium properties are within close proximity to each other in Quebec after the recent, successful option of our sole Ontario asset. This enables our exploration work programs to continue seamlessly, in a cost effective manner into the new year with more developments to come. We are looking forward to building a solid lithium focused work program for 2023”.

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