The announcement of a new exploration program from a mining company is almost always seen as a positive by investors and yesterday, it was Aztec Minerals Corp (OTCMKTS:AZZTF) which made an announcement to that effect.
Market Action
On Friday, AZZTF stock increased 2.84% to $0.2350 with more than 80.78K shares, compared to its average volume of 31.95K shares. The stock moved within a range of $0.2225 – 0.2350 after opening trading at $0.2280.
Aztec Plans Two Phase, CAD$1.2 Million Exploration Program at Cervantes Gold-Copper Project, Sonora, Mexico
The company announced yesterday that it was going to embark on a C$1.2 million exploration program which would stretch two phases. The program would take place in the first of this year at the porphyry gold-copper project named Cervantes located in Sonora in Mexico. The company noted that it was hoping to start the Phase 1 work at some point in the first quarter of the year. For that particular phase, it earmarked as much as C$250,000 for the surface exploration program.
The surface exploration program in question is going to comprise of soil sampling, road cut and reconnaissance outcrop. In addition to that, it would also include geological mapping and Terraspec SWIR data collection. It was a significant new announcement from the company and one that may bring the Aztec Minerals stock into significant focus among investors over the course of the coming days. The second phase is going to comprise of 4000 m reverse circulation drill program across as many as 26 holes.
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